Technical analysis of the biotech sector etf, XBI, as well as several leading biotech stocks. Note, I don't have a strong opinion on the near-term direction of the biotech sector & as such, you might want to skip this one. I recorded this video in response to a request for my thoughts on the biotech sector from a member in the trading room. I don't see many actionable trade ideas in the biotechs at this time although I decided to post the video for anyone interested. Key support & resistance levels as well as some additional comments on the biotech sector [...]
Technical analysis of the US stock market & several sectors that stand out at this time. Covered in the following order are: QQQ, SPY, XES, XBI, IBB, AMGN, GILD, CELG, REGN, ACBFF, WEAT (wheat ETN & NIB (cocoa ETN):
Technical analysis on the US stock market along with several sectors that stand out at this time including the Euro & US DollarGLD (gold ETF) & GDX (gold miner ETF), XBI (biotech ETF) & XES (oil & gas equipment & services ETF).
Today will most likely see the markets trade in somewhat of a holding pattern as investors & traders alike await a slew of earnings reports from several market moving stocks. Three of the five FAAMG stocks; AMZN (Amzon), MSFT (Microsoft) & GOOG/GOOGL (Alphabet) will report earnings & provide forward guidance after the close of trading today along with two other top 10, over-weighted components of the Nasdaq 100; INTC (Intel) & AMGN (AMGN), the 12th largest component & a major player in the biotech sector, AMGN (Amgen). There's not much to add that wasn't covered yesterday: Both SPY & QQQ fell [...]
Technical analysis on QQQ as well as the market leading FAAMG stocks followed by the outlook for the biotech sector via XBI and a few of the largest biotech stocks (most of which are components of QQQ). The following ETFs & stocks are covered in this order: QQQ, AAPL, GOOGL, MSFT, FB, AMZN, XBI, ABBV, AMGN, CELG, GILD, BIIB & REGN. Playback speed can be increase in the video settings to reduce playback duration.
Analysis of XBI (Biotech Sector ETF) and several of the largest biotech stocks including AMGN, ABBV, CELG & GILD.
I haven't posted much analysis on the biotech sector lately as my opinion wasn't very strong. However, this bearish candle is XBI today is both a breakdown below the bearish rising wedge pattern (white lines) as well as a failure from the recent bullish pennant (blue lines) breakout. My expectation is for a continued move down towards the 73.00 level which would account for about another 7% drop in XBI. XBI daily July 27th In this post on Tuesday, I stated that: AMGN (Amgen Inc): The largest biotechnology company & top component of most biotech ETFs. How this stock [...]