“Injustice anywhere is a threat to justice everywhere. We are caught in an inescapable network of mutuality, tied in a single garment of destiny. Whatever affects one directly, affects all indirectly.”
Martin Luther King Jr., Letter from the Birmingham Jail, 1963
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Market gap up open at 2580 proves too much, too soon, and the market consequently sells down into 2652.
A weakened market then struggles at 2668 before an afternoon swoon to 2645 before finding some strength into the close at 2656.
The market identifies an important level to be negotiated moving forward, as the 55 ema is a major pivot and as above is below or vice versa. Rejection here means that more work is required, with of course the possibility of another leg down.
Still holding up above the Buy signal level, with a rising short-term movement meeting a longer term declining trend. Push and pull.
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.