XBI (Biotech ETF) is Exhibiting Signs of Corrective Exhaustion

We entered a long position in the SPDR S&P Biotech ETF (XBI) yesterday at 49.65 for our Model Portfolio.

Today's pop above 50 could be the start of a potent, oversold recovery rally, however, XBI needs to climb and sustain above 51.70 to trigger meaningful, upside reversal signals, and to get some powerful upside traction that projects to a test of the prior rally peak at 52.70-- in route to 56.50, thereafter.

For the time being, XBI is in the turn phase that will complete the most recent corrective leg from April 7 high at 58.38 into the 49.00 area.