Stocks peaked on Thursday, which was day 29 of the daily equity cycle. A swing high formed on Friday and Monday saw stocks test the daily cycle trend line.
Monday was day 31 for the daily equity cycle. Stocks have entered into their timing band to print a daily cycle low. Stocks still need to break below the daily cycle trend line in order to confirm the daily cycle decline. And the 95 million Selling on Strength that printed today indicates more selling to come.
The Miners continue to deliver a bullish divergence to gold.
While gold was down today the Miners were up .63%. Monday was day 9 for the daily Miner cycle and the Miners were just 8 cents away from printing a higher daily cycle high. If they print a higher higher after today, that begins to shift the odds for this daily cycle to form in a right translated manner.
There was one other thing to note on the daily Miner chart today. There was a break of the declining TSI trend line. Of course we would like to see a clear and convincing break but this is a bullish signal for the daily cycle.