The market indices undercut major moving averages yesterday early in the day and then rallied on higher volume to finish with a strong close near the top of their respective ranges. Both the S&P 500 and the NASDAQ Composite Indexes posted bullish outside reversals to the upside.
Strong volume in the bounce after the Brexit news suggests institutional participation and a vote for QE pushing markets higher overall, even if reluctantly. That said, expect a continuation of elevated volatility in the face of uncertainties from Brexit, the EU, and the flagging global economy,
The Fed Minutes reflected no surprises. They remain on hold with respect to interest rate hikes pending further data. This news was met with a continuation of yesterday's intraday rally.
Construction companies Martin Marietta Materials (MLM) and Vulcan Materials (VMC) moved past their prior pocket pivots of 6-24-16. Earnings are sharply accelerating for both companies, group rank 12.
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