When it comes to “Upside Leadership” few can compete with the Bio Tech sector!
IBB hit resistance line (1) on 3/20 and created a “reversal pattern at (2). Since then IBB has traded sideways and may have created a “Double Top” at the (2) reversal level.
Now IBB is testing Fibonacci 423% extension level as support this morning at (3).
It might be worth paying close attention to leadership, because what IBB does at (3) could influence the market in both directions!