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Biotech share, rose slightly today and we can see from the chart below, the ETF, has played a game of fill the gap. The gap was previously created back on July 19. The hourly chart shows that the ETF has now bottomed nicely and appears to be rounding higher.
IBB by Scorpio244 on TradingView.com
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Technology stocks continue to trend higher as well, with a well defined regression channel. The trend line from the February. lows is still very much in tact.
XLK by Scorpio244 on TradingView.com
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The S&P 500 continues to trace out along the February/Brexit lows, but the trend line continues to act as resistance. In fact, the recent setup in the triangle, tells us the index maybe getting to breakout shortly.
S&P 500 With Triangle by Scorpio244 on TradingView.com
Disclaimer: Mott Capital Management, LLC is 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.