On this week's edition of the GoNoGo Charts show from StockCharts TV, as the S&P 500 continues the rally at all time highs, Alex and Tyler take a look at GoNoGo Trend® conditions of several areas of the market. The recent breakout in Gold has much room to run, and treasury rates ($TNX) and the US Dollar Index (UUP) have cooled back into NoGo conditions.
This week, the duo look closely at the rotation of the markets. A major shift between leaders and laggards is underway, as growth equity sectors like XLK and XLC have given way to cyclicals such as XLB and XLI. Alex and Tyler dig deeper into the industry group level to see paper and commodity chemicals leading the materials sector (XLB) higher. To cap off, they explain the importance of the GoNoGo Oscillator and the objective zero line, and what to watch for next in terms of trend continuation and opportunities to enter on pullbacks.
This video originally premiered on March 11, 2024. Click this link to watch on StockCharts TV.
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About the author:
Alex Cole, CEO and Chief Market Strategist at GoNoGo Charts, is a market analyst and software developer. Over the past 15 years, Alex has led technical analysis and data visualization teams, directing both business strategy and product development of analytics tools for investment professionals.
Alex has created and implemented training programs for large corporations and private clients. His teaching covers a wide breadth of Technical Analysis subjects, from introductory to advanced trading strategies.
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About the author:
Tyler Wood, CMT, co-founder of GoNoGo Charts, is committed to expanding the use of data visualization tools that simplify market analysis to remove emotional bias from investment decisions.
Tyler has served as Managing Director of the
CMT Association for more than a decade to elevate investors’ mastery and skill in mitigating market risk and maximizing return in capital markets. He is a seasoned business executive focused on educational technology for the financial services industry. Since 2011, Tyler has presented the tools of technical analysis around the world to investment firms, regulators, exchanges, and broker-dealers.
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