The dollar has enjoyed an historic rally, printing higher highs for 13 straight days.
The dollar is extremely overbought, has become stretched above the 10 MA, and came within 1 cent of the recent high set on 1/16.
The dollar is also running into resistance at the 10 year declining trend line
At day 12 at these overbought conditions, I just wonder if the dollar has enough energy to punch through.
Gold may not think so …
Despite another higher high for the dollar, gold not only formed a swing low, but gold had a huge day printing a 2.04% gain and forming a very convincing swing low.
So, in spite of the fact that the dollar formed another higher high, gold rallied perhaps sniffing out a dollar top.
We still need to see gold break above the declining trend line before we can declare this a new daily cycle.
The Miners may be signaling some potential dollar weakness …
The Miners also had a huge day, rallying for 4.44%
The Miners also printed a convincing swing low and threw in a trend line break for no extra charge.
(I believe that the big day on May 9th turns out to have set the declining cycle trend line)
With some follow through, I think we can label this a new daily cycle.
Equities did not share the enthusiasm experienced by gold and the Miners being down by 1.51%.
It is worth noting that the Miners and gold tend to bottom before the general market.
Equities are deep within the timing band to print a daily cycle low.
I would not be surprised by a short range day piercing the 1300 level.
Such a day would ease the parameters needed to form a daily cycle low.
While today was a big day down for equities, the SPY managed to print 80.26 in Buying on Strength
In fact, over the past 12 trading days, the SPY printed 7 Buying on Weakness days totaling an impressive 771.18 in Buying on Weakness.
It may be wise to follow the Smart Money
Cycle Trading 
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