Cycle Trading: Stocks Break Out To New Highs
|Stocks broke out to all times highs on Monday.
Monday was day 17 for the daily equity cycle. The new high on day 17 begins to shift the odds towards a right translated daily cycle formation. Notice that there are bearish divergences beginning to appear on the oscillators as stocks are starting to get a bit stretched above the 10 day MA. With stocks at all time highs we need to be alert that Wednesday's FOCMC meeting could trigger some profit taking. Stocks are currently in a daily uptrend. They will remaining their daily uptrend unless they close below the lower daily cycle band.
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