A recap of today's price action & recent technical developments in the US equity markets (SPY, QQQ & IWM) as well as a few key sectors ETFs such as XLK (technology), XBI & IBB (biotechs), SMH, XSD & SOXX (semiconductors) as well as the volatility indexes ($VIX & $VXN).
Fundamental & technical analysis on a few key sectors including the automakers, biotechnology, semiconductors, technology as well as the volatility indexes. The following stocks & sector ETFs are covered in this order: F, GM, TSLA, TM, XBI, IBB, PBE, SMH, XSD, SOXX, XLK, TECS, $VIX & $VXN.
XBI (Biotech ETF) has already rallied back to the top of the wedge in just one trading session since tagging the bottom of the pattern yesterday. Although this prices could pop above the pattern any day now, keep in mind that any breakouts over the next week or two run an increased rate of failing [...]
There are some potential bullish developments on the 60-minute charts of the biotech ETFs (XBI, IBB & PBE) worth mentioning. XBI (which tracks the same biotech index as the popular 3x leveraged ETFs, LABU & LABD) appears to be challenging the top of a nearly mature bullish falling wedge pattern while IBB has recent broken [...]
Before I get into the intraday charts, which are much more useful for timing entries & exits on swing trade & quick pullback trades, let's take a quick look at the bigger picture in the biotech sector. As this weekly charts illustrates, so far, the 2016 rally in IBB appears to be nothing more than [...]
This video clearly illustrates how, despite what might seem like an impressive rally in the US stock market, what is likely to prove to be an unfounded & soon-to-be faded rally in the biotech sector was largely the primary driving force behind today's gains in the major US stock indices, particularly in the Nasdaq 100 [...]
XBI (SPDR S&P Biotech ETF) has now clearly taken out the 59.87 support level while IBB also broke below key support today. As such, it appears the correction in the biotechs is still well intact. IBB (iShares Nasdaq Biotech ETF) has broken below both the downtrend line & 268.20 support levels. As one of the [...]