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Equities Remain in Strong “Go” Trend as Communications Begin to Excel

by admin October 1, 2024
October 1, 2024
Equities Remain in Strong “Go” Trend as Communications Begin to Excel

Good morning and welcome to this week’s Flight Path. Equities saw the “Go” trend remain strong with another uninterrupted week of strong blue “Go” bars. Treasury bond prices remained in the “Go” trend as well but we saw a whole week of weaker aqua bars. U.S. commodities saw the “Go” trend strengthen this week after several weaker aqua bars last week. The dollar held on to its “NoGo” trend but painted weaker pink bars to end the week.

$SPY Continues in Strong “Go” Trend

The GoNoGo chart below shows that the “Go” trend continued this week and maintained its strength. A complete week of strong blue “Go” bars saw price hit another higher high. GoNoGo Oscillator remains in positive territory at a value of 3 but is no longer overbought.

The longer time frame chart shows us that the “Go” trend remains strong this week with another bright blue “Go” bar. However, it was a very small weekly trading range as price crept to a new higher high. GoNoGo Oscillator is in positive territory at a value of 3 but has not reached the same highs as it did on the last price high.

“NoGo” Trend Continues with a Full Week of Pink Bars

Treasury bond yields seem to have set a new lower low as price fell from the mid week high and GoNoGo Trend painted weak pink bars. GoNoGo Oscillator is riding the zero line and we see a GoNoGo Squeeze building close to its Max. It will be important to watch to see in which direction the Squeeze is broken. If the oscillator breaks out of the GoNoGo Squeeze into negative territory then we will see signs of NoGo Trend Continuation and look for price to challenge for new lows.

The Dollar Paints Weaker Pink “NoGo” Bars

Price continues to consolidate sideways this week and GoNoGo trend has started to paint pink bars as the “NoGo” trend weakens. During this time, GoNoGo Oscillator has struggled to move away from the zero line and has now dipped back into negative territory. If the oscillator remains negative, we will say that momentum remains on the side of the “NoGo” trend. If the oscillator recaptures positive territory it would signal that momentum is out of step with the trend.

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