Written by Jim Welsh
Macro Tides Weekly Technical Review 01 March 2021
J&J Delayed Reaction
On Friday February 26 the Vaccines and Related Biological Products Advisory Committee (VRBPAC) recommended by a 22-0 vote the Food and Drug Administration grant an emergency use authorization for Johnson & Johnson’s Covid-19 vaccine. Despite this good news on Friday Johnson & Johnson’s stock fell to $158.46 from Thursday’s close of $162.76 a loss of -2.6%. The S&P 500 shed -0.47% and closed below the rising trend line connecting the low on October 30 and January 29 low.
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