SPDR S&P 500 (SPY)

[risk on]

Price continues closing below 9 EMA daily, and the trend is down, but we also need to see price touch the 9 EMA daily, or close enough to it, because if close the 9 EMA daily can be brought down to, giving the appearance of a " touch " over the following days. Today ( most likely ) and tomorrow ( somewhat possible ) could be al, that's needed to allow for that " touch of the 9 EMA daily " by price.

A lot of big interests didn't see Brexit coming, same as the small fry retail, and as such got burned equally. Many of those bolted Friday on the 300+mm volume day, when spy actually moved back to decent levels, allowing for some recouping of dough. I think any move up we are seeing over yesterday and possibly today , maybe even part of tomorrow ( not a high probability IMO ) , will be short lived, and serve as a chance for one year daily oscillators to have peeled themselves off the floor, which is exactly where they were on Monday midday. This will provide a TOUCH OF THE 9 EMA DAILY ( or close enough to, because the 9 EMA can be brought to price ) allowing for continuation of the move down.

As long as price continues closing below the 9 EMA daily, the trend is down.