On a day when stocks are rising, and all eleven market sectors are in the black, healthcare is the standout performer. This chart shows the Health Care SPDR (XLV) rising to the highest level since the middle of March. The bottom box shows the XLV/SPX ratio rising to the highest level since late April. The XLV has been rising faster than the SPX since the start of May. The XLV now appears to be on the verge of exceeding its March intra-day high at 86.23. Biotechs are the main driving force behind today's healthcare surge.
About the author:
John Murphy is the Chief Technical Analyst at StockCharts.com, a renowned author in the investment field and a former technical analyst for CNBC, and is considered the father of inter-market technical analysis. With over 40 years of market experience, he is the author of numerous popular works including “Technical Analysis of the Financial Markets” and “Trading with Intermarket Analysis”. Before joining StockCharts, John was the technical analyst for CNBC-TV for seven years on the popular show Tech Talk, and has authored three best-selling books on the subject: Technical Analysis of the Financial Markets, Trading with Intermarket Analysis and The Visual Investor.
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