StockCharts TV EP #48 | US Equity “Go” Trend Wobbles | GoNoGo Charts (12.15.22)

15

December 2022

By

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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Tags:

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