The Transports, the Banks, the Nasdaq and the Russell all printed lower lows on Thursday.
However the S&P did not print a lower low.
Stocks printed their lowest point on day 45, placing them in their timing band for a daily cycle low. Stocks did form a swing low and managed to close above the 50 day MA to signal a new daily cycle. However, stocks have not been able to break above the declining trend line to confirm a new daily cycle. That makes Thursday day 53 for the daily equity cycle.
A daily cycle low is defined as the lowest point following the cycle peak. Since the other indices and sectors formed lower lows, I expect that stocks will too. Stocks should break below the day 45 low in order to complete its daily cycle decline. Once that happens the formation of a daily swing low will have good odds of marking the daily cycle low.