Still Waiting …

On Monday we discussed that we were waiting on a close above the 4720 resistance level to add to positions. We are still waiting.

Stocks had gapped up over the 10 day MA last week during the initial surge out of its DCL. Stocks retraced a bit on Tuesday, backfilling that gap.

Stocks are currently in a daily uptrend. If stocks form a swing low above the lower daily cycle band then they will remain in their daily uptrend and trigger a cycle band buy signal. A close above 4660.47 will form a daily swing low. The plan remains the same. Add on a close above resistance and use a close below the rising 50 day MA as the stop.

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