Member @natdicarlo requested an update on the biotech sector (XBI/IBB) within the trading room. XBI was recently rejected near the top of the former support, now resistance zone & has moved back below it which is bearish. That 60-min resistance zone was also a key support zone on the more significant daily chart so the biotechs are in a precarious position right now. Watching the adjust PPO bullish/bearish line (yellow) which I covered in a recent video. Bullish if the PPO signal line bounces off this test, bearish if it makes a definitive cross below. Daily RSI is oversold & the [...]
Technical analysis on the US stock market, gold, GDX as well as several sectors & trade ideas that stand out at this time. Covered in the following order are ACBFF (Aurora Cannabis), EUR/USD, (Euro & US Dollar), GLD & GDX (gold & gold mining ETFs), QQQ, SPY, XBI, IBB & GE (General Electric).
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):
Analysis of XBI (Biotech Sector ETF) and several of the largest biotech stocks including AMGN, ABBV, CELG & GILD.
Broad Markets As I've already posted extensive analysis on the equity markets as well as various commodities, sectors & precious metals over the past week I figured that I'd keep it simple & share what I'm most focused on with the stock market at this time. At the risk of over-simplifying something that is quite complex with countless variables & other related factors, I'm watching for either a solid break above 141 (bullish) or below 137.40 (bearish) on QQQ (Nasdaq 100 ETF) as per yesterday's QQQ & FAAMG Stock Analysis video. While a solid & sustained break above or below either [...]
In the first chart below which was posted on Monday, I highlighted the fact that any new high on IBB (Nasdaq Biotech ETF) soon would be a divergent high & so far, that is the case. Yesterday, IBB attempted to breakout above the 303ish resistance level which has capped all advances going back to the fall of 2016 but fell back just below that level shortly before the close. Once again, IBB is making another breakout attempt, trading well above that key resistance level as I type. Based on the fact that IBB & QQQ (Nasdaq 100 Index tracking [...]
In response to the previous update on QQQ & the market leading FAAMG stocks, member @natdicarlo posted the following comment: Thanks Randy, IBB appears to be breaking out. Any thoughts on that as it might have implications on QQQ. Although biotechs don't have nearly as much of a weighting in the Nasdaq 100 (QQQ) as the technology sector, they do have a noticeable impact on the performance of QQQ. IBB is the iShares Nasdaq Biotechnology Index Fund ETF so let's start there. Analyzing the daily chart, I see a breakdown & a near backtest of the bearish rising wedge pattern in [...]