Last Tuesday, March 1st, stocks closed above both the 50 day MA and the upper daily cycle band. This signaled that stocks began a new intermediate cycle and also initiated a new daily uptrend.
Stocks formed a swing high today. If stocks are in new daily uptrend then we will likely see stocks form a half cycle low above the lower daily cycle band (approx 1921). However, a clear and convincing close below the lower daily cycle band would indicate something more sinister is afoot.