Nice bounce this morning.
But, now, with the biotechs flipping red again, and still not punching through their sector ETF daily chart’s lower Bollinger Band, it is hard to get behind any meaningful rally at this point. Biotechs are also below a (still-rising) 200-day moving average, where bad things can happen.
In addition, the small caps are barely hanging onto green.
Leaders still lead, in both directions.
Short Ideas: COH F GMCR
Long ideas: FANG MTDR TRGP in the energy patch.
Let’s see how they close it.
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Loving the analysis Chess. Check out the drop on my old favorite $ADUS. Hit support one too many times at the $21.50 level, down 10% today. Keep an eye to short it in the future if it rallies to that level and fails.
Good one, IceDog. Great to see you. Hope all is well.