Other than some algo fireworks, the Fed turned out to be, well, just another kick (or punt) the can down the road day… until around 3:30 when the “B” word was thrown into the mix. Looking at the volume data, though, Brexit has not stopped advancing volume from steadily increasing (while declining volume has decreased) over the past 3 sessions. The same has been happening with a/d issues, and IO, our newest indicator, has now shifted into buy mode. Bulls may not want to get too comfortable, however, for even with their dojo sitting perfectly on the 50 dma, some more tree shaking may be in store. -MD
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