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On June 8, we wrote that S&P 500 looked like it was set-up to take its next leg higher. Today the S&P broke 2,450 setting a new record.
The trend in the S&P 500 is very powerful and it would seem we have no started that next leg higher after some consolidation around the 2,430 level.
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Biotech Getting Very Close To Breakout
We also wrote on June 1, that Biotech appeared to be coming back to life, after forming a reverse head and shoulders on an intraday chart. Today the iShares NASDAQ Biotech ETF is up about 2.5 percent and trading at $300.
If Biotech is able to come back to life and officially breakout then the market could really start to have some legs for a further rally.
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Michael Kramer is the Founder and Portfolio Manager of Mott Capital Management LLC, a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendation made during the past twelve months. Past performance is not indicative of future performance.