GNG TV: Equities Rally Through Resistance, Dollar Now a “NoGo”
As US Equity indices broke through overhead supply, trend conditions strengthened to strong blue “Go” bars. In this week’s edition of the GoNoGo Charts show, Alex and Tyler review the intermarket headwinds for risk assets including treasury rates ($TNX), the US Dollar index ($UUP) and high cost of oil ($USO) which have now all fallen into a distribution phase in NoGo trends. Interestingly, leadership in the new S&P 500 rally is coming from growth sectors, such as information technology ($XLK) and consumer discretionary ($XLY), but also the industrials sector ($XLI), which are all in “Go” trends on both an absolute and relative basis. Watch the top-down process this week as Alex and Tyler pull out leaders by asset class, sector, and into the individual names leading within the outperforming sectors.
This video was originally recorded on August 11, 2022. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, Chromecast, iOS, Android and more!
New episodes of GoNoGo Charts air on Thursdays at 3:30pm ET on StockCharts TV. Learn more about the GoNoGo ACP plug-in with the FREE starter plug-in or the full featured plug-in pack.