SYK and IHI vs NVO's GLP1

SYK - The market is trying to price in the impact of NVO and LLY GLP1's on treatments associated with diabetes and obesity. This has led to a broad drawdown across medical devices, with IHI medical devices ETF dropping about 10% this week.

Note the middle of this chart where I've compared IHI/NVO to SYK/NVO. SYK specializes in medical devices for neurotech, orthopedic, and spine which should have minimal overlap with health benefits of GLP1.

Yesterdays open erased 2023 gains before reversing. It's unclear whether we can expect it to recover from here or test a deeper area of value between 220-240. As it recovers we should anticipate some selling pressure between 275-280.
Chart PatternsTechnical Indicators

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