EQUITIES HIT ALL TIME HIGHS AGAIN WITH TECHNOLOGY IN THE DRIVING SEAT | GoNoGo Charts

Good morning and welcome to this week’s Flight Path. Equities remained very robust this week as we noticed a continued string of shiny blue bars and a brand new value excessive. Treasury bond costs noticed a surge in energy within the second half of the week as we see a return to shiny blue bars. Commodities attempt to persuade us that this time they’ve made up their thoughts and entered a “Go” pattern on robust blue bars. Lastly the greenback, after some uncertainty this week, closed with a powerful blue “Go” bar as effectively.

$SPY Paints Sturdy Blue “Go” Bars at All Time Highs ( No Change this week!)

Not solely did we see the “Go” pattern proceed this week however we noticed value hole increased mid week and nothing however energy with GoNoGo Pattern portray robust blue bars. After we flip our eye to the oscillator panel, we see that momentum is coming off an excessive of overbought. At a price of 5 however falling, we might effectively see a Go Countertrend Correction Icon (purple arrow) seem above value informing us that it might wrestle to go increased within the brief time period. We are going to take note of this and look to see if assist is discovered on the hole.

The bigger weekly chart exhibits that the “Go” pattern remained very robust this week as we see a powerful blue bar setting one other increased weekly shut.  GoNoGo Oscillator has climbed to its max of 6. We are going to watch intently to see if this market enthusiasm may be maintained or if there’s any waning of momentum which might trigger a Go Countertrend Correction icon to seem on the chart above value.

Treasury Charges Set new Decrease Low in “NoGo” Pattern

After a quick reduction rally that set a brand new decrease excessive, we noticed value fall by the second half of the week. GoNoGo Pattern returned to color extra robust purple “NoGo” bars and value made a brand new decrease low. We had been alerted to this pattern continuation mid week as GoNoGo Oscillator rose to check the zero line from beneath and was turned away. Now, with the “NoGo” firmly in place, we see that momentum is resurgent within the course of the underlying pattern. The oscillator is at a price of -3, not but oversold.

Greenback Makes a Transfer after Uncertainty

After a number of “Go Fish” bars, amber bars that replicate market uncertainty, we noticed the greenback paint a few aqua bars this week earlier than a powerful blue “Go” bar was painted on Friday. Thursday’s “Go” bar was spectacular, with its buying and selling vary utterly engulfing that of the day earlier than. This is called a bullish engulfing sample, and suggests increased value strikes over the close to time period. Friday’s hole increased is above prior excessive ranges and will probably be necessary to notice if we will consolidate at these ranges. GoNoGo Oscillator is in constructive territory on heavy quantity after bouncing off the zero line.

The weekly chart exhibits a return to energy this week. GoNoGo Pattern painted a powerful blue “Go” bar as value challenges prior highs. GoNoGo Oscillator bounced off the zero line final week giving us indicators of Go Pattern Continuation (inexperienced circle). Now, momentum is constructive and shifting increased at a price of three.