All things considers BREXIT did not generate a greater amount cumulative selling relative to Jan/Feb selloff. I believe the BREXIT volume was very close to the largest ever; however, we can appreciate very little downward follow through after the decline. This is because buyers were absorbing supply.
Yesterday's rally "erased Monday's losses [Weis] creating a potential "spring."
SPY remains in a distributive pattern and will likely find supply at $206.
I strongly believe prices should confirm the Jan/Feb as support before trading higher. If it is done so the ascending channel would create "oversold" conditions within the ascending channel likely to find more buyers. Then we can talk about ATH.