The dollar’s daily cycle peaked above the upper daily cycle band on Wednesday, day 19. A swing high formed on Thursday that saw the dollar lose the 50 day MA and close below the upper daily cycle band to signal the daily cycle decline.
Friday was day 21 for the dollar’s daily cycle. The dollar needs to break below the daily cycle trend line in order to complete its daily cycle decline.
Stocks lost both the 50 day MA and the 200 day MA the previous week and then dropped this past week, losing close to 6% for the week.
Friday was day 36 for the daily equity cycle placing stocks in their timing band for a daily cycle low. The timing band can extend out for 2 to 3 weeks. However, stocks are very oversold which should trigger a bounce that can lead to printing a daily cycle low.
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