Close, But No Cigar

2 close

In the Weekend Report we discussed the possibility that stocks printed an early 26 day, daily cycle low. We wanted to see a break above the upper stem for confirmation. Today was close, but no cigar.

4 spx

Of course when we say a break above, we mean a clear and convincing break above. And today’s break would not be classified as a clear and convincing break. There was a TSI bullish zero line crossover today that normally accompanies a new daily cycle. So the evidence is beginning to accumulate that like last Tuesday hosted a daily cycle low.

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