Everyone wants to now what that market is going to do next. Most technicians I talk to are Bullish and that makes me nervous.
But not really, since I have had these dates for a while using my own proprietary cycle analysis.
It plain old sucks being on the wrong side of the trade, that is for sure.
Below is a simple daily chart of SPY that has a few comments to take notice.
I just want to point out the Daily Bullish divergence on the rsi 5 oscillator is GONE, although volume was lower today which is Bullish, but then again, maybe not.
The reaction from Brexit may have overshot the first volume day by a bit, so it could be out of sync.
The lagging MACD indicator on the bottom might have just given a kiss of death, at the same time SPY just tagged a lower high, ooops.
We also just made a lower low on the chart from the recent 5/19/16 low which was a sweet reversal to the upside.
Its hard to be a buyer long term, specially when it is so easy hitting 10% a month.