It is no mystery that US equity indices are chopping around volatile swings each and every day. The trend conditions remain “NoGo” as markets deliver continued lower highs and lower lows. The weight of the evidence remains to the downside on daily and weekly timeframes. However, Wednesday, March 16th delivered 3.7% gains on the Nasdaq 100 and Consumer Discretionary $XLY was the highest performing sector of the day at 3.41%. This week, Alex and Tyler walkthrough GoNoGo Trend from an intraday trading perspective to see how the very short term moves could be traded. Today’s episode also includes a discussion of two important technical concepts: Divergence – whether positive or negative, we can look to GoNoGo Oscillator to see whether momentum is reinforcing a price trend or providing early indication of trend deterioration. Fibonacci Levels – looking at clean GoNoGo Charts allows analysts to overlay a series of support and resistance lines. Fibonacci lines can identify important price levels for extension or retracement of price moves where there is often a confluence of supply or demand.

00:00 – Intro

01:08 – Asset Class HeatMap

02:32 – S&P 500 Daily and Intraday Perspective

04:41 – Rates Moving Higher, Yield Trends: 10-Year Treasury ($TNX)

07:55 – Materials Sector (XLB), Sociedad Quimica y Minera de Chile (SQM)

13:15 – Leadership from the Utilities Sector (XLU)

15:48 – Defensive Play: US Dollar Index (UUP)

17:33 – Energy Markets: Energy Sector (XLE), United States Oil ETF (USO)

22:34 – Strong Go Trend: Archer-Daniels-Midland (ADM)

Thanks for joining us on this beautiful St. Patrick’s Day and be sure to check out the GoNoGo Blog articles at https://stockcharts.com/articles/gonogo/

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