{"id":7321,"date":"2024-08-06T00:04:29","date_gmt":"2024-08-06T00:04:29","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/08\/06\/stocks-get-defensive-as-market-index-enters-nogo\/"},"modified":"2024-08-06T00:04:29","modified_gmt":"2024-08-06T00:04:29","slug":"stocks-get-defensive-as-market-index-enters-nogo","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/08\/06\/stocks-get-defensive-as-market-index-enters-nogo\/","title":{"rendered":"Stocks Get Defensive as Market Index Enters \u201cNoGo\u201d"},"content":{"rendered":"
\n

Good morning and welcome to this week\u2019s Flight Path. Equities could not hold onto \u201cGo\u201d colors any longer and we saw a strong purple \u201cNoGo\u201d bar as the trend changed on the last bar of the week.\u00a0GoNoGo Trend painted strong blue \u201cGo\u201d bars for treasury bond prices while the trend remained a \u201cNoGo\u201d for U.S. commodities and the dollar, both painting strong purple bars as the week came to a close.<\/p>\n

$SPY Falls into Strong \u201cNoGo\u201d Trend<\/h4>\n

Price gapped lower on Friday, and GoNoGo Trend painted a first strong \u201cNoGo\u201d bar.\u00a0This came after a week where GoNoGo Oscillator had been below zero on heavy volume. Later in the week we saw the oscillator get rejected at that level as more sellers entered the market.\u00a0We had also seen uncertainty in the trend with several amber \u201cGo Fish\u201d bars sprinkled in with the weaker aqua trend color. We will watch to see if the oscillator falls further into negative territory this week which would add downward pressure on price.<\/p>\n<\/p>\n

An inflection point has arrived on the weekly chart.\u00a0A second weaker aqua bar tells us that the longer term trend continues to be weak after the last Go Countertrend Correction Icon (red arrow) told us price may struggle to go higher in the short term.\u00a0GoNoGo Oscillator has fallen to test the zero line from above and we will watch to see if it finds support here at this level.\u00a0A break into negative territory would likely signal a deeper correction.<\/p>\n<\/p>\n

Treasury Rates Crash to New Lows in \u201cNoGo\u201d Trend<\/strong><\/h4>\n

This week we saw another uninterrupted string of purple \u201cNoGo\u201d bars as price fell every single day of the week.\u00a0As the week progressed price accelerated its move to the downside.\u00a0We now see that GoNoGo Oscillator is in oversold territory at an extreme value of -6.<\/p>\n<\/p>\n

The weekly chart below shows that price has fallen to test prior lows.\u00a0A second weaker pink \u201cNoGo\u201d bar has pushed price down to horizontal levels that could provide support.\u00a0We also see that GoNoGo Oscillator has fallen into oversold territory on the weekly chart as well at a value of -5.<\/p>\n<\/p>\n

The Dollar Reverts Back to \u201cNoGo\u201d Trend<\/h4>\n

After a lot of uncertainty last week, the dollar fell back into a \u201cNoGo\u201d trend this week with pink and purple bars.\u00a0On the last day of the week, price gapped lower and is now testing support from earlier lows that we see in the chart.\u00a0GoNoGo Oscillator broke out of a Max GoNoGo Squeeze on heavy volume as well which tells us that momentum is resurgent in the direction of the \u201cNoGo\u201d trend.\u00a0We will watch to see if price can fall to new lows this week.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Good morning and welcome to this week\u2019s Flight Path. Equities could not hold onto \u201cGo\u201d colors any longer and we saw a strong purple \u201cNoGo\u201d bar as the trend changed on the last bar of the week.\u00a0GoNoGo Trend painted strong blue \u201cGo\u201d bars for treasury bond prices while the trend remained a \u201cNoGo\u201d for U.S. […]<\/p>\n","protected":false},"author":0,"featured_media":7322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-7321","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\/7321","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=7321"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/7321\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/7322"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=7321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=7321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=7321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}