Stocks Form Daily Swing High

Stocks ran into resistance at the 4150 level on Monday then formed a daily swing high on Tuesday.

Tuesday was day 30 for the daily equity cycle. That places stocks in their timing band for their daily cycle decline. If stocks deliver any bearish follow through and close below the 10 day MA, that would signal the daily cycle decline. Stocks are currently in a daily uptrend. They will remain in their daily uptrend unless they close below the lower daily cycle band.

2 thoughts on “Stocks Form Daily Swing High

    • It does not ‘have’ to, but it should.
      We could see only a breach of the trend line.
      For example, since stocks are in their timing band for a DCL, a breach of the trend line, combined with the 10 day MA turning lower would convince me of the DCL.

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