GoNoGoCharts

GoNoGoCharts Updated 

We looked at this one last week. We noted that it seemed to be forming a basing pattern but that there was strong resistance at the runaway gap highlighted by the shaded grey zone. Since we looked at it, the price chart remains a “Go” although the bars are the weaker pale blue color. What has happened in the few days since we lsat checked, the GoNoGo Oscillator...

GoNoGoCharts

Yesterday we looked at the Euro. Today let’s look at the dollar index. The GoNoGo chart of DXY looks like the EURUSD chart flipped upside down. This makes sense as the EUR is the largest component in this basket. After a strong trend down since mid May with several advantageous low risk entries (red dots) we were first informed of the threat to the down trend...

GoNoGoCharts

This is a 4hr GoNoGo chart of the EURUSD. We see a head and shoulders pattern that will be complete if it breaks below the neckline that is annotated on the chart. As is typically the case in these patterns the GoNoGo Trend will start to become bearish toward the end of the pattern as the high at the right shoulder fails to eclipse the high of the...

GoNoGoCharts

Another chart showing how important it is to watch the GoNoGo Oscillator’s interaction with the zero line. The Nikkei 225 Index has been in a “Go” trend as global stocks have rallied since the lows in march. The GoNoGo Trend is showing a little weakness as it is painting pale blue bars and the GoNoGo Oscillator is testing support at zero. In the lower panel, I...

GoNoGoCharts

GoNoGo Charts recognizes an important moment for the dollar index.
The Dollar has tried to rally off the recent lows but not yet has the GoNoGo Trend been able to flag a “Go”. The daily trend is still “NoGo” although we can see that the light pink bars indicate that the rally has caused the down trend to weaken. In the second panel, the GoNoGo Oscillator has...

GoNoGoCharts

What are the GoNoGo Indicators? The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from bright blue (strongly bullish) to dark purple (strongly bearish) The GoNoGo Oscillator blends traditional momentum concepts to demonstrate the velocity of price action. The oscillator...

GoNoGoCharts

What’s next for the technology sector? Technology has been the leader this year, outperforming the S&P 500 throughout the volatile market reactions to Covid-19. This week saw the sector fail at prior highs and yesterday’s price bar showed a weakening in the GoNoGo Trend. Look to the GoNoGo Oscillator at this critical juncture. When in a strong trend, remember,...

GoNoGoCharts

This is a short term, hourly chart of the SPX. The “Go” trend that it has been in is being threatened. The GoNoGo Trend indicator has painted mostly the paler blue bars as the market has moved sideways over the last day. If you look at the GoNoGo Oscillator we can see that it has been struggling to stay above zero, as it should if the “Go” trend is healthy. Pre...

GoNoGoCharts

How low can this pair go? We’ve seen a strong “NoGo” since mid April. When we wrote our last analysis (4/22, linked) of this pair we were looking for a low risk entry in the form of a red circle after the “NoGo” trend was identified. 
We got that on the 7th of May and now we see the GoNoGo Oscillator approaching the zero line from below again and in the upper...

GoNoGoCharts

This is a 4 hr chart of EURUSD. After a strong “Go” move this pair has taken a pause, moving sideways and slightly against the trend after we saw a GoNoGo counter-trend arrow near the recent high. During this consolidation, the GoNoGo Squeeze has climbed to its high, indicating reduced volatility as the GoNoGo Oscillator rides the zero line. If we can come out of...

GoNoGoCharts

The left GoNoGo Chart is showing daily prices for gold. This is an interesting moment. It appears that Gold prices are trying to break out below the lower bound of a trend channel. With this price action over the last few bars we see that the GoNoGo Trend painted a couple of amber neutral bars, suggesting that the “Go” trend is under threat.
in the lower panel,...

GoNoGoCharts

Friday’s price has pushed ABEV above the highs of the consolidation range that we have seen since the lows of March.
The GoNoGo Trend Indicator is a strong “Go” and has been for a few bars. Initially the trend was flagged a “Go” but as it fought with resistance struggled to paint the brightest blue. It is a good sign to see the trend strengthening.
In the lower...

GoNoGoCharts

This is the weekly GoNoGo Chart of the S&P 500. For the second week, it looks as if the GoNoGo Trend indicator will be painting a neutral amber bar, signaling uncertainty about the bearish conditions we’ve experienced since the drop in late February/March. At the same time, a strong weekly finish would see the GoNoGo Oscillator crossing into positive territory...

GoNoGoCharts

The financials sector looks as though its finally started to catch up with the overall stock market. This is a daily GoNoGo chart of XLF. You can see that it has had a much longer, more drawn out recovery than most of the S&P sectors and has still yet to make up more than about half the fall. Compare that to the tech sector which is right back, close to the highs...

GoNoGoCharts

This currency pair has broken out of the GoNoGo Squeeze and established a “Go” trend. After a few months of sideways consolidation a lack of momentum led to the climbing squeeze grid that we saw recently (grey arrow, lower panel). The “Go” in price has made a higher high and looks set to challenge prior highs from earlier in the chart. The GoNoGo Oscillator does...

GoNoGoCharts

Often used as a proxy for risk, the trend in the ratio between junk bonds and treasuries can be very informative. The GoNoGo Trend indicator shows that during the month of May, the ratio was able to battle out of the “NoGo” trend that it had been in since the end of January.
This ratio tends to lead stocks as it did when it signaled investors to be “Risk off” at...

GoNoGoCharts

Since we last looked at Gold, it has been able to stay in a “Go” trend, making slightly higher highs and higher lows. On the last bar, we saw a green re-entry icon, signaling that momentum went from neutral to positive while in a “Go” trend, typically a good entry point. However, it is also true that overall, momentum has been falling and we can see that in the...

GoNoGoCharts

The daily GoNoGo Trend shows a “Go” for Dominos Pizza, and over the course of the last few weeks several re-entry green circles as the pizza giant keeps running up against overhead resistance. The last bar shows a really strong effort to break out, and so we are interested to see what it can do this week. Interestingly, the GoNoGo Oscillator in the lower panel...