Good morning and welcome to this week’s Flight Path. We noticed one other sturdy week of blue “Go” bars for the fairness index. Treasury bond costs additionally maintained sturdy blue “Go” colours for your entire week. U.S. commodities nearly did the identical, however the week ended with a weaker aqua bar. The greenback discovered its toes once more this week with a string of sturdy blue “Go” bars additionally.
$SPY Paints One other Week of Sturdy Blue “Go” Bars
Worth hit one other increased excessive this week as GoNoGo Development painted a string of sturdy blue “Go” bars. When turning our consideration to the oscillator panel we see that it has remained overbought this week shifting between values of 5 and 6. Quantity is heavy with costs at these ranges. we’ll watch to see if the oscillator falls out of the overbought vary within the upcoming days. If it does, we’ll see a Go Countertrend Correction Icon (pink arrow) above worth indicating that it could be a battle for worth to go increased within the quick time period.
One other week one other increased excessive! A seventh consecutive shiny blue bar on the weekly chart as worth continues increased. GoNoGo Oscillator has climbed into overbought territory at a worth of 6. We are going to watch to see if it stays overbought or if it falls again towards impartial territory.
Treasury Charges Proceed to Paint “NoGo” Bars
After a brand new low originally of the week we noticed sturdy purple “NoGo” bars as worth consolidated and moved principally sideways. GoNoGo Oscillator throughout this week stayed in damaging territory however just isn’t but oversold and actually turned up on the ultimate bar of the week. With momentum in damaging territory we are able to say that it’s confirming the path of the underlying “NoGo” pattern.
Greenback Consolidates New “Go” Development
Final week we noticed a bullish engulfing sample finish the week on a contemporary aqua “Go” bar with worth once more making a brand new increased excessive this week on sturdy blue bars. This comes as GoNoGo Oscillator seems to have solidified its place in optimistic territory and is shifting additional into optimistic territory at a worth of three.
The weekly chart reveals continued power with the most recent bar painted sturdy blue and worth at a brand new barely increased excessive. We are able to see that worth is now staying above highs from earlier within the chart. GoNoGo Oscillator has bounced off the zero line and is again in optimistic territory. With momentum rising and within the path of the underlying pattern we’ll look to see if worth can go increased nonetheless.
Tyler Wooden, CMT, co-founder of GoNoGo Charts, is dedicated to increasing using knowledge visualization instruments that simplify market evaluation to take away emotional bias from funding selections.
Tyler has served as Managing Director of the CMT Affiliation for greater than a decade to raise buyers’ mastery and ability in mitigating market threat and maximizing return in capital markets. He’s a seasoned enterprise govt targeted on academic know-how for the monetary companies trade. Since 2011, Tyler has offered the instruments of technical evaluation all over the world to funding corporations, regulators, exchanges, and broker-dealers.
Alex Cole, CEO and Chief Market Strategist at GoNoGo Charts, is a market analyst and software program developer. Over the previous 15 years, Alex has led technical evaluation and knowledge visualization groups, directing each enterprise technique and product growth of analytics instruments for funding professionals.
Alex has created and carried out coaching packages for giant companies and personal shoppers. His instructing covers a large breadth of Technical Evaluation topics, from introductory to superior buying and selling methods.
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