The implications are that since IBB failed to hold below 282.68 and drop with the market, we might see a strong risk on move accross the board. We can also examine BID to find it's holding earnings support. These two stocks can tell you a lot about the direction of the broad market, as illustrated by Tim West in his publications. I am net long again, but with an open mind. Until FOMC, I doubt the market falls again, and we might even make a new all time high.
Cheers,
Ivan Labrie.
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Good move, now at support. It'd have to continue to progress next week.
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IBB almost at the target. One thing: hitting the target we might come back down, unless we start a strong uptrend (for example, if we don't get a rate hike on September)
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I'd reccomend closing for the week. One day left in the uptrend timer.