Stocks delivered more sell signals on Thursday.
Bearish divergences are beginning to develop on the oscillators. Thursday was day 24 for the daily equity cycle. While stocks printed a new daily cycle high, they also closed lower on Thursday. Stocks printed 4 consecutive days of over 2.3 billion Selling on Strength. So if a swing high forms here it would have goods odds of sending stocks into their daily cycle decline. A break below 2760.16 would form a swing high. The a close below the break out would signal the daily cycle decline. A break of the daily cycle trend line would confirm the daily cycle decline.
Cycle Trading 