Stocks formed a daily swing high on Tuesday.
Tuesday was day 22 for the daily equity cycle. Stocks formed a swing high off the day 21 peak. A break below the daily cycle trend line will signal that the daily cycle is in decline.
Usually a peak on day 21, or thereafter, assures us of a right translated daily cycle formation. However, due to the status of the intermediate cycle I believe that the current daily cycle is still at risk of forming as a left translated, failed daily cycle. A break below the previous daily cycle low of 2352.72 forms a failed daily cycle, which confirms that the intermediate cycle is in decline.
This is week 33 for the intermediate cycle. The weekly cycle is stretched and overdue for an intermediate cycle decline. So confirmation of the daily cycle decline could trigger the intermediate cycle decline as well.