Compare August 19-23 here with Aug. 22-24 on SPX and NDX (or SPY and QQQ). You can see the XBI lead at numerous turning points on the daily chart if you look back. I note yesterday's red candle not as a solid predictor of market's close today, but as a caution and a note to lean bearish.
The dashed yellow line connects closes on a line chart. If XBI closes below...
xbi is displaying strength on the daily as far as qqe and sss strategies are concerned. if we stay above pivot im targeting upper horizontals as rising 4hr triangle could bull pennant, and if we fall beneath that pivot resisting from rising 4hr triangle i would target lower horizontals.
The biotechs led the market from the lows in July. Last week, the sector had a sideways move as it rebuilds above the moving averages. Keep it on your radar in case it triggers above $95.18 for a move past $100 in the coming sessions. $90 is active support for the week.
Biotech has been hammered since Feb 2021. This ETF is still down 50% + from it's all time high.
It formed a double bottom and now a small bullish flag.
Target is 97. Longer term 122,134
looking to short biotech here and look for a retrace back to the .618 fib level and the .50 level. to form the cup and handle pattern. This also sets up a inverted head and shoulders on the higher time frame
The S&P Biotechnology Select Industry® represents the biotechnology segment of the S&P Total Market Index (“S&P TMI”). The S&P TMI is designed to track the broad U.S. equity market. The biotechnology segment of the S&P TMI comprises the Biotechnology sub-industry. The Index is modified equal weighted.
... for a 3.81 debit.
Comments: Taking a small loser here, since I seem to have been fiddling with it forever. Total credits collected of 3.41. (See Post Below). .40 ($40) realized loss.
Some people use XBI (weekly, daily) to indicate risk-on/off since biotech stocks are generally riskier investments. Going back to the pandemic drop in 2020 (and before), you will see 87 as a resistance area. The market gapped over this when the recovery (market rally) picked up steam. Now here 86-87 is again at the top of a supply zone.
Based on other...
I started playing LABU recently , arguably a bit late. Was stopped on the first one and am on second trade attempt , where if I can fully de risk, then I'll focus on adding but when we compare strength of the two names its clear who the winner is and this imo is the strongest sector . Was looking like healthcare was pushing up along with bio but in this last week...
Summary
This week we are sharing 2 rebound trade opportunities in healthcare and biotech, AMEX:XLV and AMEX:XBI , which are showing relative strength against S&P500 and Nasdaq , making them better candidates to trade for rebound.
Since the beginning of 2022, skyrocketing inflation and increasing recession risk have pushed the broad equity markets to the...
I first typed this up yesterday and accidently published it as a private idea. Here's the second attempt:
I rarely trade tickers with overhead resistance. The idea is to buy when the trend is clearly up and there's no overhead supply to dampen upward prices. Buy high and sell higher as it were. However, during selloffs, bear markets, etc, there is going to be...
There are no certainties in the stock market. These names have shown good relative strength and accumulation volume . This may give good risk/reward entries on some of the best names. Some of these charts still need to confirm their price action. This video is my watchlist. Most of these names are at or near all time highs or multi year highs. There are 15 total...
