Federal Reserve Chair Jerome Powell will give his last speech in Jackson Hole, Wyo., today. He is facing pressure to cut rates to support the labor market verses concerns over inflation. Stocks are waiting the decision on rate cuts.
Stocks are currently in a daily uptrend. A swing low with a close back above the 10 day MA will indicate a continuation of its daily uptrend and signal a cycle band buy signal. A break above 6408.40 will form a swing low.
However, the current peak on day 10 sets up stocks for a possible left translated daily cycle formation. If stocks deliver bearish follow through and break below the previous DCL of 6212.69, that will form a failed daily cycle and confirm the intermediate cycle decline.
Cycle Trading 
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