Not exact matches
Even if the pullback entry is good, a vast majority of
breakouts and pullbacks
fail when overall market conditions are weak and
stocks are under distribution.
The combination of the
failed breakout in $ RNG and ugly breakdown in the S&P 500 prompted us to ditch the
stock to cut long exposure in case of continued market selloff — big time mistake!
Yesterday was do or die day for
stocks and commodities to
breakout but they
failed once again at resistance.
Any
stock or ETF that is
failing to even keep pace with the current
breakouts to new highs in the S&P 500 and Nasdaq has relative weakness.
As long as we don't start seeing a bunch of
failed breakouts in the top growth
stocks, it's probably safe to say overall market sentiment is okay.
So many
breakouts over the last several months have
failed in the leading
stocks.
Mike Cintolo discusses the market's recent
failed breakout attempt and the abnormal selling he's seen in growth
stocks.
Some leading
stocks have become to
breakout such as UVE and NKE, however some sector leaders broke out and
failed (HAWK).