The Dollar
The dollar broke below the previous daily cycle low on Friday to form a failed daily cycle and confirming the intermediate cycle decline.
Friday was day 45, placing the dollar late in its timing band for a daily cycle low. A break above 96.55 would form a swing low to signal the new daily cycle. The dollar has been closing below the lower daly cycle band, indicating a daily downtrend. The dollar will remain in its daily downtrend until it can close back above the upper daily cycle band.
Stocks
I believe that stocks are still seeking their daily cycle low.
Stocks printed their lowest point on day 19. Stocks average 39 days per daily cycle so 19 days is too early to expect a DCL to form. Stocks were volatile this past week, closing above and below the 200 day MA and appear to be forming a consolidation box. Friday was only day 23, so we could still see 2 to 4 weeks before stocks print their daily cycle low. Stocks should break below the day 19 low of 2855.84 in order to complete their daily cycle decline. Stocks are in a daily downtrend and will remain so until they can close above the upper daily cycle band.
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