“We expect IBB to break above $235 resistance and trade higher in the coming weeks,” Wald said, according to the Journal. A move above that resistance area could take IBB back to the $255 area.

There are always potential catalysts, emphasis on “potential,” for the biotech sector, be it FDA approvals or mergers and acquisitions rumors. In the near-term, IBB could get a lift from a more tangible catalyst: Earnings. This week, 64 of the ETF’s holdings, which combine for nearly a quarter of its weight, deliver earnings reports. [Big Earnings Week for Biotech ETF]

In another important, though under-reported sign, the recent biotech bounce has been widespread among ETFs. For example, the SPDR S&P Biotech ETF (NYSEArca: XBI), which for a time was this year’s best biotech ETF, is up 6.4% since April 14 while the Market Vectors Biotech ETF (NYSEArca: BBH) is higher by 7% over that time. The PowerShares Dynamic Biotechnology & Genome Portfolio (NYSEArca: PBE) is up 4.4% from its mid-April lows.

iShares Nasdaq Biotechnology ETF