Biotech ETF $XBI Nears 'Bear Market' with Major Support at $83-$84 Amid 16.79% 2024 Drawdown, Worst Ever at 63.89% since Feb 2021
$XBI, the biotech sector ETF, is approaching a 'bear market' and key support levels at $83-$84. It has experienced a significant drawdown of 16.79% in 2024, while the SPY had a 3.5% drawdown. The sector is still in its worst drawdown ever at 63.89% since Feb 2021. Recent movements in biotech stocks have been influenced by spikes in rates and cyclical pullbacks.
Sources
Sports_Bios
Interesting stats for $XBI since the big May/June 2022 bottom - .. multiple cyclical pullbacks within my big trading box I mentioned in 2022 - .. 8/11/22 --> 9/26/22 (-21.3%); 2/02/23 --> 3/24/23 (-22%); 6/13/23-->8/18/23 (-16.5%); 9/01/23---> 10/31/23 (-17.4%); 2/28/24…
Special Situations 🌐 Research Newsletter (Jay) $XBI move in biotech stocks after rates spiked... https://t.co/SlPkHiG5LY
Cheddar Flow Here’s how this $SPX drawdown compares to all of the recent ones in the past year https://t.co/Rk9d6WyAQQ