Stocks broke bullishly out of consolidation on Friday and continued higher into Tuesday, ahead of Wednesday’s FOMC meeting.

Tuesday was day 31 for the daily cycle. That places stocks in its timing band for a daily cycle decline. As I motioned in the Weekend Report, breakouts that occur late in the daily cycle are often not sustained. Stocks are currently in a daily uptrend. Stocks will remain in its daily uptrend unless they close below the lower daily cycle band.