Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Stocks

Going, Going, Gone: End of Week Themes with GoNoGo Charts

by January 21, 2023
January 21, 2023
Going, Going, Gone: End of Week Themes with GoNoGo Charts

As the week ends, let’s use GoNoGo Charts to get sense of market moves.

The chart below shows the $SPY with daily prices and the full suite of single security GoNoGo Indicators applied. Price moved higher into midweek before tumbling on Wednesday. The last bar of the week saw prices climb from this new low. We saw an aqua “Go” bar that quickly reverted to more amber “Go Fish” bars. Remember, the “Go Fish” bar represents uncertainty, and so the market is not yet convinced that we are ready for a new “Go” trend. Having said that, GoNoGo Oscillator broke above the zero line over a week ago and has stayed positive since. We will need to see the oscillator find support here at the zero line to prevent a return to a “NoGo”.

As we zoom out and look at the weekly chart below, we see a second bar of uncertainty reflecting the market’s indecision. A second successive “Go Fish” bar highlights the fact that the “NoGo” has lost its hold on the market, but we are not in a “Go” yet until we see blue or aqua bars. If we turn our attention to the GoNoGo Oscillator in the lower panel, we can see that it continues to struggle with the zero line. Technically, we are finding support at this level, but we have been unable to move significantly into positive territory. We will want to see momentum rally here to give price the push it needs to paint “Go” bars on the weekly chart.

Let’s turn to some GoNoGo RelMaps to understand where the performance is coming from, as we see the signs of a market moving towards a more risk-on environment. Below, we have a GoNoGo RelMap showing the Morningstar 9 style boxes. These tickers can be easily found on StockCharts. In an interesting move this week, we can see large cap value has started to underperform relative to the S&P 500. Mid-cap and small-cap value are still in relative “Go” trends, but it is the bottom of the map that is changing fast. Small- and mid-cap growth have entered relative “Go” trends, which is a sign of a more risk-on environment.

Finally, the GoNoGo Sector RelMap confirms that change is afoot also. We can see that the growth sectors, technology ($XLK) and discretionary ($XLY), have painted amber “Go Fish” bars to end the week, moving out of relative “NoGo” trends. More traditionally, the defensive sectors, i.e. healthcare ($XLV), staples ($XLP), and utilities ($XLU), have all rolled over into “NoGo” trends relative to the S&P 500. It will be important to monitor this week ahead to see if the trend continues, with the more beaten-down growth stocks starting to rally.

Better Charts. Better Decisions.

Alex Cole

0
FacebookTwitterGoogle +Pinterest
previous post
MEM TV: S&P Regains Upside Momentum
next post
Biden spends weekend at Rehoboth Beach house after classified docs found at other Delaware home

You may also like

Energy Picks Up and Consumer Discretionary Continues to...

January 23, 2025

Equal-weight Semis Break Down – Is SOXX Next?...

October 16, 2023

Why This Latest Bull Market Advance Is So...

February 4, 2024

Is There “Blood in the Streets” for August...

August 22, 2023

Three Technical Tools to Minimize Endowment Bias

February 10, 2025

The Ord Oracle October 11, 2022

October 12, 2022

Navigating the Indecisive SPY: What Investors Should Know

December 19, 2024

Tesla: The Breakout to Bolster the Bulls

April 29, 2025

MEM TV: Growth Falters, But These Areas Shine

December 10, 2022

Sugar Prices Soar — What Could It Mean?

February 23, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump wins over lifelong Democrat autoworker with ‘big, beautiful bill’ vehicle loan tax benefit

      June 27, 2025
    • EXCLUSIVE: Trump admin takes action after massive fraud uncovered at agency Dems tried to protect from DOGE

      June 26, 2025
    • FBI investigating Iran strike leaker, Leavitt says: ‘They should be held accountable’

      June 26, 2025
    • SMCI Stock Surges: How to Invest Wisely Now

      June 26, 2025
    • NEW! 5 Significant Additions to Our Professionally-Curated Market Summary Dashboard

      June 26, 2025
    • ‘Presidential incapacity’: Senate Republican seeks paper trail of Biden’s autopen use

      June 26, 2025

    Categories

    • Business (8,316)
    • Investing (2,074)
    • Politics (15,824)
    • Stocks (3,172)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.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 © 2025 futureretirementsuccess.com | All Rights Reserved