Daily Cycle Low?

Stocks formed a bullish reversal on Monday.

Monday was day 24 for the daily equity cycle, which is a bit early to expect a DCL to form. However, stocks closed below the 10 day MA turning it lower, closed below the 50 day MA, and retraced well past the 61% fib level. If stocks form a swing low and close back above the 50 day MA then we will label day 24 as an early DCL. Stocks have been in a daily uptrend. If they form a swing low above the lower daily cycle band then stocks will remain in their daily uptrend and trigger a cycle band buy signal. A break above 4673.02 will form a daily swing low.

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