The SPY delivered another eye popping SOS number today.
The 770 million SOS today brings the cumulative Selling on Strength to 4.33 billion for this daily cycle. This surpasses the amount of selling on strength seen during a normal intermediate top.
Below is an example from the Likesmoney Archives of the Selling on Strength leading into the June 2013 intermediate low.
The Selling on Strength numbers leading into the June 2013 intermediate low totaled 2.858 billion. The 4.33 billion printed so far is already 51% more. Since the current daily cycle has locked in a right translated nature, I believe that we will see a decline into a daily cycle low. But that the next daily cycle after breaking out to a new high will then roll over into a left translated failed daily cycle, which would lead to the intermediate cycle decline.
The dollar printed another higher high today.
Monday was day 5 for the current daily cycle. With the intermediate cycle now on week 29, we expect this daily cycle to roll over into a left translated, failed daily cycle. A peak on day 5 would align with that expectation. A break below 88.14 forms a swing high. We would then need to see a break below 87.23 to confirm a failed daily cycle, which would signal the intermediate cycle decline.