The Dollar
The dollar broke convincingly below the 200 day MA on Wednesday. And continued lower into Friday.
Friday was day 18, which places the dollar in the early part of its timing band for a daily cycle low. The dollar has established a daily downtrend, which signals the intermediate cycle decline. Closing convincingly below the 200 day MA provides more confirmation for the intermediate cycle decline.
Stocks
Stocks delivered mixed signals as they broke out to new highs.
Stocks printed a very mild daily cycle low on day 42. Stocks have since regained the 10 day MA and broke out to new highs. However there are bearish divergences that are beginning to develop on the oscillators, which often precede a daily cycle decline. A swing high accompanied by a break below the daily cycle trend line will signal the daily cycle decline. Stocks are currently in a daily uptrend. Stocks will remain in their daily uptrend unless they close below the lower daily cycle band.
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