Possible Blow-Off Top

11:41 a.m., EST

Biotech IBB: Straight down in early session

Support at 153 – 154

If IBB’s going to test by moving up to underside of resistance, that support (153 – 154) would be a good place to start.

If we just had a massive short squeeze, support may not hold and IBB just continues on down.

The other biotech index, SPBIO, is performing in a similar fashion. Inverse fund LABD is up sharply as of this post.

Several updates on biotech, IBB and SPBIO have mentioned ‘collapse’.

A future update will provide some perspective on the potential downside for the sector

Stay Tuned

Charts by StockCharts

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