Friday, June 24, 2016

Market Timing Update (6/24/16)

[EOD] Stocks -
SPX is probing for short term support around its MA200 which currently sits at 2020. See charts.

[1255pm] SPX Update -
SPX is testing its June low and probing for potential short term support. Note the short term wedging, channel, and +ve divergence. See charts.

[740am] Brexit/ES and Currency Update -
Brexit. Political shakeout is in progress.

ES LDT/EDT crash (Chart 1) to the overnight limit down level of 1999 and subsequently rebounded to the Fib-382 level so far (Chart 2).

GBPUSD tested the blue line (potential HS neck line) and rebounded (Chart 3). EURGBP continues to hug the gray line on GBP weakness on Brexit development(Chart 4).