Oh, snap… (The rally’s back just made that sound.)

[SCROLL DOWN FOR CHART] Thursday’s late surge wasted no time extending higher after the ~2106.00 cash session close. Already extending up to 2113.25 before the Globex open, and then just as quickly extending again to 2119.50.

Then Brexit/Bremain results began arriving. Surprise. A narrow win for Remain that should have been wide, a win for Brexit that was wider than anticipated, and so on.

The first drop found support at 2104.50, which was Thursday’s opening print. The next plunge consolidated off of Thursday morning’s 2089.75 low. Yet another plunge touched 2050.00.

That last plunge fulfilled “unfinished business below” at 2073.75 and 2070.75. Its bounce was the biggest of all, 40 points back up to 2089.75.

That biggest bounce’s failure was the biggest of all, too.It was retraced entirely, from 2090.00 to 2023/25.

Bouncing again from here would likely test 2050.50-2055.50. Much higher for much longer would then have potential back up to 2090.00. No bounce to 2050.50 is at all required — but extending down without first bouncing would set a very bearish tone into Europe’s opens.