Reduce exposure into strength
Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.
Defensive42/100Position
Biotechnology
For the week ending 18 September 2026, Biotechnology declined 0.23% with 555 advancing, 552 declining, and 66 unchanged constituents.
Industry positioning postureReduce exposure into strength
Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.
Industry evidence score42/100Reduce
Index value764.16
Weekly return-0.23%
Measured equities1173
Sibling rank10 of 11
156 completed weeks
Biotechnology trend architecture
Price, Activity Lines, Trend Line and current Fair Value, with the recognized architecture behind each completed week.
ArchitectureRotation Down
Index vs Trend-3.2%
13-week persistence1.1%
Advancing participation47%
Index Value
Trend Line
Fair Value
Activity Lines
Constructive Transition Defensive
Positioning and relative evidence
Is Biotechnology earning a place in the portfolio?
Technical evidence determines the posture. Sentiment remains a separate confirmation layer.
Five-pillar evidence
42Quality of the positioning case
Trend
39
Breadth
40
Persistence
41
Relative
27
Risk quality
81
Parent-relative performance
Composite rank 10 of 11Returns versus Healthcare
1 week-0.2%-0.8 pts
4 weeks-5.3%-2.4 pts
13 weeks1.1%-1.6 pts
26 weeks-1.9%-2.7 pts
52 weeks-5.7%0.2 pts
Relative leadership path
WeakeningBiotechnology versus Healthcare
Evidence ledger
Confirmation and conflict
!Index trend architecture has not delivered a durable upward expansion.
!Breadth remains too narrow or inconsistent for a high-conviction position.
!Constituent persistence remains divided or predominantly negative.
!The group is not yet delivering dependable relative outperformance.
!Stage 4 declining constituents exceed Stage 2 advancing constituents by 33 percentage points.
Decision boundaries
What would change the posture?
1A completed weekly reclaim of 789.20, the higher of Trend Line and Fair Value, would improve the structural case.
2Breadth holding above 55% for several completed weeks would show that repair is spreading.
3Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.
Trend state and durability
Architecture, persistence and constituent regimes
The industry index path is tested against the securities beneath it.
Index architecture
1 weeksRotation Down
Fast Activity Lines are losing the slow pair and price acceptance is deteriorating.
Trend gateDownFan width0.59%Accepted above fan50%Accepted below fan33%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence
75% agreementNegative regime, shorter trend repairing
The long trend remains negative, but shorter-horizon repair is now visible.
13-week
1.1%
26-week
-1.9%
39-week
-6.4%
52-week
-5.7%
Regime age3 weeks52-week flips552-week boundary810.61
Constituent trend persistence
91% coverageHow broadly durable is the move?
40%positive
Coherent positive21%
Coherent negative30%
Horizon agreement80%
Weakening positives111
Repairing negatives225
1067 constituents measured as of 18 Sep 2026.
Custom stage map
92% coverageWhere covered constituents sit in the cycle
55%Stage 4
Stage 1 Basing16%174
Stage 2 Advancing22%236
Stage 3 Distribution7%73
Stage 4 Declining55%601
Re-acceleration8Transition watch105Fair Value repairs130
Stage coverage is shown explicitly and is not substituted for full-universe persistence coverage.
Geographic diffusion
Where Biotechnology strength is developing
Country returns, participation and Trend position show whether the global result is widely shared or locally concentrated.
Countries measured2427 represented in the full universe
Positive countries12 / 24Latest weekly return above zero
Above Trend Line42%10 country indexes
Return dispersion2.39 ptsCross-country opportunity and divergence
Asia Pacific2.55%
7 countries · 306 equities · 26% of measured coverage
Other markets2.40%
1 countries · 90 equities · 8% of measured coverage
Latin America0.48%
1 countries · 13 equities · 1% of measured coverage
Middle East and Africa-0.18%
1 countries · 15 equities · 1% of measured coverage
North America-1.54%
3 countries · 551 equities · 47% of measured coverage
Europe-1.90%
11 countries · 194 equities · 17% of measured coverage
Country evidence map
Minimum 3 constituentsReturn, breadth and trend condition
🇹🇭TH3
5.19%
100% up · above Trend
🇨🇳CN109
5.10%
82% up · below Trend
🇯🇵JP47
3.42%
68% up · below Trend
🇹🇼TW90
2.40%
63% up · above Trend
🇭🇰HK77
1.73%
52% up · below Trend
🇩🇰DK7
1.65%
57% up · above Trend
🇩🇪DE10
1.11%
60% up · above Trend
🇳🇴NO11
1.00%
36% up · above Trend
🇦🇹AT21
0.85%
67% up · above Trend
🇨🇦CA11
0.74%
36% up · above Trend
🇲🇽MX19
0.64%
32% up · above Trend
🇧🇷BR13
0.48%
54% up · above Trend
🇮🇱IL15
-0.18%
40% up · below Trend
🇰🇷KR10
-0.51%
30% up · below Trend
🇫🇮FI3
-0.57%
33% up · below Trend
🇮🇳IN13
-0.80%
54% up · above Trend
🇪🇸ES5
-0.97%
40% up · below Trend
🇨🇭CH11
-1.05%
55% up · below Trend
🇦🇺AU47
-1.49%
34% up · below Trend
🇧🇪BE9
-1.61%
44% up · below Trend
🇺🇸US521
-1.67%
40% up · below Trend
🇸🇪SE55
-2.18%
36% up · below Trend
🇬🇧GB29
-2.25%
31% up · below Trend
🇫🇷FR33
-6.11%
18% up · below Trend
3 thin country slices are excluded from comparative conclusions. Their securities remain in the global index.
Country leadership
Strongest confirmed tapes
🇹🇭Thailand3 equities5.19%
🇨🇳China109 equities5.10%
🇯🇵Japan47 equities3.42%
🇹🇼Taiwan90 equities2.40%
🇭🇰Hong Kong77 equities1.73%
🇩🇰Denmark7 equities1.65%
Country pressure
Weakest current tapes
🇫🇷France33 equities-6.11%
🇬🇧United Kingdom29 equities-2.25%
🇸🇪Sweden55 equities-2.18%
🇺🇸United States521 equities-1.67%
🇧🇪Belgium9 equities-1.61%
🇦🇺Australia47 equities-1.49%
Sibling industry comparison
Where Biotechnology sits inside Healthcare
Relative strength, acceleration and participation separate durable leadership from a one-week move.
Composite rank10 / 11
Leading5
Lagging3
Above Trend6 / 11
Return dispersion1.34 pts
Competitive-set rotation
Bubble size shows constituentsIs this industry gaining or surrendering leadership?
Improving
Leading
Lagging
Weakening
13-week relative strength4-week acceleration
Diagnostics & Research100Health Information Services70Drug Manufacturers - General80Medical Devices29Drug Manufacturers - Specialty & Generic66Medical Instruments & Supplies57Pharmaceutical Retailers33Medical Care Facilities55Biotechnology30Medical Distribution35Healthcare Plans44
Sibling ranking
Momentum with confirmation
1
Diagnostics & ResearchLeading · 62% participation
1002Drug Manufacturers - GeneralLeading · 73% participation
803Health Information ServicesLeading · 58% participation
704Drug Manufacturers - Specialty & GenericLeading · 54% participation
665Medical Instruments & SuppliesLeading · 50% participation
576Medical Care FacilitiesImproving · 43% participation
557Healthcare PlansImproving · 23% participation
448Medical DistributionImproving · 39% participation
359Pharmaceutical RetailersLagging · 47% participation
3310BiotechnologyLagging · 47% participation
3011Medical DevicesLagging · 54% participation
29Market internals and risk
Participation, momentum and payoff shape
The headline index is tested against participation, volatility, drawdown and the distribution of security returns.
Advancing participation47.3%2.8 points versus recent baseline
13-week positive weeks38%Index-level hit rate
Annualised volatility17.8%52-week index return volatility
Current drawdown-10.4%From the 52-week index high
156-week max drawdown-30.8%Peak-to-trough index decline
Breadth impulse
Range -100 to +100Net advancing participation
Trend momentum
Positive or negative slopeTrend Line rate of change
Security return distribution
1173 equitiesWhat the headline return conceals
Average loser-6.79%
Average winner+6.58%
Median equity0.00%The middle security, less sensitive to extreme movers
Interquartile range-4.12% to 3.35%The central half of the universe
Security dispersion11.23 ptsCross-sectional opportunity and stock-selection risk
News and price confirmation
Does company news confirm the Biotechnology tape?
Qualified sentiment coverage for this industry is still building.
Security leadership
The equities driving the result
Weekly leaders and laggards reveal whether the index move is broad, concentrated or vulnerable to reversal.
Leadership
Strongest weekly contributors
Pressure
Weakest weekly contributors
Latest week
Full global industry tape
Showing 1-30 of 1173, sorted by weekly return.
Ticker
Company
Market
Open
High
Low
Close
Return