A leader over the past few years (thanks partly to the biotech boom), the Health Care SPDR ($XLV) has been beaten up pretty good over the past month (thanks partly to the biotech collapse). The current bounce off its April lows has it approaching a major confluence of resistance around the 58.50 level:

Key impediments around that level include"

• Post-March Down Trendline
• 61.8% Fibonacci Retracement of Post-March Decline
• 50-Day Simple Moving Average

This will be a tough area to get through, especially with the post-bubble popping effects of the biotech stocks. If, of course, it is able to sustain a break above that level, it would be a significant display of strength.