Boom – the dollar closed below the 200 day MA on Friday.
The dollar printed its lowest point on Friday, day 25 to place it in the its timing band for a daily cycle low. The dollar did break below the previous daily cycle low to form a failed daily cycle which confirms the intermediate cycle decline. The dollar is in a daily downtrend and will remain so unless it closes back above the upper daily cycle band.
In the Weekend Report we will look at weekly chart and see that this is week 16 for the intermediate cycle, which is early to expect an ICL. Therefore it it possible to see a swing low and recovery of the 200 day MA next week to signal a new daily cycle.
Stocks closed above the declining trend line on day 6 and then delivered bullish follow through on Tuesday by closing above the upper daily cycle band.
Stocks got a bit stretched above the 10 day MA and will probably need several days to cool off in order to allow the 10 day MA to catch up to price. Closing above the upper daly cycle band ends the daily downtrend and begins a daily uptrend.
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