11:35 a.m., EST
Price action posts new weekly low
Now, back into the (wedge) range
In a situation that’s straight out of any typical trading text: ‘When a market goes into a throw-over and then enters back into the range, it’s a classical analysis sell signal’ (not advice, not a recommendation).
That’s where Moderna (MRNA) is now.
Moderna’s the ‘chief cook and bottle washer‘ for the world-wide kabuki theater. So, we’re using it as a proxy for the biotech sector as a whole.
Separately, biotech index IBB, is retracing but has not posted a new daily low.
Inverse SPBIO fund LABD, has formed an hourly reversal bar and looks to be forming a daily reversal bar. As of this update, it has yet to post a new daily high.
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