The dollar printed a reversal candle on Thursday, day 24. That is in the timing band for a daily cycle low. The swing low on Friday indicates a new daily cycle.
A reversal candle that occurs in the later stages of the timing band for a daily cycle low accompanied by a swing low typically signal a new daily cycle. However, we need to see a clear and convincing break above the declining trend line to confirm a new daily cycle.
There are a couple of troubling signs for the dollar that occurred during this daily cycle. Those signs are discussed further in the Weekend Report.
Stocks broke out bullishly on Thursday, closing above the declining cycle trend line to confirm a new daily cycle.
On Friday stocks gave back over half of the gains from Thursday. However, the large BOW number printed on Friday suggests that stocks were back testing the break out.
Stocks printed a huge 872 million Buying on Weakness day on Friday. Since peaking on day 38, there has been over 4.3 Billion in Buying on Weakness. This type of BOW number far exceeds anything for a daily cycle low and exceeds most accumulated BOW numbers for an intermediate cycle low.
But there is more. I checked the BOW numbers preceding the cycle peak. They were significant. There were so significant that I decided that I needed to post a Special Buying on Weakness Report. This BOW report looks at the BOW numbers for this cycle. It then looks at the history of BOW numbers for intermediate lows dating back to the 2009 Financial Crisis Low. It compares the current numbers to the average BOW numbers for ICL’s and the BOW numbers leading into the 2009 low.
This report will be made available as a Father’s Day Special. For $10 you will receive the Special BOW Report and a complimentary 30 membership to the Premium Website.
The Premium Website is where the Weekend Report is posted in it entirety.
Also included are the Weekend Updates.
The Weekend Updates cover
* The FAS Buy/Sell Indicator
* The Bullish Percentage BINGO
And I also post a mid-week update on Wednesday evenings which updates the daily charts from the Weekend Report.
So to get a copy of the Special BOW Report and complementary 1 month membership please click here.
For subscribers click here.