IShares Russell 2000 ETF is seeing lower lows in price but higher lows in the GoNoGo Oscillator.
GoNoGo Oscillator broke below the zero line toward the end of November and since then the GoNoGo Trend has been painting “NoGo” bars. Now, the oscillator is testing the zero line from below having made a series of higher lows and we will look to see if the zero line rejects the oscillator once again or if momentum becomes strong enough to push into positive territory. If GoNoGo Oscillator finds resistance at the zero line, look for price to roll over and retest the recent lows. On the other hand, if we see a break above the zero line to the upside, the “NoGo” trend will be threatened.
