From the desk of Steve Strazza @Sstrazza
Our Top 10 Charts Report was just published.
In this weekly note, we highlight 10 of the most important charts or themes we're currently seeing in asset classes around the world.
The New Leaders
Biotech continues to be among the top-performing industry groups over shorter timeframes. They were among the first groups of stocks to bottom back in May. They were also first in line to complete a reversal pattern back in June.
This is illustrated by the double bottom in the S&P SPDR Biotech ETF (XBI) above. After digesting gains in a tight range for most of July, Biotech stocks are now resolving higher once again. We think the bullish resolution from this high and tight flag is a good roadmap for what other growth stocks and indexes are likely to do in the coming weeks and months.
