7 Big Stocks to Trade in the Wake of Brexit - TheStreet.com
Here's a technical look at how to trade seven stocks that were seeing big trading volume on Friday following the Brexit vote.
SPDR S&P 500 ETF
Nearest Resistance: $213 Nearest Support: $202.50 Catalyst: Brexit Vote
Leading off the list of the most active stocks in U.S. markets last week was the SPDR S&P 500 ETF (SPY) . As the go-to proxy for "the stock market," it's not surprising that SPY was the most heavily traded issue on the NYSE to end the week. The big ETF (like the big index itself) shed nearly 3.7% during the session on Friday, making it one of the worst day for stocks in almost a year -- and the worst day in some individual sectors over a much longer timeframe.
Technically speaking, though, SPY looks down, but not yet out. That's because SPY is catching a bid at trend line support, the price floor that's connected all of the major lows that the big index has posted since March. If that support level gets violated in the week ahead, it's a bearish signal. That said, if SPY can catch a bid here at support, consider it a buying opportunity.