TURNING NEAR TO INTERMEDIATE TERM BEARISH
The chart below shows that XBI collapsed on Friday below the lower boundary of almost 5 months of sideways investor indecision from the April high. This suggests an emerging major bearish trend change and targets an additional 13% decline to 69.50 that will remain valid below the 80.91 area.
XBI has maintained a very tight and stable statistical correlation to the S&P 500 (SPX) at various intervals over the past decade.
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