Alex Cole and Tyler Wood walk through GoNoGo Charts from a top-down perspective, with special attention to US equity markets following the announcement from Federal Reserve Chairman Jerome Powell on Wednesday. The fed rate hike remained in line with Wall St. expectations for a 75 basis point increase. News anchors celebrated a market “rally” which broke the 5-day negative streak. However, the “rally” left much to be desired as trading through the afternoon was heavy.
The S&P 500 closed -1.25% off the highs of the day. More importantly, prices are still trading below the May lows, which are around $390 (3,900 in the index). While yesterday's rally was encouraging to the bulls, it did virtually nothing to improve the technical damage that has taken place recently. GoNoGo Charts quantify what is actually happening from a trend, momentum, volume and volatility perspective -- and the weight of the evidence remains sharply bearish.
00:00 - Introduction
01:38 - Cross Asset HeatMap
03:12 - 10 Year Treasury Yield. ($TNK)
05:30 - US Dollar (UUP) - daily, weekly
07:35 - S&P 500 (SPY) - Daily
09:40 - GoNoGo Sector RelMap
11:14 - United States Oil Fund (USO) - market leaders under pressure crude down -3% Wed
16:34 - Energy Sector (XLE)
23:09 - Marathon Oil Corporation (MRO)
24:00 - BTCUSD -70%, crypto lost $1.32TR YTD – Is this the latest Beanie Babies or DeFi Revolution?
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