Stocks have been in a pattern of printing lower highs since November, 2015.
Today stocks broke that pattern.
Stocks printed a 60 day daily cycle low on February 11th. Stocks rallied up to testing the previous daily cycle high on Monday. A swing high formed on Tuesday. The bullish reversal on Wednesday set the daily cycle trend line. Today stocks broke out above the previous daily cycle high, breaking the patterns of lower highs. If stocks can close above the upper daily cycle band, that will confirm that 2/11 also was the intermediate cycle low.
In the Weekend Report I will discuss what stocks need to do to confirm that February 11th also hosted a yearly cycle low.