Cycle Trading: Weekend report preview
|The Dollar
After losing the 10 day MA on Monday, the dollar recovered it on Tuesday and then trended higher for the week.
Friday was day 12 for the dollar’s daily cycle. A break above the day 7 high on 90.63 will begin to shift the odds towards a right translated daily cycle formation. However, the dollar currently in a daily downtrend. The dollar will remain in its daily downtrend unless it closes above the upper daily cycle band.
Stocks closed at a new all-time high on Friday.
Stocks have been consolidating for the past 2 weeks just below the all time high of 4238.04. Stocks broke above this on Thursday then closed at a new all-time high on Friday.
After consolidating for the past 2 months, stocks are beginning to break out. If stocks deliver bullish follow through this should lead to a bullish trending move. Stops can be raised to the breakout level of 42240.
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