While stocks did form a swing low on Thursday, they were contained by the double resistance of the 10 day MA and the 50 day MA on Friday.
Then stocks broke lower on Monday.
Stocks printed their lowest point on day 44, placing them deep in their timing band for a daily cycle low. We needed to see a close above those two moving averages for confirmation of a new daily cycle. Instead stocks were rejected by the convergence of the 10 day MA and the 50 day MA. And with stocks forming a swing high on Monday that signals a cycle band sell signal. Stocks are in a daily downtrend. They will remain in their daily downtrend until they can close back above the upper daily cycle band.