S&P 500 Index paints a “Go Fish” bar

26

March 2021

By

Alex Cole

The S&P 500 Index this week has seen price action that has caused a change in the GoNoGo Trend.
The GoNoGo Trend yesterday painted an amber "Go Fish" bar, indicating that not enough of the inputs in the blended technical trend indicator are bullish enough to paint a "Go" color. We have seen this a few times before in this most recent trend and we will need to watch to see what happens next. This comes after we spotted bearish divergence between price and the GoNoGo Oscillator.  Along with this, the GoNoGo Oscillator is back at the zero line. If it can find support here then chances are good that the "Go" trend will return. A break below zero on the oscillator would suggest more trying times ahead.