XBI perfect rejection of daily downtrend line

7 May 2018

XBI maintained it's daily higher low by a small margin on Thursday which provided a great bottom fishing play as SPY hourly was very oversold. Daily downtrend line provided a perfect LABU exit, and now waiting for a break of 88.65 and even more key 89.16 to enter a long swing (if SPY breaks bullish with it), or a break down of 85.06 for a short swing - if SPY breaks bearish with it.