The dollar closed above the upper daily cycle band on Friday.
Since printing its daily cycle low in December, the dollar has closed above the upper daily cycle band while its lows have remained above the lower daily cycle band, which indicates that the dollar is in a daily uptrend. The dollar will remain in an uptrend until it closes below the lower daily cycle band.
Stocks formed a swing low on Thursday.
Stocks printed their lowest point on Wednesday, day 43. That places stocks deep in their timing band to form a daily cycle low.
Stocks delivered more bullish follow through on Friday that broke above the declining trend line to confirm a new daily cycle.
In the Weekend Report we will look at the status of the intermediate cycle and if an intermediate low has printed. There is also evidence that questions whether or not the yearly low has formed.
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