Stocks are firmly in a weekly uptrend that is characterized by lows forming above the lower weekly cycle band and highs forming above the upper weekly cycle band. Stocks will remain in their weekly uptrend until they close below the lower weekly cycle band.
Despite being in a weekly uptrend there are some bearish signals beginning to develop. First, stocks are very deep in their timing band for an intermediate cycle decline. Also there are bearish divergences developing on the weekly oscillators.
And there is a potential bearish set up developing on the daily chart.
Stocks broke out above the previous daily cycle high on Friday, day 10. However stocks have yet to deliver any kind of bullish follow through. If stocks break below the day 10 high of 2446.69 they will form a daily swing high and a failed break out. Then a close below the 10 day MA would set up a left translated daily cycle formation.