The dollar continued lower today, break below the previous daily cycle low to form another failed daily cycle.
Thursday was day 25 for the dollar’s daily cycle. The dollar is beginning to get deep into its timing band to print a daily cycle low. A swing low and a break of the declining trend line will signal a new daily cycle. A break above 95.96 will form a daily swing low.
Meanwhile, stocks continued higher on Thursday.
Thursday was day 24 for the daily equity cycle. Today’s new high locks in a right translated cycle formation and further verifies that 2/11 hosted an intermediate cycle low. Stocks continue to close above the upper daily cycle band, indicating that stocks remain in a daily uptrend.
Stocks are 6 days shy from entering its timing band to seek out a daily cycle low. A swing high and a break of the daily cycle trend line will signal that stocks have begun their daily cycle decline.