Charts Say Brexit Bottom Not In, but Plenty of Opportunities Developing

by Nigam Arora
Market Watch

Indications are that post-Brexit-vote bottom in the stock market is not yet in, but plenty of attractive opportunities are developing that may turn out to be a bonanza for astute long-term investors willing to patiently scale into them.

Let’s start with two charts. The first chart is a tick chart of S&P, gold and silver futures. Since most investors use the SPDR S&P 500 ETF Trust SPY, -1.74% the SPDR Gold Trust GLD, +0.53% and iShares Silver Trust SLV, -0.12% normally we would have used these ETFs in the chart. However ETFs do not trade overnight and significant action has occurred in overnight sessions. For this reason, it is important to look at a futures chart. The second chart shows various levels where it may make sense to scale in to special opportunities if the market continues to fall.

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