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Since the beginning of the year, we have seen great resilience in the market (weak open & strong close), along with breakouts holding and new breakouts emerging. While the market has struggled to make much progress, conditions are improving and that is a good sign.After reversing back above the 50-day MA from a large gap up on January 2, iShares NASDAQ Biotechnology Index ($IBB) rallied to the prior highs of October before pulling back in for a few days. Tuesday’s price action undercut a three-day low before reversing and closing near the highs of the day. The reversal action and strong close formed a bullish reversal candle on the daily chart below

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