Weekly Trend Perspective S&P 500 using GoNoGo Charts
From the weekly perspective, the S&P 500's rally this week was not lost in the late Friday afternoon selloff. GoNoGo Trend shifted into the stronger "Go" trend conditions - shown in the final blue bar representing this week's trading session ending 2/11/2022.
And yet, the weight of the evidence shows several key threats:
1. BEARISH DIVERGENCE between Price and GoNoGo Oscillator in Nov-Dec 2021. A higher high in price was met with a lower high in the momentum oscillator of the lower panel.
2. BREAK OF THE ZERO-LINE in the lower panel shows that momentum fell from neutral to oversold four weeks ago
3. POLARITY - the zero-line of GoNoGo Oscillator acted as SUPPORT throughout the "Go" trend of
SPY off the covid lows in 2020 but became RESISTANCE for momentum this week as the oscillator was rejected at zero and returned to negative territory
3. HIGH RELATIVE VOLUME - GoNoGo Oscillator changes from aqua to dark blue when markets experience higher relative volume. What was lighter volume at the swing highs in late November became heavier volume through this correction in 2022
GoNoGo Charts provide a blended view of many technical indicators all in an elegant, color-coded, easy to read chart. Avoid analysis paralysis, but retain a complete technical perspective of trend, momentum, volume & volatility.
Better Charts. Better Decisions. GoNoGo Charts.
And yet, the weight of the evidence shows several key threats:
1. BEARISH DIVERGENCE between Price and GoNoGo Oscillator in Nov-Dec 2021. A higher high in price was met with a lower high in the momentum oscillator of the lower panel.
2. BREAK OF THE ZERO-LINE in the lower panel shows that momentum fell from neutral to oversold four weeks ago
3. POLARITY - the zero-line of GoNoGo Oscillator acted as SUPPORT throughout the "Go" trend of
SPY off the covid lows in 2020 but became RESISTANCE for momentum this week as the oscillator was rejected at zero and returned to negative territory3. HIGH RELATIVE VOLUME - GoNoGo Oscillator changes from aqua to dark blue when markets experience higher relative volume. What was lighter volume at the swing highs in late November became heavier volume through this correction in 2022
GoNoGo Charts provide a blended view of many technical indicators all in an elegant, color-coded, easy to read chart. Avoid analysis paralysis, but retain a complete technical perspective of trend, momentum, volume & volatility.
Better Charts. Better Decisions. GoNoGo Charts.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.