The dollar formed a daily swing low this week.
The dollar printed its lowest point on Wednesday, day 49, placing the dollar very deep into its timing band for a DCL. A swing low formed on Thursday. The dollar continued higher on Friday to close above the 10 day MA and the lower daily cycle band to signal a new daily cycle. A close above the declining trend line will confirm the new daily cycle. Still, the dollar is in a daily downtrend and will remain so until it can close above the upper daily cycle band.
Stocks continued to close above the upper daily cycle band this past week which indicates that stocks are in a daily uptrend. Stocks will remain in their daily uptrend until they close below the lower daily cycle band.
Even though stocks printed a new high on Friday, stocks closed lower on the day. Friday’s bearish close may indicate a daily cycle top. If so, a peak on day 15 would signal a left translated daily cycle formation that would lead into an intermediate cycle decline. A break below 2415.70 foms a daily swing high. Then a close below the 10 day MA should send stocks into their daily cycle decline.
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