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The PPH tested major support at last week’s low.  This key area held the June and July lows and is marked by an upward sloping 200 day moving average.  The mid point of the 2021 range(50% retrace from the 2021 highs) is also in this zone.  

The PPH has returned to oversold levels(daily/MACD) last seen at the October 2020 lows($58.50).  

Top five PPH weightings:  MRK, AZN, ABBV, SNY, NVO

We are long MRK/ABBV in some managed accounts. 

This is not a recommendation to buy, sell or hold.