Stocks hit record high as technology joins group of leaders | GoNoGo Chart

good morning. Welcome to this week’s Flight Path. The “Go” trend in the stock market is well and truly back this week, with a series of blue bars and prices hitting all-time highs. Treasury prices have entered a weak “Go” trend. This can be bad news for interest rates because of the inverse relationship, as we’ll see in a moment. US Commodity Indexes continued to demonstrate market uncertainty, ending the week with another amber “Go Fish” bar. The dollar maintained its “Go” trend but saw some weakness this week as the GoNoGo trend drew most of the aqua bars.

$SPY has reached a new all-time high.

The “Go” trend we observed last week really took off this week as we saw a strong blue bar and the highest price of the week without a break for a week. The GoNoGo oscillator has moved out of overbought territory and this causes the Go Countertrend Correction icon to appear on the chart, indicating that the price may struggle to move higher in the near term. Now at a value of 4 the momentum is positive and in the direction of the primary “moving” trend. We will look for support and price to consolidate above previous highs.

The larger weekly chart shows that after a few weeks of decline following the Go Countertrend Correction icon seen a month ago, the trend has strengthened once again, with the GoNoGo trend once again drawing strong blue bars. The GoNoGo oscillator has bounced sharply from the zero line which helps confirm the “Go” trend and the price has hit new highs this week with a resurgence of momentum in the direction of the “Go” trend.

Please enter fare “NoGo”

The GoNoGo trend saw the weaknesses we pointed out last week morph into a new “NoGo” trend. After the GoNoGo oscillator entered negative territory a few weeks ago, we could infer that the “Go” trend is no longer healthy. After a long period of weak aqua “Go” bars, this week we saw a break in the trend and a mix of pink and purple “NoGo” bars. We will now see if this trend can be maintained as the GoNoGo Oscillator approaches the zero line below.

The dollar remains “Go” but is struggling.

The “Go” trend remained intact this week, but most of the aqua bars were weak as prices hit new lows. Since first crossing negative territory, GoNoGo Oscillator has been rejected by the zero line twice and is currently falling steadily. This is a concern about the ‘Go’ trend of this cycle, and we will be watching to see if any changes in the technological landscape emerge this week.