The dollar closed above the declining trend line on Thursday and delivered bullish follow through on Friday to confirm the new daily cycle.
Friday was day 6 for the daily dollar cycle. The weekly cycle has us expecting a left translated daily cycle formation. Therefore it is likely that the dollar will be turned lower at the declining 50 day MA. The dollar has established a daily downtrend. It will remain in a downtrend until it can close above the upper daily cycle band.
Stocks broke out to a new high on Thursday and then delivered bullish follow through on Friday to lock in a right translated daily cycle formation.
Friday was day 27 for the daily equity cycle. Stocks are 3 days shy of entering its timing band for a daily cycle low. With stocks breaking higher that allows us to add an accelerated trend line (red dashed). Stocks continue to close above the upper daily cycle band remaining in its daily uptrend. Stocks will continue its daily uptrend until it closes below the lower daily cycle band.
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