Biotech set to Biobust?

This is a daily chart for IBB, the Nasdaq Biotech ETF, things are not looking great. Biotech was once a star of this bull run, but now it looks to be busting out. A drop from 275 to 225 is an 18% loss, that is starting to get in bear market territory. 225 is  key level that looks like it will not hold, note the increase in volume on these down days since the end of May. After 225 the 212 area looks to have some support, the weekly chart below also supports the view that 212 is significant as the weekly trend line is right there. Take a short position and see if 212 is taken out, it could be a pleasantly quick ride down if you are on the right side of the trade.

TSX, XIU hitting up against a steel reinforced ceiling

This is a monthly chart for XIU or the ETF index that follows the Toronto market. There is significant resistance at the 14,500 level going back to 2011 and even the 2007-8 period. Look at that decline in volume since 2009, so much for high frequency trading! The ETF market has exploded the last 5 years which may also account for the decline in trading of XIU, and the resource market is not what it was 5 years ago. As the US market is showing signs of struggle I would expect the Canadian market do the same. A break with nice volume about this 14,500 would be positive, but I am getting a sense of indecision coming into the North American markets.  

That's nasty spider (SPY)....a nasty outside reversal

Whew, what a nasty day for the S&P 500 on the market today, an early start with new highs and then closing near the daily lows, the only bright spot being a late rally pulling the market up at the end of the day. It is an outside reversal as the candlestick price action today was outside on the top and bottom of the market price action yesterday. Note the increase in volume of the SPY today, another bad sign. The late rally may have helped with a look to a bounce on Monday, but don't count on it. If the SPY drops below 183 there could be a long way down to go. I would like to see a close above 188 on good volume before getting short-term positive. Perhaps the start of another pullback in this long bull market.