The semis saw a sharp bounce-back rally from the end of July through this Monday, but the rally stalled right at the 50-day moving average as you can see clearly in the chart below. Since Monday's close, the semis ETF (SOXX) is down more than 7%.
As the semis go from in-favor to out-of-favor, the Biotech group continues to crush it. We've been writing about the positive technicals for Biotech quite a bit this year, most recently in this post on IBB's breakout and another on its cup and handle formation.
After some weakness in late July, the Biotech ETF (IBB) has jumped right back to new all-time highs, and it's up nearly 5% today as the group benefits from a 100%+ move for Moderna (MRNA).
Below is a table showing the 20 largest stocks that make up the Biotech ETF (IBB) along with their year-to-date percentage change and a short one-sentence description. On average, these 20 stocks are up more than 43% in 2026, while just two are in the red (ALNY and INSM).
Along with IBB's near-5% gain today, left-for-dead Bitcoin (IBIT) is also finally catching a bid. As shown below, IBIT remains mired in one of the worst downtrends you could imagine, but at least today's move has pushed it solidly back above its 50-day for the time being. While we're sure Bitcoin owners are happy to finally see the asset have a big up day, we wouldn't even begin to start thinking about thinking about turning bullish on IBIT again until it can make a move back above prior highs seen in April and May. A break above those levels would represent the first significant "higher high" of the year. To get there, it will need to rally another 18% or so from current levels, so it has a lot of work to do.
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