Biotech Breakdown: Markets Look Weak, Biotech Looks Worse (5/1/15)

Market Analysis

  • S&P broke back below previous triangle resistance, bearish
  • DOW still hasn't confirmed S&P's new high, bearish
  • Transports have yet to confirm Industrials' highs, bearish
  • Starting to look bad for the overall markets

Biotech

  • IBB formed another monthly shooting star candle, which also confirmed March's shooting star candle. The IBB has now broken below its 50-day MA, formed back-to-back monthly shooting star candles and a daily double top. All signs point lower.
  • ICPT breached 353 low
  • AGIO looks to continue lower
  • REGN tested trendline support
  • ANAC flood gates opened
  • KITE broke yet another level
  • PCRX fell from the 85 level
  • MNKD declined as forecast
Posted to The Biotech Trader on May 01, 2015 — 9:05 AM
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