The Dollar

The dollar printed a bearish reversal on Friday. 

USD

Friday was day 8 for the dollar’s daily cycle.   Friday’s bearish reversal eases the parameters for forming a daily swing high.  A break below 98.15 will form a swing high.  Then a close below the converging 10 day MA and 50 day MA will confirm the daily cycle decline.  A peak on day 8 sets up a left translated daily cycle formation.  The dollar is in a daily uptrend.  It will remain so unless it closes below the lower daily cycle band. 

 

Stocks

After a brief decline into the day 34 pivot, which allowed the 10 MA to catch up to price, stocks have rallied higher.   

SPX

Friday was day 40 for the daily equity cycle, placing stocks deep in their timing band for a daily cycle low.  Stocks did form a swing high on Friday.  Stocks will need to close below the 10 day MA to signal the daily cycle decline.  Stocks are in a daily uptrend.   If stocks form a swing low above the lower daily cycle band then stocks will remain in their daily uptrend and trigger a cycle band buy signal.

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