The dollar printed a huge bearish engulfing candle on Thursday which closed below the lower daily cycle band signaling not only a daily cycle decline, but the intermediate cycle decline as well.
The dollar recovered a bit on Friday, which was day 10 for the daily dollar cycle. The dollar still needs to form a swing high in order to continue with its daily cycle decline. A break below 97.59 forms a swing high.
The dollar’s big drop on Thursday impacts the intermediate, yearly, and 3 year cycles. All of which will be looked at in the Weekend Report.
After printing a higher high on Wednesday, stocks reversed and closed lower for the day. Stocks continued lower on Thursday, closing below the intermediate trend line signaling that stocks have begun their intermediate cycle decline.
Stocks never did close below their lower daily cycle band on Thursday. Stocks recovered on Friday, closing back above the intermediate trend line.
Stocks also closed above the upper daily cycle band on Friday. Closing back above the upper daily cycle band signals that stocks have re-established their daily uptrend. The close above the upper daily cycle band also negates the intermediate trend line break. Stocks will remain in their daily uptrend until they close below the lower daily cycle band.
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