Stocks broke above the declining trend line on Wednesday to confirm the new daily cycle. Stocks then delivered more bullish follow through by closing above the upper daily cycle band on Thursday.
Stocks are early in their new daily cycle count. Closing above the upper daily cycle band re-establishes the daily uptrend. Stocks will remain in their daily uptrend until they close below the lower daily cycle band.
The Russell also closed above the upper daily cycle band on Thursday. The Russell will need to break above the 50 day MA to re-establish its daily uptrend.
The Nasdaq closed above the upper daily cycle band on Wednesday and then delivered more bullish follow through on Thursday to affirm that it has re-established its daily uptrend and will remain so until it closes below the lower daily cycle band.
Not only has biotech re-established its daily uptrend it has also broke out to a new high. And as bullish as the above have been, biotech has been leading the above out of the recent cycle low by rallying over 10%.
Cycle Trading 
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