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Independent Analyst
Stocks dropped on Thursday.
Stocks have been very bullish as they are in the advancing phase of their intermediate cycle. During the advancing phase of the intermediate cycle RSI does not stay oversold for long. So if RSI reverses quickly then it is likely that stocks are declining into a half cycle low.
However, closing below the 200 day MA has me thinking something more sinister is afoot. Stocks gapped below the 10 day MA to close 5.89% lower on Thursday. This has started to turn the 10 day MA lower - which signals the daily cycle decline. A peak on day 16 has the possibility of resulting in a left translated daily cycle formation, which would signal the start of the intermediate cycle decline. Which is something that I plan to discuss in the Weekend Report.
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