The markets have been moving significantly on every new Brexit poll and moved up hard overnight on polls showing that the Remain camp now have a clear lead. My working assumption all along, as I’ve mentioned regularly, is that Britain will vote to stay out of fear of change. The status quo generally has the edge on these kinds of referendums for that reason.
This gap up may mean that closing resistance at the daily middle bands on SPX and RUT may break today, if bulls can sustain the move into the close. We’ll see whether they can but regardless of that, when there is a likely Remain victory overnight tonight there may well be another big gap up that could well have more staying power.
The pattern setups are clearer on the futures charts because these include the globex move, and so I’m using the ES, NQ and TF bonus charts that I posted for members at theartofchart.net this morning below to show the possible patterns developing on ES and TF, and the IHS that has now broken the IHS neckline on NQ.
ES Sep 60min chart:
NQ Sep 60min chart:
TF Sep 60min chart:
We could see some strange tape across multiple markets today, so don’t feel the need to trade this. Brexit will be out of the way soon enough, and the markets will still be here afterwards.
My appeal for assistance in tracking down the hacker of theartofchart.net met with a good response and we have received a picture of a man who fits the profile of our hacker, and could be our guy. We don’t have a confirmed name or address yet but we have unconfirmed reports that his first name may well start with a ‘J’, and that he may be posing online as an institutional trader to cover his real activities as a troll and minor league hacker. We are appealing for more information to help identify this menace to society. 🙂
