Bank of Japan keeps interest rates unchanged; outlines ETF sale plans
The day before the Brexit vote you could cut the “fear” with a knife, it was that bad. We noted that the vote's outcome could be dramatic.
The chart above came before the vote, showing that the FTSE 100 could be forming a bullish inverse head-and-shoulders pattern, with the head testing 5-year rising channel support. Below looks at an update to the chart.
Even though the Brexit vote surprised many, the outcome of the pattern going into it wasn't surprising as the FTSE continues to push higher, which sends a positive price message to indices in the states and around the world.
The decline at the time of the vote tested 6-year rising support, which held. Since then the market has bounced a good deal higher.
We continue to believe that “Price is what pays” and that much of what the media throws at us in confusing noise.
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