Short Sale Restrictions

Track NASDAQ circuit breaker activations and monitor securities subject to SEC Rule 201 short sale restrictions. provided is the SSR list view with useful historical context to help you understand when restrictions trigger and how they may impact trading.

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December 2025
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Restricted Securities

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Symbol Security Name Trigger Time

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SSR List (Circuit Breaker) Explained

Rule 201 • Alternative Uptick Rule

If you track the SSR list (Short Sale Restriction list), you’re usually trying to answer one practical question: what changes when a stock hits SSR, and how does that impact trading. SSR doesn’t “stop” shorting, but it can change how short sellers can enter, which can influence intraday pressure, liquidity, and how price reacts around key levels. This page explains the SEC Rule 201 “circuit breaker” in plain terms so you can quickly understand what triggered SSR, how long it lasts, what it restricts (and what it doesn’t), and why traders keep SSR names on their radar.

What Is the SSR List?

SSR stands for Short Sale Restriction. A stock is placed on the SSR list after it triggers a “circuit breaker” rule that limits certain types of short selling when prices drop sharply in a single day. Traders also call this the Alternative Uptick Rule.

What Triggers SSR (The “Circuit Breaker”)?

A stock is added to the SSR list when its price drops 10% or more from the prior day’s closing price at any point during the trading day.

Duration: Once triggered, SSR typically applies for the rest of the day it triggers and the next trading day.

What SSR Actually Does (And What It Doesn’t)

SSR does not ban short selling. It restricts how shorts can enter.

When a stock is on SSR:

  • Short sales cannot be executed on a downtick (when price is actively falling).
  • Shorts are generally only allowed when the stock is trading at or above the current best bid (effectively requiring an “uptick” condition).

In plain English: SSR makes it harder to pile on shorts while the stock is actively dropping.

What SSR does not do:

  • It doesn’t stop long selling.
  • It doesn’t prevent the stock from continuing to fall.
  • It doesn’t block shorting entirely (it restricts shorting on downward momentum).

Why Traders Watch SSR Stocks

Stocks on the SSR list often attract momentum and day traders because the restriction can change the intraday push-pull between buyers and sellers.

Common reasons people track SSR:

  • Reduced short pressure during drops can slightly change intraday price behavior.
  • Potential for sharper bounces when sellers get exhausted.
  • Better visibility into who’s in control (buyers vs. forced sellers).
  • Short squeeze setups can develop when short entry becomes less efficient.

SSR is not a bullish signal by itself. Many SSR names appear simply because they’re weak and volatile.

How SSR Can Affect Price Action

SSR can matter most when a stock is:

  • Extremely low float
  • High volatility / heavy retail interest
  • In play due to news, earnings, biotech catalysts, or sector momentum
  • Experiencing repeated flushes and bounces

Behaviors traders sometimes watch for on SSR names:

  • More difficulty for shorts to repeatedly slam the bid during a selloff
  • Fast bounces off key levels (VWAP, premarket low, support zones)
  • More limit-order usage by short sellers vs. market orders

SSR vs. Volatility Halts (Not the Same Thing)

SSR is often confused with exchange volatility halts, but they’re different mechanisms:

  • SSR (Rule 201): restricts certain short selling behavior after a 10% drop vs. prior close.
  • Volatility halts (LULD): pause trading when price moves too far too fast within defined bands.

A stock can be on SSR without being halted, and can be halted without being on SSR.

Using an SSR List in Real Trading

The key filter is simple: is the stock on SSR because it’s breaking down, or because it’s volatile and “in play”?

Helpful context to pair with SSR:

  • Float and relative volume
  • News catalyst quality
  • Premarket range and key levels
  • Trend vs. VWAP
  • Liquidity and spread conditions
  • Options activity (if applicable)

FAQ: SSR List (Circuit Breaker)

What does SSR mean in stocks? SSR means “Short Sale Restriction.” It’s triggered when a stock drops 10% or more from the prior close.

Does SSR stop short selling? No. It restricts short selling on downticks, making it harder to short while the price is actively falling.

How long does SSR last? Typically the rest of the day it triggers and the next trading day.

Is SSR bullish? Not automatically. It’s a volatility/weakness event; some stocks bounce, many continue down.