The dollar just may have printed a stealth daily cycle low on Wednesday.
The dollar looks to have launched into a new daily cycle when the Swiss National Bank shocked markets by scrapping its currency cap. With an expectation of a left translated daily cycle, Thursday’s ECB meeting could cause the dollar to spike and then roll over into a daily cycle decline.
The daily equity cycle peaked on day 8, formed a swing high on day 9 and has been trending lower since.
Friday was day 21 for the daily equity cycle. At 21 days, stocks are still 9 days short of their timing band for a daily cycle low. We could still see a counter-trend rally that tags the declining cycle trend line before reversing lower. We will be watching for a break of the declining trend line to signal a new daily cycle.
And with a peak on day 8, stocks are at risk for forming a failed daily cycle, which would signal an intermediate cycle decline. A break below 1972.56 forms a failed daily cycle.
Here are a few teasers for the Weekend Report.
1) Stocks crashed in 2002 and 2009. There is a signal that I see currently developing on the monthly chart that occurred prior to these two stocks market crashes. I will discuss this signal in the Weekend Report.
2) Another item that we will look at in the Weekend Report is a bullish signal developing on the monthly gold chart. Gold went on to a multi year rally four out of the previous five times this signal occurred.
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