$SPY has been in a “NoGo” trend since February 27th.
Since then we have seen price fall rapidly on a majority of strong purple “NoGo” bars. With the lows a week ago, we saw NoGo Countertrend Correction Icons (green arrows) suggesting that in the short term price may struggle to go lower. Indeed, GoNoGo Trend painted weaker pink bars as price rallied off the lows. The current bar is lower, suggesting a lower high has been set. During this time, GoNoGo Oscillator rose to test the zero line from below. We will watch closely to see if it finds resistance here. If it is rejected, and falls back into negative territory then we will see signs of NoGo Trend Continuation (red circle) and will expect further downside pressure and an attempt at a new lower low.
