$SPY has been in a “Go” trend since early May.
Since then we have seen a series of higher highs and higher lows as price has moved up to almost $640. At that high, we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. We see that since then, GoNoGo Trend has painted mainly weaker aqua bars and GoNoGo Oscillator fell to test the zero line on heavy volume. On first try, it failed to find support at zero, and dipped into negative territory. However, as price appears to have put in a new higher low, we see the oscillator is back testing zero from below. It will be important for the health of this “Go” trend to see GoNoGo Oscillator regaining positive territory. Then we would see signs of Go Trend Continuation and could look for another attempt at a higher high.
