The Biotechnology Sector ETF Clears Resistance

July 10, 2024

Mish's Daily

By Mish Schneider

On June 24, 2024 I wrote a daily called, Big Brother Biotechnology Sector Revives.

“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.”

I also included the top holdings

I ended the Daily with this:

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

IBB is back over 140.

Yesterday, I did a segment for StockchartsTV and covered IBB.

Please have a listen to the video again, as I set you up with this sector as well as what to expect from the rest of the week in several other market sectors and stocks.


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ETF Summary

S&P 500 (SPY) 5400 support 5600 resistance

Russell 2000 (IWM) 197-205 tightest range to watch

Dow (DIA) 40k resistance

Nasdaq (QQQ) all-time high

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

Semiconductors (SMH) 260 -280 range

Transportation (IYT) Not pretty under 64

Biotechnology (IBB) 140 cleared-now needs to hold

Retail (XRT) 200 week moving average support at 72.75. Needs to recapture 74.50

iShares iBoxx Hi Yd Cor Bond ETF (HYG) Pointing more risk on for now

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