The Dollar
The dollar formed a daily swing low on Wednesday.
The dollar printed its lowest point on Monday, day 20, to place it in the early part of its timing band for a daily cycle low. The dollar closed above the converging 10 day MA and the 50 day MA on Friday so we will label day 20 as an early DCL. The dollar also closed above the upper daily cycle band on Friday to indicate that the dollar will remain in its daily uptrend. Closing above the upper daily cycle band also signals that the intermediate cycle low has been set.
Stocks
Stocks formed a daily swing high on Wednesday.
Wednesday was day 34 for the daily equity cycle, placing stocks in their timing band for a daily cycle low. So Wednesday’s swing high should send stocks into their daily cycle decline. A close below the 10 day MA will indicate the daily cycle decline.
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