As US Equity indices broke through overhead supply, trend conditions strengthened to strong blue “Go” bars. This week Alex and Tyler review the intermarket headwinds for risk assets including treasury rates ($TNX), the US Dollar index ($UUP) and high cost of oil ($USO) which have now all fallen into a distribution phase in NoGo trends. Interestingly, leadership in the new S&P500 rally is coming from growth sectors such as information technology ($XLK) and consumer discretionary ($XLY) , but also the industrials sector ($XLI) which are all in “Go” trends on both an absolute and relative basis. Watch the top-down process this week as Alex and Tyler pull out leaders by asset class, sector, and into the individual names leading within the outperforming sectors – DE, NVDA, AAPL, LVMUY, PTON, ARKK, ETHUSD.
00:00 – Introduction
01:11 – GoNoGo Asset Class Heat Map
03:45 – SPDR S&P 500 ETF Trust (SPY) – Daily Resistance Zone, SPY Weekly
09:55 – 10-Year US Treasury Yield ($TNX – Daily)
11:22 – US Dollar (USD – UUP down over 1% yesterday)
13:27 – US Oil (USO )- Continued NoGo
15:09 – GoNoGo Sector RelMap – call out XLK and XLY & XLI
16:53 – Technology Select Sector SPDR Fund (XLK, XLK:SPY)
17:59 – Apple (AAPL – daily Weekly), iShares Semiconductor ETF (SOXX)
22:28 – NVIDIA (NVDA), ARK Innovation ETF (ARKK)
25:15 – Industrial Select Sector SPDR Fund (XLI), John Deer (DE)
26:27 – Ethereum to US Dollar (ETHUSD)
Website: https://www.gonogocharts.com/
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