Stops Triggered – Still Bullish

July 8, 2021

Stocks formed a daily swing high on Thursday.

Stocks did get a bit stretched above the 10 day MA on day 12. Thursday’s swing high allowed the 10 day MA to catch up to price. Stocks have been in a daily uptrend that has been characterized by highs forming above the upper daily cycle band and lows forming above the lower daily cycle band. If stocks form a swing low above the lower daily cycle band then stocks will remain in their daily uptrend and trigger a cycle band buy signal. A break above 4330.88 will form a daily swing low. And with bullish follow through we will label day 13 as a half cycle low.

3 responses to “Stops Triggered – Still Bullish”

Alexandru

July 9, 2021

Arent transports, energy stocks and Russell 2000 in confirmed IC decline, leading all SM in the South direction?

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likesmoneystudies

July 9, 2021

The Russell and transports are in an IC decline.
Energy not at this point.
Energy is still in a weekly uptrend and XLE is in the process of coming a daily swing low.
Oil appears to be rallying into a new daily cycle.
I think as stocks move into a melt-up phase there will be less participation in some sectors which will divert more interest in the leading tech sector.

LM

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1. Alexandru
  
  July 9, 2021
  
  Thank you!
  
  Reply

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