The dollar recovered the 50 day MA on the previous week but lost the 50 day MA on Friday.
The dollar peaked on day 17 then formed a swing high on Thursday. The dollar delivered bearish follow through on Friday by closing below both the 50 day MA and the 10 day MA signaling the daily cycle decline. The dollar’s inability to maintain the breakout above the 50 day MA signals trouble for the dollar. Currently the dollar is in a daily uptrend. The dollar will remain in its daily uptrend unless it closes below the lower daily cycle band.
After consolidating below the 3100 level stocks broke out to a new daily cycle high on Friday.
Friday was day 31 for the daily equity cycle, placing stocks in their timing band for a daily cycle low. The new high on day 31 locks in a right translated cycle formation, which gives us the expectation for stocks to print a higher daily cycle low. At this point a swing high and a close below the 10 day MA will indicate the daily cycle decline. Stocks are in a daily uptrend. Stocks will remain in their daily uptrend unless they close below the lower daily cycle band.
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