Thursday’s bullish reversal along with the bullish follow through on Friday makes it likely that Friday was day 1 for the new daily cycle.
Thursday was day 23 for the dollar’s daily cycle, placing the dollar in its timing band for a daily cycle low. The swing low on Friday signals a new daily cycle. A break above the declining trend line will confirm the new daily cycle. The dollar has established a daily uptrend. It will remain in its daily uptrend until is closes below the lower daily cycle band.
Friday was day 24 for the daily equity cycle and stocks printed another higher daily high. This assures us of a right translated daily cycle formation.
As we discussed in previous reports, stocks printed an intermediate cycle low in November. Stocks have delivered on our cyclical expectation of forming a right translated daily cycle after emerging from an intermediate cycle low. Stocks are in a daily uptrend and will continue in their daily uptrend until they close below the lower daily cycle band.
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