UNH -3.38%  moving down sharply today following through on yesterday's weakness as questions remain as to the strange shooting of United Health Insurance CEO Brian Thompson. Regardless of what happened, it's possible that steps will be taken in the new administration to try to fix the Health care system, as denying access to healthcare was certainly a motive that might be going through investors minds. Stocks within the Healthcare Insurance space like UNH -3.38% , MOH -1.04% , CI -3.76%  have all been weaker of late, and Healthcare Insurers will need to be watched carefully in the months to come. UNH happens to be at a very important area today after this sharp two-day decline and needs to hold support here( ~546) to avoid a larger pullback. The level of 546 lines up with several important levels over the past year and the giant high to low range and heavy volume is a definite concern, technically speaking. While i expect this level might attempt to hold, technically, one can't buy dips if $528 is broken, as this would lead to a complete round trip in my estimation to the former lows of the last 12 months. Healthcare has performed horribly these last few months, and my report last night showed why this might continue a bit longer.

The Managed Care space within Healthcare will be an area to keep a close eye on into/after Election as many stocks like MOH -1.04%  and UNH -3.38%  have shown sharp declines lately on heavy volume which follow HUM -1.95%  recent technical carnage. As shown this entire sub-sector looks to be breaking down technically (Charts from MarketSurge from IBD)