The biotech group is at a crossroads. It has taken a well needed breather, and is now a rapid 10% off most recent all time highs. The XBI is lower 7 of the last 9 sessions, and is testing its rising 50 day SMA. If the line does not hold, it is slightly below it, a move toward the very round par number could be in the cards. That could happen in a flash, or not at all, but there is good reason to believe the 100 level would hold, as it was resistance for a long time prior to jumping above it in early May. Best in breed names in the space are not surprisingly clinging to familiar areas of support. SGEN and BMRN are finding support at their upward sloping 50 day SMAs, and teetering near correction mode off 10% from most recent 52 week highs. INCY seems to be losing its battle with the very round par number, something ABBV did a couple weeks ago. TWST was stopped at 60, a level to watch as it trades between 50-60. REGN the general of the group continues to swim comfortably above 600, an area it has to hold in my opinion. Below is the chart of the XBI. The June retest was a beauty, and July’s is up in the air.