The 20DMF looks slightly bearish,
but the emini displays accumulation.
It is interesting to note that both the Biotech sector and XLV display oversold accumulation patterns, which are the first signs of a possible bounce.
The Euro's recent uptrend broke down yesterday,
but the US$'s downtrend is still alive. We would need much more US$ accumulation to see the trend reversing to the upside.
The 20Y Treasuries still point to higher rates.
Conclusions:
It seems that the biotech/drugs sectors might bounce today or early next week, at least if the general markets stays strong.
I covered most of my IBB short and bought JNJ. Not sure that this bounce in biotech/drugs will play out, but at least the deal maker in chief is not tweeting about drugs for now.
