Another uncertain week for markets.....

This week we have Brexit voting on Thursday, results of which will impact world markets on Friday. Polls have been volatile and currently both yes and no are even. IF no vote wins, world markets will rally, IF yes wins, we may have further down move.

Indices in US are below 50 DMA, but Nasdaq is below 50 & 200 DMA.......

Fang is showing renewed weakness and some are breaking down technically, AAPL is trending lower also.

Brexit polls will dictate movement in World Markets....

India which is growing its GDP @ brisk rate of 7.5% predicted vs 7.3 actual of last quarter, is having challenges of its own, its Central Bank Chief resigned after market closed, after only 1 term, a rarity.

Chinese GDP which is slowing down and currently @ 6.7% has its own challenges.....

SO...we are entering another challenging week based on British exit or stay polls.....

In the meantime, we are better off waiting for Friday for any new moves.......

Gold is @ its highest level in 3 months and has become a hedge play for uncertainty.

Oil is trying to come out of corrective phase BUT US$ strength may curtail any move higher.

SO..it is a wait and see week in world markets, it is important to maintain exposure in strong and high comfort stocks.....

Weakness may bring opportunity is some stocks, but it must be cross checked with technical picture in terms of support and resistance.

Nasdaq RSI is the weakest @ 40.82, but others are in mid 40's also....not a picture of strength @ all.

Good luck with your own analysis and expectations.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed