Stocks have been halted by the declining trend line since late March — until this week.
Stocks broke above the declining trend line on Tuesday then delivered bullish follow through on Wednesday and Thursday. Closing above the declining intermediate trend line indicates that June 17 marked not only the daily cycle low, but the intermediate cycle low as well. That aligns with stocks closing above the upper daily cycle band on Thursday.
Closing above the upper daily cycle band ends the daily downtrend and begins a new daily uptrend. Closing above the upper daily cycle band also signals that the intermediate cycle low has been set.