On 7/6 I pointed out how it had been almost a year since we have seen IBB leading on a daily rally. It was also the 3rd or 4th time this year (depending on how you count) IBB has lifted above a quarterly pivot. This move had both a monthly and quarterly on its side, but still below the 2HP and well under the YP. Still, I thought significant to call attention.
Result 10+% rally from there in 18 trading days.
"Lastly, the other interesting thing we saw today was biotechs leading. It has been almost a year since that has happened! IBB tried to clear its Q2P 3x in Q2 only to go back down to test the low. Today is another try above a QP - is this the charm?"