Biotech

Last week Biotech really told ya to not be short as it never even made a new low.  It's clearly heavily shorted. 

Now the group is at major line of defense for the bears.  The .618 retrace.  Also note this area is a key pivot zone.

It's also worth noting relative strength has really sustained below the 50 and 20D moving average for the first time in awhile.  It's worth watching at this key level.

This area is really important to the group.  We'll see how it plays out.

Trade 'em well!