Defense is still the play. Wednesday’s heavy sell-off has tempted many analysts to go “bottom-fishing” for oversold opportunities. But instead of forecasting a market bottom, investors can use the weight of the evidence in GoNoGo Charts to lean into short trade opportunities and watch a checklist of Trend, Momentum, Volume, and Volatility for signs of a meaningful trend reversal.
On a relative basis, "Go" trends abound in the value sectors such as staples, utilities, and of course energy, materials, and industrials. Growth remains to be avoided as it is technology, communications, and discretionary dragging the index lower. Financials, after a flirtation with an amber "Go Fish" bar has resumed its "NoGo" trend this week.
00:00 - Introduction
01:04 - GoNoGo Asset Class HeatMap®
02:20 - GoNoGo S&P Sector RelMap®
03:36 - SPDR S&P 500 ETF Trust (SPY) - Daily, Weekly
05:45 - Financial Select Sector SPDR Fund (XLF)
07:40 - Bank of America (BAC)
13:45 - Twitter (TWTR)
17:07 - Exxon Mobil (XOM) -Daily, Weekly
19:35 - Wheat (WEAT)
21:49 - Target (TGT)
24:14 - Walmart (WMT)
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