- The Brexit selloff was negated as we are now at higher prices than before the risk event happened.
- If Britain exiting the E.U. can’t bring down the market, what can?
- $SPY has room to go higher with a 60.44 RSI.
- $SPY had a short term breakout and is poised to breakout to new all time highs next week.
- The more times that all time highs are tested the great the odds of a breakout.
- Friday’s low should be the new support if this breakout is ready to carry through.
- MACD is under a bullish cross.
- Slow Stochastics is under an extreme bullish cross.
- Friday’s rally was on the highest volume in five days.
- At these levels the market’s only obstacle is profit taking from the long side, as shorts are forced to cover and their are no stop losses to trigger.
I am currently long $SPY here and short $TLT.
