The daily bar chart pattern of S&P 500 dropped sharply below its 200 day EMA and the 2000 level into bear territory on Mon. Jun 27 '16 as BrExit concerns dominated market sentiments.
Monday's strong volumes after Friday's huge volume surge resulted in a 'selling climax' that bulls used to their advantage. The index rallied strongly during the rest of the week, closing above its three EMAs and the 2100 level in bull territory.
The market appears to have digested BrExit concerns and come to the logical conclusion that any economic fallout will be long-term in nature and won't have any short-term impact on the market.
-- Monday's strong volumes after Friday's huge volume surge resulted in a 'selling climax' that bulls used to their advantage. The index rallied strongly during the rest of the week, closing above its three EMAs and the 2100 level in bull territory.
The market appears to have digested BrExit concerns and come to the logical conclusion that any economic fallout will be long-term in nature and won't have any short-term impact on the market.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/07/s-500-and-ftse-100-index-charts-jul-01.html
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