The storming start to the week for U.S. equities may have felt impressive, but it was a technical failure that bodes ill for short-term stock market bulls.
That’s according to Jonathan Krinsky, chief market technician at BTIG, who maintains that history suggests such action means the rally should be faded.That’s according to Jonathan Krinsky, chief market technician at BTIG, who maintains that history suggests such action means the rally should be faded.
Taking the Nasdaq 100 NDX , Krinsky notes that the tech barometer’s 3.4% rally on Monday operated within last Friday’s top to bottom range of around 4%. “While stats, particularly those with small sample sizes, should never be used in isolation, we think the recent action is telling and has tended to occur in the midst of bear markets more than the start of new bulls,” he writes in his latest note to clients.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Afternoon Briefing: Chicago’s first taste of winterGood afternoon, Chicago. Here's what is happening today. - Chicago’s first taste of winter - 3 people abducted, robbed in separate Wrigleyville incidents - Bears QB rewind
Read more »
Psst, Yankees have a secret weapon for do-or-die Game 5 | KlapischThe New York Yankees' season has come down to the last nine innings Monday night - Game 5 of the Division Series against the Cleveland Guardians.
Read more »
QNT Price Escalated 150% Since September with Another Massive Spike Today$QNT jumps 18% today, but its monthly stats are even more astonishing quant quantnetwork qnt crypto cryptocurrencies
Read more »
Clocks Will Soon 'Fall Back' For End of Daylight Saving Time, But Experts Say We'd Be Better Off Without ItHere’s a breakdown of how Daylight Saving Time works, the difference between Standard Time and Daylight Saving Time, and why sleep experts prefer one over the other.
Read more »