Two months ago in this post, the idea was floated that biotech, IBB may be the downside leader.
It certainly didn’t look like it at the time.
Biotech even went on to make a new high … potentially negating the theory.
It’s different now.
After that new high, IBB has reversed and is trending lower.
On the other hand, the overall market, S&P 500, continues its push upward.
It’s within 1% of all time highs.
Pre-market action as of this post, has the S&P opening up about 0.4%, higher … ever closer.
At this juncture, biotech has hinted at downside leadership. That hint my become a solid fact if and when the S&P has a decisive downside reversal.