Big Brother Biotechnology Sector Revives

June 24, 2024

Mish's Daily

By Mish Schneider

Over the weekend as we looked at the entire Economic Modern Family, we focused on Big Brother Biotechnology IBB as particularly intriguing.

We wrote:

“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.”

Monday, IBB gapped higher.

IBB hit 140.

Now, we give it fresh eyes to see what should happen next so that this is not a one-day wonder.

On the Daily chart, IBB cleared the January 6-month calendar range high for the first time since February 2024.

That February high was 141.16.

If IBB can clear that level, it will go to a new multiyear high as this has underperformed the benchmark since late 2021.

The Daily chart also indicates that IBB may begin to outperform SPY.

Plus, momentum is picking up according to Real Motion.

If we move out in timeframe, the weekly chart (the one shown over the weekend) also tells us a story.

The weekly chart shows IBB clearing the 200-WMA (green).

While on this timeframe, IBB is neither outperforming the benchmark nor wowing us with momentum, today’s action is a great first step.

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

Meanwhile, here are the top 10 stock holdings in the IBB basket:


Educational purposes only, not official trading advice.

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ETF Summary

S&P 500 (SPY) 5400 support

Russell 2000 (IWM) 197-202 tightest range to watch

Dow (DIA) 40k resistance

Nasdaq (QQQ) 474 support

Regional banks (KRE) Watching the range 45-50 CAREFULLY

Semiconductors (SMH) Bearish engulfing pattern-watching 260

Transportation (IYT) 65.50 hurdle to clear 64 support to hold

Biotechnology (IBB) 140 pivotal

Retail (XRT) 74.50 support key 77 resistance to cler

iShares iBoxx Hi Yd Cor Bond ETF (HYG) This is all risk on-as long as it holds above 76.50

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