With the bearish catalyst quickly approaching, it's no wonder the SPY rejected its recent push to new highs.
Here's a chart of the recent price action …
It's possible we see fewer spikes due to the bearish momentum.
And above all, make sure to focus on the most obvious plays.
Biotechs have been strong so that's what we're going to focus on.
Today's big biotech runner is Enveric Biosciences Inc. (NASDAQ: ENVB). The stock spiked more than 190% last week on May 18. Then it consolidated for three trading days before today's break out.
Here's a chart …
Keep your head on a swivel.
And don't be afraid to sit on your hands. No need to get reckless right now. Wait for the plays to come to you.
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