Wednesday, June 22, 2016

Brexit Vote

With Thursday's vote coming up, it's looking unlikely markets are going to make a sudden move before then.

The S&P posted a small gain and helped to relieve the pressure exerted on bulls by yesterday's late selling.


The Nasdaq was little changed.  The 200-day MA is available as support. Technicals improved without a shift to net green for any.


The Russell 2000 held on to the upper range of yesterday's gain. The swing low is looking good with the 20-day MA and 50-day MA offering themselves as support. This has the look of a solid swing low (with a stop below 1,123).



Look for indices to add to today's gains. Tech indices are best placed to benefit and a non-Brexit could trigger a summer-long pop.

I'll be working in NY for a few weeks starting Monday. I'll be on vacation for part of this trip and at the end. Look for sporadic updates until then.

You've now read my opinion, next read Douglas' and Jani's.

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Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.
 
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