Stocks printed a bullish reversal on Tuesday.
Tuesday was day 6 for the daily equity cycle, placing stocks in their timing band for a daily cycle low. Monday’s bearish reversal, in real time, looked as if stocks were declining into their daily cycle low. However, Tuesday’s bullish reversal calls that into question.
With the unprecedented flood of global liquidity along with stocks entering the most bullish time of the year, this maybe all the correction we will see. Stocks are currently in a daily uptrend. A close above the day 24 high of 4718.50 will indicate a continuation of the daily uptrend and trigger a cycle band buy signal. Stops could then adjusted to 4718.50.