12:17 p.m., EST

Price action’s performing as expected … almost.

The forecast chart has been annotated to show where price action is now.

Biotech (SPBIO), and inverse fund LABD, are in a deep test. A little deeper than expected … but not enough to invalidate the set-up.

As of this post, price action is near the support line that’s just below the “Test” label.

Of course, the expectation is for this test to hold and for LABD to reverse back higher into the dynamic move shown; not advice, not a recommendation.

Fundamentals:

It seems like each day provides new insight into the disaster that is biotech.

This just out:

If you have been injected, The Red Cross says your blood is not wanted; your antibodies have been destroyed.

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.