Money Is Moving Into Biotech 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by Larry Thompson.
Biotech is the latest area attracting rotation, as the Equal Weight Biotech ETF (XBI) broke out from a multi-month consolidation and closed at its highest level since early 2021.
After spending much of the year consolidating following its strong rally from last April's lows, this week's price action may be signaling a renewed acceleration in momentum.
While XBI remains roughly 20% below its all-time highs, the cap-weighted Biotech ETF (IBB) sits a little under 3% below record territory, suggesting the group could be on the verge of a broader breakout.
The Takeaway: Biotech is resolving higher after a lengthy consolidation.
More Great Charts
Historical patterns suggest the next couple weeks could be messy, as June's typical weakness during midterm years has often extended into month-end.
Check out the latest article from Jeff Hirsch.
The AAII Bull - Bear spread shows bullish sentiment climbing to a one-month high and bearish sentiment declining, though the net spread remains negative for a fifth consecutive week.
View the full tweet from Optuma.
The Mag Seven are sitting at 52-week lows relative to the other 493 within the S&P 500.
See the complete post from Mike Zaccardi.
The iShares Semiconductor ETF closed at new all-time highs.
Examine the entire tweet from SPX Enthusiast.
The Communication Services sector remains trapped within a well-defined trading range.
Check out the whole post from Broc Losing.
The Energy Sector ETF is testing its pivot lows from mid-April.
View the full tweet from Mark Christopher.
The Dow Jones Transportation Average has rejected its prior resistance level while flashing a bearish RSI divergence.
Read the complete analysis from J.C. Parets.
The U.S. Dollar Index has climbed to its highest level in 13 months.
Check out the whole post from John Kicklighter.
The Chart Report curates best-in-class technical analysis from across the web.
If you’d like to share a chart or just say hello, email us at [email protected]
