Market Breadth Data******************************

Thursday, June 23, 2016

$SPY and Brexit

There are many guesses about today's Brexit vote result but our focus will be on market internals and the story they tell. Big money, both on NYSE and on NASDAQ, started pulling out at the beginning of June. Despite the fact that the indices stopped declining mid June, market breadth continued to deteriorate:

Market sentiment, however, has improved considerably and suggests that speculators are expecting a no-exit vote. This points to a short-term sell the news scenario, which is to follow a brief euphoria following a presumptive "Remain" vote, as the most likely outcome

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