Biotech Poised for an Upside Breakout

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It looks like someone likes the Biotech ETF this year, as demonstrated by the percentages gained on IBB plus the 9 Major Sectors, as shown on the following Year-to-date graph.

And with IBB poised for an upside breakout above major resistance, it’s one to watch, as shown on the following IBB + Major Sector charts.

Lastly, let’s see if IBB can begin to outperform the Nasdaq 100 Index (NDX), as price now sits at major support on this IBB:NDX ratio chart. In that case, watch for the RSI to rise and hold above the 50 level and for price to break and hold above the 50-day moving average.

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