The SPX shows a “Shooting Star” candle pattern. The shooting star candle is much like the “Inverted Hammer” but it comes after a move up in price. This is a bearish candle for many reasons. - After shooting higher, the bears were able to drive price all the way back below the open, near the low. - Long wicks above the real body in candle charting therefore...
On Tuesday of this week we looked at Gold. Interestingly, it has broken above the resistance line that we had shown and is now a “Go”. This trend line now should operate as support. This is a fantastic example of polarity where resistance was support that is now support again. The GoNoGo Oscillator has now also broken back above zero supporting the move in price.
In our Monday morning Flight Path newsletter, we noted that we were bullish on Bitcoin. We analyzed the charts and discussed the strong trend in the digital asset and that investors looking for a lower volatility play could do well to look for an entry on a break out above resistance. Now with Bitcoin trading above $15000 the trend is still a "Go" and the GoNoGo...
Gold is rallying in the current bar. Does this say anything about the uncertainty in the stock markets? While the markets around the world have rallied today and U.S. futures suggest that the same will happen in America, Gold has painted an amber “Go Fish” bar, suggesting that the blend of technical concepts in the GoNoGo Trend are unable to find a trend. At...
In our weekly Flight Path newsletter this Monday we looked at several stocks reporting earnings this week. One was TSLA, and we noted weakness in the stock shown with an amber "Go Fish" bar. Since then, this weakness has become a "NoGo" trend as we can see in the price panel. The GoNoGo Oscillator has confirmed this price action with a sharp break below the zero line.
Tupperware Brands Corporation is showing strength amongst the weakness of the general stock markets. After consolidating sideways for a little over a month we saw a break out to the upside yesterday after a new “Go” trend was spotted 3 days ago. This move sent price to a new high and closed above significant resistance of those prior highs. At the same time, the...
This is a long term weekly GoNoGo Chart of Renault. Interesting few weeks ahead. Note how the “NoGo” trend has bottomed and has formed an ascending triangle with higher lows. Price is nearing the upper bound of the triangle and as it does so has painted amber “Go Fish” bars, meaning that there is no recognizable trend currently. The GoNoGo Oscillator is...
The NoGo outlined the crypto’s correction during the month of September and in early October we saw amber neutral bars signaling the trend may be changing. October 9th triggered the first Go flag and a bar later broke through resistance of the previous consolidation pattern. (Resistance that was support before) Now, we’ve seen a sharp rally and price has taken out...
The GoNoGo Chart of the EURUSD pair shows that price is still a “NoGo”. We saw a retest of the resistance line that was once support for the “Go” trend. During this time the GoNoGo Oscillator has been struggling with the zero line but now is back at zero. It will be important to see if the Oscillator stays below zero as it should if the “NoGo” trend is to continue.
In our pre-market Monday Morning Flight Path newsletter, we noted that having been in a strong “Go” trend June through August, $LOW has consolidated sideways through September with rising lows and highs at the upper bound of the ascending triangle. We also saw upward buying pressure from the bulls pushing the lows higher. Additionally, a low-risk entry signal...
We’ve been waiting for the environment to change on the Dollar. Indeed, a few days ago, we noted that there were bullish signs and that the Dollar index was trying to halt its fall. In that post, we spotted positive divergence between price and the GoNoGo Oscillator as well as the break above the zero line as being significant. Well, here we “Go”! The GoNoGo...
Peloton Interactive, has been in a strong “Go” trend, one that perhaps we should have all seen coming at the onset of global lock down. After rallying over 250% since the “Go” flag on April 8th we are seeing a pullback from the most recent high. The GoNoGo Trend has painted a couple of paler aqua bars indicating slight weakness in the “Go” trend and this price...
The GoNoGo Trend indicator has painted an amber neutral bar on front month WTI oil futures indicating that the environment is no longer bullish but uncertain. This comes as there continues to be bearish divergence between the price and the GoNoGo Oscillator, with price making higher highs while the oscillator makes lower highs. To further compound this, the...
On Friday, Apple stock had a 4-1 stock split, making the price more affordable for investors. On Monday, investors piled into the stock. This chart is a short term chart of Apple stock, using 1 hr periodicity. As we can see, the first hour of trading on Monday caused the GoNoGo Charts to flag a low risk buy entry (green circle) and it has been onward and upward...
The consumer discretionary sector’s outperformance relative to the S&P 500 jumps of the page as the longest and strongest sustained Go Trend of all S&P sectors this year. We need to see the price action to better understand what is happening. Below is the daily GoNoGo chart of the consumer discretionary sector ETF, $XLY. Compared to an $SPY chart which shows...
It was a big move for Walmart yesterday. The GoNoGo Trend indicator repainted a Go flag on the close, renewing the Go trend that has been trying to take off. Yesterday’s price action also briefly scaled the high of the previous best bar on August 18th. Of note though, it was unable to close above it. The GoNoGo Oscillator has turned up from zero, also a *bullish...
What a run that was! From the Go signal in January at under $6, Novavax, Inc rallied all the way to $190. Now, however, the trend has changed. The GoNoGo Trend flagged a NoGo yesterday on the daily chart, after one neutral amber bar that suggested the Go trend was over. Early warning was given by the GoNoGo Oscillator, which on August 12th crossed below the zero...
On August 6th, we wrote about how GoNoGo Charts had given a low risk entry on NIO and how it might go on to test the highs of a few weeks earlier. After the GoNoGo Oscillator bounced off the zero line a second time we indeed have seen that push up to test the high. Currently we are at the highs of July and the GoNoGo Oscillator is positive with a little room...