After losing the 10 day MA on Monday, the dollar recovered it on Tuesday and then trended higher for the week.
Friday was day 12 for the dollar’s daily cycle. A break above the day 7 high on 90.63 will begin to shift the odds towards a right translated daily cycle formation. However, the dollar currently in a daily downtrend. The dollar will remain in its daily downtrend unless it closes above the upper daily cycle band.
Stocks closed at a new all-time high on Friday.
Stocks have been consolidating for the past 2 weeks just below the all time high of 4238.04. Stocks broke above this on Thursday then closed at a new all-time high on Friday.
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After consolidating for the past 2 months, stocks are beginning to break out. If stocks deliver bullish follow through this should lead to a bullish trending move. Stops can be raised to the breakout level of 4240.
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