Last Wednesday, day 26, stocks broke below the 200 MA and plunged over 25 points. Stocks looked to be headed for a failed daily cycle. However (through Fed intervention) stocks recovered the 200 MA and closed positive for the day.
Stocks once again lost the 200 MA today only to recover it by the end of the day. It is still unclear if today was day 31 or day 5 of a new daily cycle. Recovering the 200 MA keeps alive the possibility that today is day 5 of a new daily cycle. We will need to see a clear and convincing close above the declining trend line for confirmation of a new daily cycle.
However stocks are not out of the woods. If they continue lower, that could set the stage for a failed intermediate cycle. Which is something that I look at in the Mid-Week Update.
If you are interested in more, I post a Mid-Week Update that looks at the daily and weekly cycles for the Dollar, Stocks, Gold, Miners, The CRB Index, & Bonds.
The entire Mid-Week Report can be found at Likesmoney Subscription Services
Then I post a Weekend Report usually on Sunday mornings. The Weekend Report discusses Dollar, Stocks, Gold, Miners, The CRB Index, & Bonds in terms of daily, weekly and yearly cycles.
Also included in the Weekend Report is the Likesmoney CycleTracker
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