Interesting weakness out of the biotech today, especially after bulls had been looking for an imminent, energetic snapback rally at least up to the 50-day moving average.
On the sector ETF hourly chart, below, note the churning consolidation the past two months after the correction earlier this year. A move under $220 will now likely trigger a secondary breakdown.
Still, overall, much like the rest of the market we are looking at a bunch of choppy, drifting action again today.
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