Outlook
I'm not a politic expert and I don't even care if Brits divorce from EU. It is important, however, to predict how the market reacts against the news, and this is where technical analysis is important. IMO, the market is ready to accept the result of Brexit with welcome tone. Yes, I'm bullish here.
SPY today
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| SPY 5m |
SPY has been rejected at 5SMA level this week, but it had higher low on Friday with positive divergence.
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| SPY 60m |
This is 1h chart of SPY and it shows more evidences that SPY might have bottomed on Thursday at 0.618 fib level. PPO and RSI show clear positive divergence. The spike of OBV suggests somebody bought big on Thursday.
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| $NYAD |
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| $NYHL |
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| SPY:RSP |
$NYAD and $NYHL show positive divergence against S&P500.
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| $VXV:$VIX |
The ratio of $VXV:$VIX is still flat but its PPO suggests the low was in, which is bullish for stocks.
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| $SPX CVI |
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| $SPX STVO |
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| $SPX VTO |
STVO and VTO are conflicting so I think it's not a good idea to go long big at here, but the short term trend is clearly up.
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| SPY OI 06/24 |
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| SPY OI 06/30 |
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| SPY DWV 06/24 |
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| SPY DWV 06/30 |
The coming expiration is skewed to put side, which is bullish.
Extra: Watch list for S&P500 composits
GGP
KIM
MJN
SPG
MAC
AEP
GIS
HCN
AES
EQT
MNST
UPS
XOM
Those are expected to continue up trend.
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