Biotech: No, No, No...No More Foreplay

For the second session in a row, the XBI (ETF for small and mid-cap biotechnology issues) is notably outperforming the broad market. However, bios have been a bit dodgy in recent weeks in terms of being able to hang onto and sustain strength. Will this time be another tease? 

As you can see on the XBI daily chart, below, bulls need to see a meaningful breakout above well-defined resistance (light blue line), which actually stretches back to the more significant 2015 peak for the sector. 

Note that the larger cap bios in the IBB ETF are still well below their respective 2015 high. So, this XBI test should be rather important in the young new year.