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.
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