Well well well … $SPX in a “NoGo” trend.
$SPX had been in a “Go” trend since the end of March. Selling pressure over the last few weeks saw price correct from the high on July 27th. We saw multiple Go Countertrend Correction Icons (red arrows) outlining the top. This suggested that price may struggle to go higher in the short term. GoNoGo Oscillator then fell to test the zero line where it was unable to find support. Crashing into negative territory on heavy volume, this told us that there was enthusiastic selling. This was more than a pull back and not a healthy sign for a “Go” trend. As price tested horizontal support GoNoGo Trend painted an amber “Go Fish” bar indicating uncertainty, before falling below support and painting a first “NoGo” bar. With GoNoGo Oscillator in negative territory but not yet oversold, there is potential for more downside for S&P 500 over the next few weeks.
