{"id":3441,"date":"2024-04-23T00:03:32","date_gmt":"2024-04-23T00:03:32","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/04\/23\/equities-struggle-in-strong-nogo-as-materials-try-to-curb-the-damage\/"},"modified":"2024-04-23T00:03:32","modified_gmt":"2024-04-23T00:03:32","slug":"equities-struggle-in-strong-nogo-as-materials-try-to-curb-the-damage","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/04\/23\/equities-struggle-in-strong-nogo-as-materials-try-to-curb-the-damage\/","title":{"rendered":"Equities Struggle in Strong \u201cNoGo\u201d as Materials try to Curb the Damage"},"content":{"rendered":"
\n

Good morning and welcome to this week\u2019s Flight Path.\u00a0The equity \u201cGo\u201d trend is over.\u00a0We saw a pink \u201cNoGo\u201d bar following an amber \u201cGo Fish\u201d bar of uncertainty and then that was followed by strong purple bars as the week continued. Treasury bond prices remained in a strong \u201cNoGo\u201d trend as we saw an entire week of uninterrupted \u201cNoGo\u201d strong purple bars. Commodity prices hung on through a period of weakness to paint a strong blue bar at the end of the week.\u00a0The dollar showed strength all week as GoNoGo Trend. colored all of the bars a strong blue \u201cGo\u201d.<\/p>\n<\/p>\n

Equities Roll Over into \u201cNoGo\u201d<\/h4>\n

Last week we noted the weakness we had seen in the \u201cGo\u201d trend.\u00a0The last high triggered a Go Countertrend Correction Icon (red arrow) that indicated prices may struggle to go higher in the short term.\u00a0Prices moved mostly sideways or away from the high since then and this past week saw the technical environment change.\u00a0First, an amber \u201cGo Fish\u201d bar reminded us that there was uncertainty in the current trend, and that quickly gave way to a pink \u201cNoGo\u201d bar.\u00a0Without looking back, the latter part of the week saw strong purple \u201cNoGo\u201d bars as price moved progressively lower.<\/p>\n<\/p>\n

Last week\u2019s paler aqua \u201cGo\u201d bar brought with it a Go Countertrend Correction Icon (red arrow).\u00a0This week we see price falling further from the most recent high as GoNoGo Trend paints a second weaker aqua bar.\u00a0We look to the oscillator panel and see that it is fast approaching the zero line.\u00a0That will be the next important test of this \u201cGo\u201d trend.\u00a0As price continues to fall, we will want to see support found by the oscillator at zero.\u00a0If it finds it, we will expect price to set a new higher low and can look for signs of trend continuation.\u00a0If the oscillator fails to find support at the zero line, we could well see a deeper correction and possible trend change in the price panel.<\/p>\n<\/p>\n

Rates in Strong \u201cGo\u201d Trend<\/strong><\/p>\n

We saw a week of strong blue \u201cGo\u201d bars in treasury rates.\u00a0After hitting a high in the beginning of the week the chart triggered a Go Countertrend Correction Icon (red arrow) and we know that it will be hard for price to rise higher in the short term.\u00a0GoNoGo Oscillator is in positive territory but no longer overbought.\u00a0After some consolidation at these levels we will look to see if the trend can continue.<\/p>\n<\/p>\n

Dollar Takes a Pause at New Highs<\/h4>\n

After last week\u2019s gap higher, we saw price consolidate at these new higher levels.\u00a0GoNoGo Trend painted a full week of strong blue bars and we will look at the top of that gap for potential support going forward. GoNoGo Oscillator remains overbought at a value of 5 and volume is heavy.\u00a0We will watch to see if momentum wanes, giving us a Go Countertrend Correction Icon on the chart and leading to further price consolidation.<\/p>\n<\/p>\n

The longer term chart shows clearly where long term support should now be found.\u00a0Last week\u2019s strong price action pushed price above horizontal resistance that we see on the chart from prior highs.\u00a0There is some likelihood that price takes a breath soon as momentum is overbought.\u00a0As it moves back into neutral territory and potentially toward the zero line we will look for price support at the horizontal level and for oscillator support at the zero line.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Good morning and welcome to this week\u2019s Flight Path.\u00a0The equity \u201cGo\u201d trend is over.\u00a0We saw a pink \u201cNoGo\u201d bar following an amber \u201cGo Fish\u201d bar of uncertainty and then that was followed by strong purple bars as the week continued. Treasury bond prices remained in a strong \u201cNoGo\u201d trend as we saw an entire week […]<\/p>\n","protected":false},"author":0,"featured_media":3442,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/3441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=3441"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/3441\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/3442"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=3441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=3441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=3441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}