Healthcare ETF trending lower and gets a bearish signal
The healthcare sector has been lagging the nine other main sectors since the beginning of 2019. The Healthcare Select Sector SPDR (NYSE: XLV) gained 9.24% from the beginning of the year through July 5 and it is the only sector SPDR that has gained less than 10%. The sector has been in the political spotlight to some degree as politicians on both sides of the aisle have been pointing at drug costs as a problem.
One particular exchange-traded fund that caught my eye was the iShares Nasdaq Biotechnology ETF (Nasdaq: IBB). The fund has been trending lower since last September and there is a trend line that connects the highs from then with highs from March and April. The fund just hit the trend line last week and then turned lower.
The ETF saw its 10-day RSI and its daily stochastic readings hit overbought levels last week before turning lower. The stochastic readings just made a bearish crossover on July 5.
The Tickeron Trend Prediction Engine generated a bearish signal for the IBB on July 5 and it calls for a decline of at least 4% within the next month. The signal showed a confidence level of 75% and past predictions on the fund have been successful 85% of the time.
XLV in upward trend: price may ascend as a result of having broken its lower Bollinger Band on August 07, 2024
XLV may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options. In of 43 cases where XLV's price broke its lower Bollinger Band, its price rose further in the following month. The odds of a continued upward trend are .
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Notable companies
The most notable companies in this group are Eli Lilly & Co (NYSE:LLY), Unitedhealth Group (NYSE:UNH), Johnson & Johnson (NYSE:JNJ), Merck & Co (NYSE:MRK), ABBVIE (NYSE:ABBV), Abbott Laboratories (NYSE:ABT), Pfizer (NYSE:PFE), Amgen (NASDAQ:AMGN), Intuitive Surgical (NASDAQ:ISRG), Regeneron Pharmaceuticals (NASDAQ:REGN).
Industry description
The investment seeks investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Health Care Select Sector Index.
In seeking to track the performance of the index, the fund employs a replication strategy. It generally invests substantially all, but at least 95%, of its total assets in the securities comprising the index. The index includes companies from the following industries: pharmaceuticals; health care equipment & supplies; health care providers & services; biotechnology; life sciences tools & services; and health care technology. The fund is non-diversified.
Market Cap
The average market capitalization across the The Health Care Select Sector SPDR® ETF ETF is 90B. The market cap for tickers in the group ranges from 9.7B to 739.66B. LLY holds the highest valuation in this group at 739.66B. The lowest valued company is HSIC at 9.7B.
High and low price notable news
The average weekly price growth across all stocks in the The Health Care Select Sector SPDR® ETF ETF was 6%. For the same ETF, the average monthly price growth was 17%, and the average quarterly price growth was 31%. PODD experienced the highest price growth at 5%, while ZBH experienced the biggest fall at -9%.
Volume
The average weekly volume growth across all stocks in the The Health Care Select Sector SPDR® ETF ETF was 27%. For the same stocks of the ETF, the average monthly volume growth was -19% and the average quarterly volume growth was -16%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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