The Selling Continues

The sellers persisted today and the SPX is now down about 100 handles from the December intraday highs. The biotech sector looked liked murderers row again as more profits were captured.

SPX has now broken all moving averages with the exception of the 200 days which is now just below.


IBB is still holding its uptrend line and that’s also where the 50 day moving average come into play.


XLF – This is the first  time it has broken its uptrend line since back in October.  It is now sitting right on its 200 day moving average.


The market needs a drubbing every now and again and will give us a shot at some better entries going forward.  We are closed Monday, so it will be a good time to spend some time over the long weekend looking for some good setups.


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