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On this week’s edition of the GoNoGo Charts show from StockCharts TV, as the S&P 500 continues the rally at all time highs, Alex and Tyler take a look at GoNoGo Trend® conditions of several areas of the market. The recent breakout in Gold has much room to run, and treasury rates ($TNX) and the US Dollar Index (UUP) have cooled back into NoGo conditions.
This week, the duo look closely at the rotation of the markets. A major shift between leaders and laggards is underway, as growth equity sectors like XLK and XLC have given way to cyclicals such as XLB and XLI. Alex and Tyler dig deeper into the industry group level to see paper and commodity chemicals leading the materials sector (XLB) higher. To cap off, they explain the importance of the GoNoGo Oscillator and the objective zero line, and what to watch for next in terms of trend continuation and opportunities to enter on pullbacks.
This video originally premiered on March 11, 2024. Click this link to watch on StockCharts TV.
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