In a highly volatile morning, markets reacted to an upside surprise in both PPI and CPI inflation data. Annualized inflation remains at 8.2% in the US and the S&P 500 gapped lower at the open. Despite a magnificent rally back into positive territory by midday, the trend remains a “NoGo.”
In this week’s edition of the GoNoGo Charts show, Alex and Tyler review SPY in weekly, faily and 3-minute time horizons to unpack how trend conditions are reflected on multiple perspectives. Reviewing the sharp selloff in the US Dollar index today, $UUP remains in an upward “Go” trend. Similarly, in $TNX, US treasury yields continue to climb higher. Alex and Tyler review $DBA, a diversified agricultural commodities ETF, along multiple timeframes as well to better understand what could be a larger secular move in the commodities market.
This video was originally recorded on October 13, 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!
Tune in to the Wealth365 Summit tomorrow, Friday October 14, at 2pm for an educational presentation from Alex and Tyler on how to “Clean Up Your Charts!”