Connect with us

Hi, what are you looking for?

Stock

Equities Stay Strong as Technology Returns to Out-Performance

Good morning and welcome to this week’s Flight Path. Equities saw the “Go” trend not just survive but stay strong this week as the indicator painted a week of uninterrupted bright blue bars. Treasury bond prices stayed in a strong “NoGo” trend this week with consecutive purple bars. The U.S. commodity index is seeing its “Go” trend strengthen with a strong blue bar and the dollar seems set in its “Go” trend as well.

$SPY Able to Set New Higher High

The GoNoGo chart below shows that resurgent strength has pushed price to new highs on strong blue “Go” bars. This came after GoNoGo Oscillator found support twice in quick succession at the zero line. This caused the chart to show multiple Go Trend Continuation Icons and that new momentum in the direction of the trend was enough to push price higher.

The longer time frame chart shows us that GoNoGo Trend painted another strong blue “Go” bar this past week and we see another higher close on this weekly chart. We are now in a period of consecutive strong blue bars as the trend continues higher. Having taken out the prior high we turn our eye to the oscillator panel where we see that momentum is in positive territory but not yet overbought.

New “Go” Trend Strengthens in Yields

Treasury bond yields are in a “Go” trend now that has seen the indicator move through aqua bars to stronger blue “Go” colors. This comes as price closes in on some potential resistance from previous lows in the last “NoGo” trend. GoNoGo Oscillator is coming out of overbought territory and so we see a Go Countertrend Correction Icon warning us that price may struggle to go higher in the short term. We will then watch to see what happens should the oscillator close in on the zero line.

The Dollar Races Higher in New “Go” Trend

Price continued to climb this week as it raced through aqua bars and into bright blue “Go” colors. As GoNoGo Oscillator fell from overbought levels, we see that there is a Go Countertrend Correction Icon that indicates price may struggle to go higher in the short term and we will watch to see if it can consolidate at these elevated levels without falling too much from the high.

You May Also Like

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Editor's Pick

On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

Editor's Pick

If you haven’t been following the “Twitter Files” saga, the gist of it is that the US federal government routinely pressured pre-Musk Twitter, and...



Disclaimer: Questofprogress.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Questofprogress.com