Bad Chart of the Week: Biotech ETF Forms Death Cross

As you can see on the chart above, the SPDR S&P Biotech ETF (NYSEArca: XBI), a fund that seeks to replicate the performance of the S&P Biotechnology Select Industry Index, just formed a death cross.

My team believes this move could mean up to an 7% decline in share price over the near-term.

Now may be a good time to short XBI.

© Chart courtesy of Today’s Profits. All rights reserved.