30May3:53 pmEST

Drugs Need to Find Their Happy Place

Ah, the 200-day simple moving average. 

This marks the last good stand for biotech bulls, in all likelihood, as price threatens to soundly break down after failing to hold over the $300 level for long-term breakout in the iBB (ETF for large cap bios). 

I suspect how this 200-day (yellow line on daily chart, below) test plays out should set the tone for the sector into the summer months of trading. 

As for the rest of the tape, tech once again seems to be the glue trying to hold everything together. 

More in my recap after the bell. 

Chicken Out, Burgers In Stock Market Recap 05/30/17 ...

 
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