StockCharts TV EP #47 | US Equity “Go” Trend Wobbles | GoNoGo Charts (12.15.22)


December 2022


Daniel Jayaro

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




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#RelativeStrength $JNJ $SPY $TNX gonogo GoNoGo Asset Class HeatMap GoNoGo Oscillator GoNoGo RelMap GoNoGo Sector RelMap GoNoGo Trend GoNoGoCharts S&P 500