The Invesco S&P Biotechnology ETF (XBI) has shown renewed strength, trading back above its 50-day moving average and surpassing the $80 level. Technical analysis indicates that XBI has formed a higher low double bottom pattern, suggesting potential support at the 50-day moving average. This performance is notable given the relative inactivity in the broader market, exemplified by the S&P 500 ETF (SPY) showing little movement. Market participants have highlighted the diversification benefits of XBI, which has been described positively in recent commentary.