Stocks have been in a daily uptrend that has been characterized by peaks above the upper daily cycle band and lows above the lower daily cycle band. While stocks remain in their daily uptrend, they delivered some sell signals on Thursday.
After dipping into a half cycle low last week stocks broke out to a new high on Tuesday and Wednesday. However stocks formed a swing high on Thursday and printed a failed breakout which signals that stocks have begun their daily cycle decline. The divergent TSI along with the bearish TSI crossover are other signals that stocks are beginning their daily cycle decline. A break below the daily cycle trend line will confirm that stocks have begun their daily cycle decline.
Meanwhile the Miners continue to develop bullishly.
After the huge day on Wednesday it is not unexpected to see the Miners give back a little on Thursday. However, the Miners continue to develop bullishly as buyers stepped in once the Miners tagged the 10 day MA. That helps to further confirm that day 26 hosted the DCL. And this has implications on the longer term intermediate cycle which I discussed in Wednesday'sMid-Week Update.