Thursday was day 28 for the daily equity cycle. That places stocks just two days shy of entering their timing band for a daily cycle low.
Some bearish signs are beginning to develop. There is a bearish crossover on the True Strength Indicator. Also, a daily swing high formed on Wednesday, Even though stocks closed higher on Thursday, they did not negate the swing high, leaving it in play. A break of the daily cycle trend line will confirm the daily cycle decline.
Cycle Trading 
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