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Actionable news in IBB: iShares NASDAQ Biotechnology Index Fund,

Biotech has been a nagging pain for the market

Healthcare has been one of the last sectors to join the move to new highs. And Biotech seems to be the focus of attention. Despite hearing of a biotech stock breakout what seems to be nearly every day, the Biotech Index ETF, $IBB, is still 20% below its peak value from mid 2015. But it is not all bad news. Things have been looking up lately. So will there be a new all-time high in the future?

The chart below tells the story. From that high in 2015 there was a two step move lower to the 200 week SMA at the beginning of 2016. That has held as support outside of a couple of weeks ever since. Several higher lows later, it had bounced off of resistance around 300 a few...