Major averages bounced yesterday on lower volume showing institutional big money was less eager to participate. The S&P 500 and Dow Industrials regained their respective 200-day moving averages. All major indexes are rallying from logical points in a normal reaction move after undercutting their May lows.
Much uncertainty remains so this bounce may be short-lived. More countries could announce holding referendums of their own on leaving the EU in addition to the political in-fighting that could flare up in both the UK and the EU. On the other hand, expect central banks to continue to announce additional monetary easing measures, though quantitative easing (QE) has only served to help the US market recover somewhat, as it then gets yanked lower often by news that shows the global economy is failing despite QE.
Futures are up again as the bounce continues.
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