The False Breakout

Did a lot of bullishness just get trapped above 2815, the S&P 500’s previous resistance level that appeared to have been vanquished recently? Here’s Jon Krinsky of Baycrest Partners with my Chart o’ the Day:

Jon goes on to note that “Overall breadth remains a concern (just 38% of R3K above 200 DMA), and Friday’s 87% NYSE down volume day (highest since Dec. 4 th) is perhaps indicative of sellers waking up.”

Source:

From False Moves Come Fast Moves 
Bay Crest Partners – March 24th 2019 

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  1. Daily Chart Report ? Monday, March 25th, 2019 - The Chart Report commented on Mar 25

    […] The False Breakout – Josh Brown Here’s a short blog post from Josh Brown of Ritholtz Wealth Management. He shares a chart from technician, Jon Krinsky that shows the potential false breakout that’s developing in the S&P 500 right now. […]

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