It’s been seventeen days since the first post that biotech (IBB) was about to reverse.
Hysteria, hope and greed take time to bleed off. It looks like today’s the day.
Unsuccessful attempts to move higher have exhausted the bulls.
The expectation is for a swing trade to lower levels.
A close below IBB, 130.81 would provide extra weight to the down-swing potential
However, if “this is it”, the two-trillion dollars of bottled air (as David Stockman puts it) may be on its way out.
Technical, price action discussions on IBB and the inverse vehicles BIS, LABD, can be found at this link.