Risk Off Environment Despite Key Support | GoNoGo Charts (09.29)
GoNoGo Charts • 27m
In this week’s GoNoGo Show, Alex and Tyler review Wednesday’s upside move in the context of a persistent “NoGo” trend in US Equities, Commodities, and bond prices. The continued “NoGo” trend conditions on the daily and weekly charts are only further confirmed by macro forces like rising interest rates ($TNX) and the persistent “Go” trend in the US Dollar index (UUP). The parabolic move in the US Dollar index has corrected, but remains in trend.
Relative trend performance from the Financials (XLF) Energy (XLE), Consumer Staples (XLP), Healthcare (XLV), and Utilities (XLU) sectors remain in “Go” conditions. Alex and Tyler review the Consumer Discretionary (XLY) sector as well which has held up relative to the S&P500 (SPY) and examine a couple of holdings including Avis Budget (CAR) and Home Depot (HD).
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