LikesMoney
Independent Analyst
Tonight I want to discuss the status of the daily equity cycle.
Stocks gapped higher over the 50 day MA last Friday. Stocks went on to print a new daily cycle high on Tuesday, day 21. A new high on day 21 begins to shift the odds towards a right translated daily cycle formation. However, stocks closed lower every day this week.
A break below the daily cycle trend line would confirm that stocks are declining into their daily cycle low.
Stocks could merely be filling the gap that was left behind on Friday. If so, then stocks should respond bullishly from the convergence of support from the 10 day MA and the daily cycle trend line. The 858 million Buying on Weakness from Tuesday & Wednesday favors a bullish response.
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