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Short

XBI Short Term Down Trend Continues

AMEX:XBI   SPDR S&P BIOTECH ETF
Despite the gap up today, the short term downtrend is still in-play. Key support/resistance are converging which suggests a strong move either way. The descending triangle pattern seen here has a heavily has bearish probability. My 2 main trend indicators are EMA (13/48) and PPO (12,26,40), which are both bearish on the daily time frame.

snapshot
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