I think we can safely say most of us didn’t see THAT happening.
By a narrow margin and defying expectations (even those of the stock market which rallied strongly yesterday), the citizens of the United Kingdom voted to leave the European Union.
While this post doesn’t address the politics or economics of the situation, it does address the @ES levels.
You might be surprised that despite the chaos, the levels held both at the open and a morning resistance high.
Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:
I think it’s safe to say that the outcome sent the market into temporary chaos from which we’re bouncing now.
However, our levels (so far) are holding successfully.
The market gapped down from the 2,110 high to the 2,034 @ES pivot level and then shot straight up to the 2,064 reference pivot (the 50% Fibonacci).
From there a spike reversal took us back down toward the low.
Should price break out of the grid, we’ll simply create a new grid for your reference.
For now, in the rapid trading environment, we’re focusing on 2,034, 2,063, and 2,051.
Here’s a reference guide of how to use and trade from these morning updates.
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