"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 49 mins 5 Big Drivers of Higher Inflation Rates Ahead
  • 2 hours U.S. And China To Face Off Over Aramco IPO
  • 5 hours Gold Bulls, Brace Yourselves – Fed Hikes Are Coming!
  • 8 hours Stocks Fail to Hold Gains, But Still No Correction
  • 10 hours Cryptojacking: A New Threat Vector To Critical Infrastructure
  • 1 day Why The Next Oil Boom Will Be Fueled By Blockchain
  • 1 day 5 Things Investors Should Know About China this New Year
  • 1 day Is The South Korean Crypto-Drama Finally Over?
  • 1 day Miners’ Rally? What Rally? Watch Out for More Fake Moves!
  • 1 day Four Percent 10-year Note Yield Will Be a Floor Not a Ceiling
  • 1 day The End Is Near
  • 2 days 5 Record Breaking Gemstones Even Billionaires Can’t Buy
  • 2 days Irredeemable Currency De-tooths Savers
  • 2 days CFTC Offers Bounty For Crypto Pump And Dump Whistleblowers
  • 2 days Have You Been Getting Run Over By This Stock Market Action?
  • 2 days Decision Time
  • 2 days 1 Week Later, Risk Remains ‘On’ as 2 of 3 Amigos Ride On
  • 3 days The Most Polarized Commodity Ever
  • 3 days Commodity Coins and Us: What To Expect From The "Tokenization of Everything"
  • 3 days U.S. Dollar Bull and Bear Markets
Stocks Fail to Hold Gains, But Still No Correction

Stocks Fail to Hold Gains, But Still No Correction

The U.S stock market indexes…

U.S. Dollar Bull and Bear Markets

U.S. Dollar Bull and Bear Markets

The idea of endlessly repeated…

Joseph VanDerveer

Joseph VanDerveer

Joseph VanDerveer is the Chief Technical Analyst with 8 years experience in the trenches trading the markets with a brand new website and service

More Info

NYSE Megaphone Top and Brexit

The market has been strong and holding up even in the face of "Brexit" the British referendum which resulted in the majority deciding to vote "leave".

Trading the markets has a lot to do with psychology and many veteran traders are well aware of this.

Which brings me to my next point, July 2015, or more precisely July 5th, 2015, when Greece voters overwhelmingly voted no in their own referendum or popular vote.

Shortly after the event there was a market high on 7/20/15, and then the following sell-off afterwards.

Well sometimes history rhymes and this might be one of those times. The recent event took place June 23rd, 2016 which was known as "Brexit". Now the worst is behind us, or is it? This is where psychology plays a role in trading the markets.

The market has reacted strongly to the upside, will it continue? Take a look at the 2 year weeky chart below of NYA or NYSE.

There are a few cycles on there, and one of them terminates next week which looks like it is going to be a potential cycle high. This is two weeks after a weekly cycle low forecasted previously.

Take notice of the potential megaphone topping pattern, and bearish divergence on the oscillator at the bottom of the chart.

All the bulls are crying new all time highs, new all time highs, new all time highs! Do you really want to buy this?

NYSE Megaphone Top
Larger Image

 

Back to homepage

Leave a comment

Leave a comment




Don't Miss A Single Story