S&P500 daily chart. Many people were screaming for a crash, and it was understandable as 2016 has been filled with much volatility. The big red bar in June marked the Brexit event which took the index briefly below 2000, but quickly retraced upwards. My take, from the aftermath of the event is that the US market is bullish. It is a highly illogical conclusion if we judge by the array of bad news, non improving payrolls, possible rate hike in the horizon and poor exports.
However, the market is sentiment driven, and especially so increasingly in this year, as it has become a weighing scale between long and short futures contract. ......
