The dollar’s daily cycle peaked on Tuesday, day 12. A swing high then formed on Wednesday. The declining trend line break on Friday confirmed the daily cycle decline.
The dollar found support at the 50 day MA on Friday and began to reverse. Should a swing low formed here we would be forced to consider either an early daily cycle low or perhaps a half cycle low forming on Friday.
Stocks capped off a volatile week by finally closing above the 10 day MA.
Regardless if we label day 28 or day 51 as the previous daily cycle low, stocks broke past the previous daily cycle low and now is in the process of printing a failed daily cycle low. Stocks printed their lowest point Tuesday in over 2 months. A break above Tuesday’s high of 2083.74 forms a daily swing low and a weekly swing low. Which will signal both a new daily and new intermediate cycle has begun.
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