Pressure from aerospace sector pushes stocks to record lows as “NOGO” prevails | GoNoGo Chart

good morning. Welcome to this week’s Flight Path. The stock “NoGo” trend continued this week despite some relief rallies as prices attempted to move higher from recent lows. The GoNoGo trend sees the “NoGo” bar weaken as the week progresses. Treasury prices are in a strong “NoGo” trend again this week, with the indicator showing purple bars. The GoNoGo trend showed that the “Go” trend can survive in the commodity space. However, the lighter aqua bars show a weakness. The dollar also maintained its “Go” trend, but the aquabar also weakened.

Stocks New “NoGo” Shows Weakness

The new “NoGo” trend discovered in stocks last week has survived throughout the week, but the GoNoGo trend has confirmed its weakness by drawing a few weak pink bars. This happens as prices bounce back from their lows. Now let’s take a look at the oscillator panel as the GoNoGo oscillator moves up along the zero line below. We know that for this “NoGo” trend to remain healthy, the zero level must provide resistance to the oscillator. If it moves back into negative territory, the price is expected to fall again and attempt a new low.

The larger weekly chart shows that recent price action has been enough to trigger a bearish trend on the chart. Recently, the Go Countertrend Correction icon (red arrow) shows a third consecutive light turquoise “Go” bar as the price declines. GoNoGo Oscillator quickly fell to the 0 line and now we will see if it finds support at that level. Then we will find that the daily “NoGo” trend will have a hard time surviving. However, if the zero line switches into negative territory here, the daily correction may last a little longer.

See Interest Rates Continue to Be Strong

The blue “moving” bar got stronger this week as prices made new intra-week highs. We are now looking at prices to consolidate at these higher levels. The GoNoGo Oscillator is still in positive territory and is no longer overbought. We’ll see if it approaches the zero line and what happens when it does. Currently, the GoNoGo trend is looking bullish as we are seeing strong blue “Go” bars and the momentum is in positive territory, confirming the trend with the GoNoGo Oscillator.