$SPY still set to struggle in the short term

$SPY still set to struggle in the short term


September 2021


Alex Cole

Things are still not looking rosy on $SPY daily chart.

After rallying to test the zero line, GoNoGo Oscillator seems to have been rejected by resistance at that level.  Price has rolled over again also, with the GoNoGo Trend resuming a strong "NoGo" with purple bars.  The rejection of the oscillator at the zero line caused a red low risk NoGo Trend continuation icon to appear over the price bar two sessions ago.  We will see if price moves lower to test the lows from the 20th. Keep in mind however, that on the weekly chart, we are still in a "Go" trend, with the oscillator riding the zero line waiting for momentum to find direction.