Expecting a Stalemate of Sorts

In front of a Yellen-filled afternoon it looks as though the market is grinding to a halt. I am not seeing too mud movement out there, beyond Zillow and First Solar to the upside, with copper being the downside leader. Homebuilders gapped up but, as usual, saw a fade.

The 30-minute chart for the biotech sector ETF, presented below, shows false breakdowns and false breakouts alike in recent days. Overall, biotechs have been in a mild price correction in recent weeks, though the sell volume pattern is concerning. I would still consider a short entry if the IBB loses $257.

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