Once more unto the breach, dear friends, once more;
Or close the wall up with our English dead!
In peace there's nothing so becomes a man
As modest stillness and humility:
But when the blast of war blows in our ears,
Then imitate the action of the tiger.
William Shakespeare, Henry V, 1599
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Another gap down, a failed attempt to rally in effect closing the gap and a Cover signal at 2631.
The market tried, in vain, to hold onto the 2631 level, but once breached – from a failed recovery attempt – found little support before 2600 activating a Sell Signal at 2621 and a return to the lows of the week.
The ping-pong within the volatile sideways / downwards channel continues, again challenging the 200 day moving average, as the market continues to sell hard into any negative news.
A relatively strong recovery into the close suggests the possibility of another recovery ahead and it is therefore pragmatic to cover at the close.
The question still remains: a double bottom, or a deeper low ahead?
Be prepared for whatever is coming next, and trade with confidence:
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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.