Stocks formed a bearish reversal on Monday followed by a swing high on Tuesday.

The rally out of the day 30 low looked, in real time, as if stocks printed an early DCL. However, stocks did not deliver any bullish follow through this week. Instead of turning the 10 day MA higher, stocks lost the 10 day MA on Tuesday to close back below the breakout level. That, along with the bearish divergence on the oscillators, indicate that stocks did not complete their daily cycle decline.