In More Ways Than One
For now, we’ll discuss only the technical aspects.
We’ll leave the rest of the truth for mainstream news.
Discussed previously, the sector (SPBIO) was left with our assessment that it may reverse higher into a retrace; combined with an up-thrust/reversal.
That was then.
Biotech, SPBIO, Now:
Daily un-marked chart of SPBIO:
Below, a marked-up chart showing penetration and move off support (Spring Condition).
Included, is the 38% retrace level … location for potential test and reversal:
As with the on-going reversal in gold (GLD) and the miners, GDX, GDXJ, we’ll have to see how this plays out.
Unfortunately, as we head into what used to be the regular flu season, those who received ‘protection’, are going to find out they’re not protected at all.
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.
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