The Dollar
The dollar is in the process consolidating below the 106.25 level.
The dollar did not manage to turn the 10 day MA lower at the day 24 low, so the status of the daily cycle is not clear. The dollar is still stretched above the 10 day MA. A daily cycle decline will help to allow the 10 day MA to catch up to price. The dollar is in a daily uptrend. A bullish break out of consolidation would indicate a continuation of its daily uptrend and signal a cycle band buy signal — in which we would then label day 24 as the DCL.
Stocks
Stocks closed below the 50 day MA on Monday then delivered bearish follow through on into Friday.
Stocks typically print a daily cycle low every 35 to 45 days. So at 72 days, stocks are overdue for a daily cycle low. Stocks broke below the March low and are in the process of seeking out their ICL. Due to the extended daily cycle decline, stocks may not need another daily cycle to complete its ICL. Stocks are currently in a daily downtrend. Stocks will remain in its daily downtrend unless it closes back above the upper daily cycle band.
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