In this week’s edition of the GoNoGo Charts show, Alex and Tyler review Wednesday’s upside move in the context of a persistent “NoGo” trend in US Equities, Commodities, and bond prices. The continued “NoGo” trend conditions on the daily and weekly charts are only further confirmed by macro forces like rising interest rates ($TNX) and the persistent “Go” trend in the US Dollar index (UUP). The parabolic move in the US Dollar index has corrected, but remains in trend. Relative trend performance from the Financials (XLF), Energy (XLE), Consumer Staples (XLP), Healthcare (XLV) and Utilities (XLU) sectors remain in “Go” conditions. Alex and Tyler review the Consumer Discretionary (XLY) sector as well, which has held up relative to the S&P 500 (SPY), and examine a couple of holdings, including Avis Budget (CAR) and Home Depot (HD).
This video was originally recorded on September 29, 2022. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, Chromecast, iOS, Android and more!
Join us next week on Tuesday, Oct 11, 2022, at 11:00 am EDT for the special GoNoGo workshop “Forecasting Follies: React Responsibly to Market Moves”! Registration is required, but FREE. See Alex and Tyle take a fresh look at market trends in this exciting presentation.