The dollar closed below the lower daily cycle band on Thursday. This indicates a continuation of the intermediate cycle decline.
The dollar printed its lowest point on Thursday. At 12 days, that is too early to expect a DCL. The dollar then formed a swing low on Friday. It is likely that this is a counter trend rally to back test the 50 day MA. The dollar is in a daily downtrend and will continue in its downtrend until it closes above the upper daily cycle band.
Stocks delivered sell signals on Thursday. But breaking to a new high on Friday to negate the daily swing high.
Friday was day 21 for the daily equity cycle. The new high on day 21 locks in a right translated daily cycle formation. It also solidifies the daily cycle trend line. A break below the daily cycle trend line will confirm that stocks have begun its daily cycle decline. Stocks continue to close above the upper daily cycle band indicating a daily uptrend. They will remain in their daily uptrend until they close below the lower daily cycle band.
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