Cycle Trading

The dollar is caught between support from the 50 day MA and resistance from the declining 10 day MA. If a swing high forms off the Friday candle that would set up the declining cycle trend line. The dollar is currently in a daily uptrend. It will remain in its daily uptrend until it closes below the lower daily cycle band.

Stocks

Stocks formed a swing high on Thursday. Then stocks closed higher on Friday, negating Thursday’s swing high.

Friday was day 39 for the daily equity cycle. The new high on Friday locks in a right translated daily cycle formation. Stocks are approaching resistance from the December high of 2800.18. A break above the December high followed by a bearish reversal could trigger a profit taking event to send stocks to seek their daily cycle low. Stocks are in a daily uptrend and will remain so unless they close below the lower daily cycle band.

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