After two days of uncertainty, $SPY sees “NoGo” return with a vengeance.
GoNoGo Trend shows that there was enough of a rally these past few days to paint amber “Go Fish” bars as the indicator was undecided as to its trend direction. Yesterday’s price action however saw a resounding return to a “NoGo”. GoNoGo Oscillator, as we have noted before, was testing the zero line from below where we expect resistance. This was the case, and it has now been rejected by that level, telling us that momentum is once again in the direction of the “NoGo”. We will now look to see if price will set a new low.
