The dollar’s bearish reversal on day 5 sets up a left translated daily cycle formation.
The dollar followed up Thursday’s bearish reversal by forming a daily swing high. The dollar also closed below the 10 day MA on Friday to signal the beginning of the daily cycle decline. A peak on day 5 indicates a left translated daily cycle formation which aligns with our intermediate cycle framework, which I discuss in the Weekend Report. However, the dollar is in a daily uptrend. It will remain in its uptrend unless it closes below the lower daily cycle band.
The daily equity cycle peaked on day 28. Then went on to form a swing high and close below the day 10 MA to signal the daily cycle decline. Stocks printed their lowest point on Tuesday, day 32, which places stocks in their timing band for a DCL. Wednesday’s swing low signaled a new daily cycle.
But stocks formed a swing high on Thursday, negating Wednesday’s swing low. A break below 2743.19 will extend the daily cycle decline. But a close back above the 10 day MA will signal a new daily cycle. Stocks are in a daily uptrend and will remain so unless they close below the lower daily cycle band.
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