On Thursday we discussed that stocks were ready to cross the line. Well, stocks closed above the previous daily cycle high on Monday.
Stocks are only on week 3 for their new intermediate cycle. Monday was only day 15 for the new daily cycle. Right translated cycles often peak on or after day 30. So stocks are breaking out to new all time highs early in the intermediate cycle with still plenty of time in the current daily cycle. And the holiday season is right around the corner which is typically one of the most bullish times of the year. Stops can be raised to a close below the previous daily cycle high of 4545.85.