Here we are with another test of the highs. Breadth was +80%. People were piling in for sure. New highs popped up to 206. When breadth is this strong near highs there is always a risk of a buying climax. You can't really tell until afterwards though. If the market ends up reversing hard in the next few days that is what it was.
The futures kept on running another 15 points after the 4 PM close. Very strange move. Certainly smells like insider info. In after hours trading they have given that big move all back. Very strange indeed.
The green count is almost back to overbought, but not quite. There is more room here.
As I write this at 8 PM the remain vote is winning 52.8 to 47.2 with 1.6% of precincts reporting. That is probably enough to indicate remain will win as expected, but by what margin. With SPX testing the highs there is probably some risk of a sell the news event tomorrow. I will just be glad to get on with things and see what the market plans to do.
The ramp into the close turned the short term trends in SPX and R2000 up and COMPX to neutral.
Addendum: At 8:30 with 2.6% leave is ahead 51.4 to 48.6%. That probably explains why the futures gave back all the gains after hours. If that result holds through the night tomorrow will be very interesting.
Bob
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