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Biotechnology Sector ETF Clears Key Resistance: Breakout Confirmed?

Published 07/11/2024, 02:41 AM
US500
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US2000
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IBB
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On June 24, 2024 I wrote a daily called, Big Brother Biotechnology Sector Revives.IBB Daily Chart

“IBB sits just below the 200-WMA. Plus, he is in the middle of the weekly channel range. Furthermore, back in May, IBB handily cleared above the 50-WMA.

We have eyes here next week as the weekly close was solid and IBB could hit 140or higher.”

I also included the top holdings

IBB Holdings

I ended the Daily with this:

Should IBB hold over 140 as the week and end of the month progresses, we see a potential $20 move up from here.

IBB is back over 140. What comes next?

ETF Summary

  • S&P 500 (SPY) 5400 support 5600 resistance
  • Russell 2000 (IWM) 197-205 tightest range to watch
  • Dow (DIA) 40k resistance
  • Nasdaq (QQQ) all-time high
  • Regional banks (KRE) Watching the range 45-50 CAREFULLY
  • Semiconductors (SMH) 260 -280 range
  • Transportation (IYT) Not pretty under 64
  • Biotechnology (IBB) 140 cleared-now needs to hold
  • Retail (XRT) 200-week moving average support at 72.75. Needs to recapture 74.50
  • iShares iBoxx Hi Yd Cor Bond ETF (HYG) Pointing more risk on for now

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