Brexit surprise leads to volatile action

Markets do not like surprises. The market was expecting a "re main" win. It had rallied a day earlier in anticipation of that. But once the "exit" vote came in there was wide spread selling.

The Stockbee Market Monitor had a huge 1599 down day. Days above 1500 on downside are extremely rare.

But one day does not make a down trend , follow through selling is key. Typically such big moves triggered by macro events recover in few weeks once the volatility drops down. In short run expect a bit of volatile action.

Market has been stuck in range for last 2 years. Every time it had a correction it has bounced back but has been unable to break above the range convincingly. If in few weeks market shrugs off Brexit based selling and recover it might set it up for a range breakout.

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