There is a tide in the affairs of men
Which, taken at the flood, leads on to fortune;
Omitted, all the voyage of their life
Is bound in shallows and in miseries.
On such a full sea are we now afloat;
And we must take the current when it serves,
Or lose our ventures.
William Shakespeare, Julius Caesar, c. 1599
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A third down day as the market gaps up and sells yet again, triggering a cover Signal, and although the market did try to recover from 2745 it was not sustained and the relatively weak close confirms the cover signal for now.
The result is to erase Friday's huge move up and to reinforce the declining resistance from the highs, albeit at a shallower angle.
The T volume oscillator moves just below the important zero line, turning neutral and questioning the recent drive higher.
The market is unstable, and caution is advisable.
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.