Stocks formed a bullish reversal on Thursday.
Thursday was only day 22 for the daily equity cycle, placing stocks about 2 weeks shy of its normal timing band for a daily cycle low. However, stocks formed a convincing bullish reversal on Thursday that regained its breakdown level. If stocks form a swing low, that will signal an early DCL. A break above 4294.73 will form a daily swing low. Then a close above the 10 day MA will have us label day 22 as the DCL. Stocks will still need to break above both the 200 day MA and the 50 day MA before a trending move can develop.
Cycle Trading 
Leave a comment