Some biotech stocks are puking all over themselves and others act like drunks walking in traffic. The IBB has found a home at its 50 day moving average which coincides with its daily uptrend line.
This is a huge spot for support and if it breaks lower it could do a quick cascade to the 100 moving average which is down around 321.
BIIB, GILD, CELG and REGN will be your “tells”. Right now they act like they have dysentery.
A move above 350 gets me excited again, as that is where some declining moving averages are all cluster f&#@ked.
Right now, as ugly as it looks, the uptrend is still in tact, but barely.
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