Stocks are approaching the decision time to the mini triangle that has been developing on the weekly chart.
This is week 13 for the intermediate equity cycle. Stocks have been struggling, breaking lower 3 out of the previous 7 weeks. A break below the weekly trend line will confirm that stocks have entered their intermediate cycle decline.
The daily chart also shows the threat of an imminent intermediate cycle decline.
Stocks dropped lower on Thursday, losing the 10 day MA. Stocks also breached the daily cycle trend line before recovering a bit to close just above that trend line. A clear and convincing break below the daily cycle trend line would signal that the daily cycle has entered its daily cycle decline. A peak on day 8 would mean a left translated daily cycle formation. Then a break below the previous daily cycle low of 2119.12 would form a failed daily cycle and confirm the intermediate decline.