The dollar formed a swing low on Friday. The dollar printed its lowest point on Thursday day 17, placing it in the early part of this timing band for a DCL. Friday’s swing low signals a new daily cycle. We will use a close above the 10 day MA to label day 17 as an early DCL. The dollar is currently in a daily downtrend. The dollar will remain in its daily downtrend unless it closes above the upper daily cycle band.
Stocks broke bullishly out of consolidation on Wednesday. Stocks continued higher Thursday and Friday. Stocks are stretched above the 10 day MA. Stocks may need to consolidate in order to allow the 10 day MA time to catch up to price. Stocks are currently in a daily uptrend. Stocks will remain in their daily uptrend unless they close below the lower daily cycle band.
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