We discussed on Monday about the potential resistance at the 50 day MA. Stocks ran into resistance at the 50 day MA on Wednesday then formed a swing high on Thursday.

The rally out of the DCL saw stocks close above the upper daly cycle band on Tuesday. Closing above the upper daily cycle band ends the daily downtrend and begins a new daily uptrend. Closing above the upper daily cycle band also signals that the ICL has been set. 

Stocks are currently a bit stretched above the 10 day MA and may need to consolidate to allow the 10 day MA to catch up to price. Since stocks are now in a daily uptrend, if stocks form a swing low above the lower daily cycle band that will indicate a continuation of the daily uptrend and signal a cycle band buy signal.