Stocks closed below the previous DCL on Thursday to form a failed daily cycle.
Stocks continued lower on Friday to close below the 200 day MA. Friday was day 32, placing stocks in their timing band for a DCL. A swing low and recovery of the 200 day MA would signal a new daily cycle. Stocks are currently in a daily downtrend. They will remain in their daily downtrend unless they close back above the upper daily cycle band.
In the Weekend Report I discuss how the failed daily cycle impacts the status of the intermediate cycle as well as the status of the yearly cycle.