This group of stocks is flagging a rebound, and that's good news for the S&P 500, says technical analyst

Stock futures are higher while oil on the backfoot as markets keep one eye on hawkish Fed talk and another on the brutal battle for Ukraine.

Some of that positivity may come from the fact investors look ready to choose higher rates over higher inflation, with the former seen as less toxic for companies in the longer run, said Ipek Ozkardeskaya, senior analyst at Swissquote. It’s not just biotech. “There are more and more pharmaceutical charts breaking out to new highs in a tape that saw plenty of bear market moves from individual names,” said O’Hara, as he flagged bullish charts from Bristol Myers Squibb BMY , Corcept Therapeutics CORT , Harmony Biosciences HRMY , Innoviva INVA , Johnson & Johnson JNJ , Eli Lilly LLY , and Pacira BioSciences PCRX .

As for that 6% S&P 500 rally last week, O’Hara said the most positive takeaway was a close above the key 4,400 level. Accounts, yachts, private jets, properties in London, Italy and France worth more than $17 billion have been connected to Russian officials with close ties to President Vladimir Putin, plus dozens of oligarchs.

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