Is The Top, In?

Whether it’s Biotech XBI, Airbnb, CarMax or Carvana, trade set-ups are being worked that take place at the ‘edge of congestion.’

The last update on XBI, was here, August 24th, nine trading days ago.

The short, LABD-26-10 was immediately stopped out at the next session.

The index labored on, grinding in a range while, posting a bearish MACD divergence on daily and weekly.

All of which, brings us to now.

The chart shows today’s action could not close above the resistance area posted back in July (not advice, not a recommendation).

There’s been no new daily low (yet).

Stay Tuned

Charts by StockCharts

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.

The Danger Point®, trade mark: No. 6,505,279