Stocks closed marginally lower on Tuesday.
Stocks did break out to new highs before closing lower on the day. Stocks made another test of the upper stem of the weekly triangle consolidation. We can also see that the 10 week MA is turning higher, which is a sign that week 17 did host the ICL. As we discussed yesterday, a break above the upper stem of the weekly triangle pattern will haves label week 17 as the intermediate cycle low.