Stocks delivered bearish follow through today.
The daily equity cycle peaked on day 8 and formed a swing high on day 9. Losing the 50 day MA on day 10 is another clue to this daily cycle forming as a left translated cycle.
The intermediate equity cycle peaked on week 19 and formed a weekly swing high on week 20. It is beginning to appear that stocks are being rejected by the developing declining (blue) intermediate trend line. A break below the rising (dashed) intermediate trend line confirms the intermediate cycle decline.