Stocks have been on a tear since October after the Fed began Repo operations.
Stocks barely gave us a recognizable daily cycle low in early December. Stocks have since continued rallying. Stocks formed a swing high on Wednesday, day 34. That does place stocks in their timing band for a daily cycle decline. There are bearish divergences developing on the oscillators which normally precede a cycle decline. So Thursday's
swing high could send stocks to seek out their daily cycle low. A close below the 10 day MA would indicate that the daily cycle is in decline. However, if stocks form a swing low and continue higher, then stops could be raised to Thursday's low of 3301.87.