Stocks formed a swing high on Thursday then delivered bearish follow through on Friday.
Fridays’ bearish follow through closed below both the 10 day MA and the daily cycle trend line to indicate the daily cycle decline. A peak on day 17 could still result in a left translated daily cycle formation. And with stocks on week 19, this could result in an intermediate cycle decline. Typically we see a failed daily cycle in an intermediate cycle decline. A break below 4164.40 will form a failed daily cycle. Stocks are currently in a daily uptrend. They will remain so, unless they close below the lower daily cycle band.