Following the of a 50 basis point rate cut, stocks made another new, all-time high on Wednesday. However, stocks ended the day forming a bearish reversal to close back below the 56670 resistance level. In real time, it look as if stocks were setting up for a left translated daily cycle formation. That all changed on Thursday.
Stocks opened above the 5670 resistance level on Thursday and ended closing 1.75% higher for the day. Stocks are currently in a daily uptrend. Closing above the resistance level indicates a continuation of its daily uptrend and signals a cycle band buy signal. The 5670 level can now be used as the stop.
Cycle Trading 
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