🏆 Today's Chart of the Day was shared by Jason Perz (@JasonP138).
- Biotech ($XBI) has closed higher in eight of the past nine weeks, gaining +1.9% to finish at its highest level since December 2021.
- $XBI is on pace for a six-month winning streak for the first time since 2010. Biotech was a notable laggard earlier this cycle, but it has recently led the S&P 500 for five straight months.
- After three messy years of digestion, Biotech has finally entered a Stage 2 uptrend, with the next major hurdle being the all-time highs from 2021 near $175. As Jason points out, if high-beta groups like Biotech are shaping up, the bull market likely hasn't run its course.
The Takeaway: Biotech ($XBI) is phasing into a new uptrend and showing relative strength as a multi-year bottoming process plays out.
