The dollar formed a swing low and closed above the 10 day MA on Friday to signal a new daily cycle. A break above the declining trend line will confirm the new daily cycle.
The decline into the YCL is stretching the daily cycles resulting in a punishing daily downtrend. At this point we need to see a close above the upper daily cycle band to signal an end to the daily downtrend.
Stocks peaked on day 19 and has since been forming a mini triangle consolidation.
1) Stocks closed above the 10 day MA on Friday.
2) A break above 2484.04 signals that day 19 was the half cycle low.
3) Stocks are clearly in a daily uptrend.
4) Stocks will remain in their uptrend until they close below the lower daily cycle band.
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