$SPY had been in a “Go” trend since early May.
Since then, we have seen a series of higher highs and higher lows as price climbed to record highs near $690. Following that last higher high we saw a Go Countertrend Correction Icon (red arrow) indicating that price may struggle to go higher in the short term. Indeed, GoNoGo Trend painted several weaker aqua bars as price fell from the high. During that time, GoNoGo Oscillator fell to test the zero line from above and we saw a Max GoNoGo Squeeze build. This reflected the virtual tug of war between buyers and sellers as price looked for support. Now, we see that GoNoGo Oscillator has broken out of the Squeeze into negative territory as GoNoGo Trend paints a second amber “Go Fish” bar of uncertainty. Now we momentum negative, we will watch to see if price falls to test prior low support, and if there is a change in trend to a “NoGo”.
