Biotechnology breaks out, while Semiconductor stocks near support

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S&P and QQQ have now sold off for three straight days, while the Equal-weighted S&P 500 and DJIA have rallied for five straight days.   Thus, it remains an unusual market, but ultimately it has fared better than what the major averages reflect in recent days.   There’s been some definite evidence of strengthening in Financials, Healthcare, Discretionary, Energy and Communication Services over the last week despite the SPX falling, and this is helping to kick off a broad-based rally, which will become a bit more noticeable once the pullback in Technology runs its course.   At present, US Dollar and TNX look to be on the verge of large declines into August, and I suspect that a rally back to all-time highs should get underway into July which shows more evidence of participation.   Overall, the recent SPX and QQQ declines should prove temporary and likely conclude this week.

Equal-weighted S&P 500 looks to have broken out following five straight days of gains

As shown below, Invesco’s Equal-weighted S&P 500 ETF ($RSP) has rallied now for five straight sessions and just rea...
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