GoNoGo shows pivotal moment on weekly timeframe for SPX
Here we are, at a pivotal moment on the weekly timeframe for the S&P500.
The rally from the lows of March has allowed the GoNoGo Trend indicator to finally paint a neutral amber bar, rather than the purple/pink of a bearish market.
At this juncture, we wouldn’t say we are bullish yet on this time frame. To make that case, we’d need to see the GoNoGo Oscillator break and stay above zero (showing positive momentum). So far, it has been riding the zero line having approached it from below and you can see the GoNoGo Squeeze with its climbing grid showing this in the lower panel. If the GoNoGo Oscillator breaks out of the squeeze with positive momentum, we’d finally see the blue bars of the “Go” trend in the price panel.
The rally from the lows of March has allowed the GoNoGo Trend indicator to finally paint a neutral amber bar, rather than the purple/pink of a bearish market.
At this juncture, we wouldn’t say we are bullish yet on this time frame. To make that case, we’d need to see the GoNoGo Oscillator break and stay above zero (showing positive momentum). So far, it has been riding the zero line having approached it from below and you can see the GoNoGo Squeeze with its climbing grid showing this in the lower panel. If the GoNoGo Oscillator breaks out of the squeeze with positive momentum, we’d finally see the blue bars of the “Go” trend in the price panel.
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