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NSAM
Mar 22, 2019 5:21 AM

XBI Short

SPDR Series Trust SPDR S&P Biotech ETFArca

Description

Bear market rally of 44% off lows, MACD and RSI divergence, double top at 93 and rising wedge all seem to point towards a reversal back down to the lows. This week's ultra dovish Fed capitulation, Brexit/EU uncertainty, drug price control debate, VIX under 14, extended China/US trade talks, ultra-low job creation, slowing economic growth globally and missed earnings, may also be supportive of a downward trend.
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