Cycle Trading: Stocks Form A Swing Low
|Stocks formed a swing low on Thursday.
Stocks printed their lowest point on Monday, day 44, placing them in their timing band for a daily cycle low. Stocks formed a swing low and closed above the 50 day MA on Thursday to signal a new daily cycle. Stocks will need to close above the 10 day MA in order to label day 44 as the daily cycle low.
However the emerging bearish RSI pattern and stocks being in a daily downtrend indicate a longer term concern that is developing, which I plan to discuss in the Weekend Report.
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