Markets shook off panic from Brexit and recovered this week. Stocks continued to declined Monday but bounced back Tuesday, held on to the gain and headed higher. For the week S&P 500 index closed at 2102, up 3.22%, Dow Jones Industrial Average gained 3.155% and the technology laden NASDAQ composite index increased 3.28%.
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| Weekly chart of S&P 500 index |
After the big rebound from 28 week moving average, S&P 500 index went back to the 2100 major resistance level again. The STO momentum indicator is in the neutral zone but the 28 week moving average support around 2050 looks solid. It is likely that the index will continue to trade in the range for another few weeks as it has been since April.
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