Alex and Tyler review markets following the recent 50 basis point hike from Fed Chairman Jerome Powell. While the relief rally in the S&P 500 has retained its “Go” trend conditions, early warning signs from GoNoGo Oscillator suggest negative momentum as a threat to the durability of the recent run. On longer timeframes, $SPY shows a weaker “NoGo” on pink bars and a neutral inflection point for momentum. Using a risk proxy ratio HYG:TLT, Alex and Tyler highlight the risk-off behavior in the bond market even in the face of the recent equity rally. Defensive sectors outperform the index on a relative basis with outperformance in both healthcare ($XLV) and staples ($XLP) leading. Johnson & Johnson (JNJ) shows a strong “Go” trend which is somewhat unique in an otherwise heavy market.

00:00 – GoNoGo Asset Class Heat Map

01:27 – SPY – Daily, then weekly

10:15 – USD – UUP daily then weekly – No Go

11:19 – USO – No Go Strengthens to the downside

15:23 – $TNX – Daily hitting new highs 4.18% on 10 year – last seen in 2008

16:57 – HYG:TLT – Risk Off 18:04 – GoNoGo Sector RelMap – call out Cyclicals

22:50 – JNJ – Defensive