Cycle Trading: Assuming leadership
Stocks are seeking their daily cycle low
The S&P formed a swing low
The Dow formed a swing low
The Nasdaq formed a swing low and closed above the 10 day MA.
The Banks have yet to form swing low
The Semi's have yet to form swing low
Not only did Biotech form a swing low, they closed for a 2.5% gain on Friday.
With Biotech breaking out of a multi year consolidation they are indicating a readiness for assuming market leadership.
Reprinted from FXStreet，the copyright all reserved by the original author.
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