On the 15min chart a decent falling channel was established at yesterday's high, and channel support is currently in the 2050 area, though obviously that's dropping fast. Short term support is at the 61.8% fib retracement of the rising wedge from the 2025 low at 2062. SPX 15min chart:
Stan and I are doing a free educational webinar tonight at theartofchart.net on drawing and trading with trendlines. Being able to draw a decent trendline is very important for assembling patterns and trading with them, and decent trendline work is strangely rare, so if you would like to see how Stan and I do them, you can register for that webinar on this page here.
I was asked where I stood on Brexit yesterday and in case anyone is interested I'm posting the text of an email that I sent to a family member on the subject this morning, with the link to the article I was talking about here. Also a useful read if you are wondering why there is so little affection for the EU in the UK. Email text as follows:
'Hi (pro-EU family member)
You've sent me quite a few articles on the Brexit vote, and when I read this I thought of you. Both articles well worth reading, but the second one, by Ambrose Evans-Pritchard, a lifelong europhile, explaining why he's voting for Brexit, particularly so.
There's something else to mention too. Almost everything I've seen from the Remain campaign has focused on the dangers of leaving Europe, of the negative economic impact of leaving the EU (though that's actually hilarious given that the EU is the slowest growing big region on the planet, and has been for a while now since being overtaken by Africa). While they may have some decent points, and the unknown can be scary, it does also tell us that even they can't really think of much to say about the advantages of being in the EU. If they could then fear of the unknown would not be the main plank of their campaign. If this referendum was about joining the EU rather than leaving it, then it would be hard to imagine them getting many votes at all with this campaign, which might reasonably be compared to trying to scare a battered wife into staying with an abusive husband for fear that the alternative might be even worse.
I'm not criticising them for that, I can't think of much to say about the EU that is positive either, and neither can our europhile friend Ambrose below, as he details the main ways in which the EU has failed to deliver for the citizens of the member states for a variety of reasons centred round arrogance, complacency, lack of accountability, and a very deeply held contempt for the democratic process.
Food for thought :-)