Although my confidence in the near-term direction of the markets isn't very high, my take is that XBI (Biotech ETF) is likely to find support at or near the 52.20ish support level, ultimately moving up to the 59.60ish level in the coming days/weeks. A break below 52 would be quite bearish & could very well cause a break below the recent lows around 50. I'll add XBI & LABU (3x bullish biotech ETF) as an unofficial trade idea for now. Unofficial trade ideas don't list suggested profit targets & stops although the actual support & resistance levels are shown on this chart. Those levels could be used for targets & stops, setting both sell limit orders & stop-loss orders slightly below these resistance & support levels. Unlike official trade ideas, unofficial trade ideas may or may not be followed up with & will not be categorized as a Completed Trade unless changed to an official trade idea.
p.s.- A video update discussing the near-term outlook for the US equity markets, gold, silver, miners, oil & select agricultural commodities will be posted shortly.