There is a lot of talk of rotation from tech to bio for sure. What I think is more important than IBB and XBI is to compare them to $INDU or $SPX. Basically, bio etf's have been following the market. With yesterdays gap up in both indexes, a down day today and index overbought signals, I think caution may be needed. If there is retrace/ consolidation in the indexes, bio's would have to run counter market. While that can happen on an individual stock basis, I personally would not bet on it for the sector. Counter market usually requires quality and newsworthy events from fundamentals. If you have a stocharts paid account you will see all ma's and indicators I put together. Here is $INDU,XBI,IBB.
The last 2 days IBB candles concern me a bit as possible topping action, especially since todays closing price is basically a potential 3rd top if a horizontal line is drawn to the left from the top of the candle body and not the top of the pole.