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Biotechnology (IBB) Gets Silver Cross BUY Signal

by admin May 17, 2024
May 17, 2024
Biotechnology (IBB) Gets Silver Cross BUY Signal

Today the Biotechnology ETF (IBB) 20-day EMA crossed up through the 50-day EMA (Silver Cross), generating an IT Trend Model BUY Signal. If we look “under the hood” we can see that participation continues to expand. The Silver Cross Index tells us how many stocks within this group have a 20-day EMA above the 50-day EMA or a Silver Cross. While it isn’t reading above our bullish 50% threshold, it is rising strongly above its signal line.

Primary indicators are also positive. The RSI is not yet overbought. The PMO is on a Crossover BUY Signal and is rising above the zero line. Stochastics have camped out above 80 signaling internal price strength. We should see this group continue to outperform the SPY.

The weekly chart shows a rising weekly PMO, but we do note that overhead resistance is nearing and it is strong. We could see price stumble at that level before a possible breakout.

Conclusion: Biotechs saw a Silver Cross. The participation indicators under the hood are seeing improvement and primary indicators are bullish enough to look for some upside follow through.

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