$SP:S5HLTH Could Be Ready For a Reversal to the Downside

8 May

The S&P 500 Healthcare Sector broke last weeks high and is now just under the Ichimoku Cloud on the Daily. Flying way above 2023’s High of 1594.66, MACD is still negative and RSI a bullish 53.23. Golden Fib retrace showing strong resistance at 1683.59. If we get a rejection below the week open price of 1644.39, we could see further correction rejecting last months low of 1610.67. Shorts on the weakest companies in the sector like APLS could return solid gains.