GoNoGoCharts

GoNoGoCharts

AUDUSD remains bullish on the GoNoGo Daily chart. As you can see in the recent price action, the GoNoGo Trend was unable to continue to paint bearish bars as it ran up against the major down trendline. This trend line is now acting as support. The GoNoGo Oscillator in the lower panel has once again tested and found support at the zero line as price makes a new...

GoNoGoCharts

This is a simple but very powerful chart of Bitcoin that demonstrates several of the strengths of GoNoGo Charts. As I’ve mentioned before, the GoNoGo Trend indicator often changes color around important basic technical levels. We see this here as Bitcoin flirts with and tries to break above the downward sloping trend line the GoNoGo Trend paints its first blue...

GoNoGoCharts

This intraday GoNoGo chart still paints a bearish picture of GBPUSD. This is a 120 minute chart and we can see that since the beginning of May the trend has been down, highlighted by the GoNoGo Trend indicator’s “NoGo” purple and pink bars. After a period of consolidation and low volatility, reflected by the climbing of the GoNoGo Squeeze indicator in the lower...

GoNoGoCharts

Great looking chart of EURGBP. GoNoGo Trend on the 1hr chart has been a “NoGo” but has consolidated over the last 2 days. We saw a green countertrend arrow close to the recent low. In the lower panel, the GoNoGo Oscillator has been testing the zero line from below. If the “NoGo” trend is to resume, the oscillator should be rejected at the zero line.
 The new...

GoNoGoCharts

On the face of it, energy companies would seem like a strange place to look for investment opportunities. Indeed, the industry has been incredibly hard hit by the global pandemic and the ensuing market collapse. However, scanning chart after chart I see a lot of basing patterns, and now many in the industry look as though they are coming out of the other side. ...

GoNoGoCharts

This currency pair can’t seem to make up its mind. I’ve been watching EUR for a few weeks waiting for momentum to give us a clue as to its next move. The GoNoGo Oscillator has been riding the zero line for all of April. Typically, when the oscillator spends a long time at zero the next significant move is powerful. The GoNoGo oscillator hits zero when momentum...

GoNoGoCharts Updated 

This is the daily GoNoGo Chart of Bitcoin. We can see that we are in an area of congestion that will need to be overcome. The 9230 level should act as resistance and the 8380 level should act as support. If price trades down to that level over the next few days then we would need to look to the GoNoGo Oscillator to see if support can be found at the zero line....

GoNoGoCharts

This chart highlights the importance of the GoNoGo Oscillator’s interaction with the zero line. As we know, in a strong trend, momentum will cool off during corrections/consolidations. However, in an uptrend we do not expect momentum to become negative unless there is an underlying problem with the price movement. This is the daily chart of Zoom which has enjoyed...

GoNoGoCharts

On occasion I like to use traditional technical tools in conjunction with the GoNoGo Indicators. When key levels are apparent it adds weight to analysis. Previously we noted that the weekly chart could help determine the next major move for the SPX. We saw how for the last several weeks it has been finding resistance at the zero line (grey arrow). For the...

GoNoGoCharts

Cable has taken a turn on the daily chart! The GoNoGo Oscillator was able to break above zero a few weeks ago (first arrow) and has been riding the zero line for over a week before finally turning up today (second arrow). This is giving confirmation of the trend change identified by the GoNoGo Trend indicator above, which flagged a “Go” yesterday followed by...

GoNoGoCharts

There is a lot here to look at! But the GoNoGo Chart tries to make it easy to understand. The daily trend is a “Go”, although we have seen a lower high and the appearance of consolidating price action. We will be looking closely at the GoNoGo Oscillator in the coming few days to see if it can find support at zero. Remember, if the trend is healthy, momentum...

GoNoGoCharts

Since the last “NoGo”, the currency pair moved down and made a series of lower lows. During that time, the GoNoGo Oscillator stayed below zero as we’d expect. 
However, momentum has turned positive. The GoNoGo Oscillator failing to stay below zero was the first suggestion that prices may start to rally. Now, it has retested the zero line and found support...

GoNoGoCharts

The GoNoGo Charts are painting a bearish picture on the Dollar Index, on a 4 hour chart. We see multiple elements of price action contributing to this outlook. 
Prices rallied from a low on April 24th, supported by the trend line on the chart. This trend line was then broken, with an amber bar (the trend neutral color of the GoNoGo Trend indicator). The color...

GoNoGoCharts

Investing in treasuries has always been seen as a flight to safety and this last few months has been no different. Although the S&P 500 has rallied sharply since falling into a bear market in March, it is still down around 14% year to date. TLT, the treasury bond fund, on the other hand, is up almost 25% over the same period. The GoNoGo Trend signaled a “Go”...

GoNoGoCharts

This is a very long term GoNoGo chart of the S&P500. Using monthly data, we can see that very rarely does the monthly GoNoGo Trend indicator paint a neutral amber bar and then not seen an extended down turn. This seems especially unlikely after an extended bull market. Last month, the GoNoGo Trend colored the bar amber, indicating uncertainty in the "Go" trend...

GoNoGoCharts

Chipotle saw a hefty jump after topping earnings estimates earlier this week.
GoNoGo Trend indicator gave a “GO” indicating the environment was bullish for the Mexican grill on April 14th, when prices were around $785. However, note that there may be a little consolidation or minor correction here as this week’s action has caused the GoNoGo Oscillator to rise to...

GoNoGoCharts

After a great run up in price from a huge increase in subscriber growth during the global shutdown, we see a change in short term trend for Netflix on the GoNoGo Trend hourly chart. Perhaps the good news was priced in before the earnings release.
Since the correction on the 16th and 17th of April pushed the GoNoGo Oscillator through the zero line support into...

GoNoGoCharts

This pair saw a nice move up, highlighted by the GoNoGo Trend indicator’s blue bars and the light blue trend line. During that time, the GoNoGo Oscillator (lower panel) stayed above the zero line, bouncing off it and we saw several low risk entry points (green circles on price chart). 
As often happens, the break in the trend line coincided with GoNoGo Trend...