Connect with us

Hi, what are you looking for?

firstmarketscanner.comfirstmarketscanner.com

Stock News

Rocks over Stocks | GoNoGo Show 041824

The S&P500 trend conditions have reversed into “NoGo” and strengthened to purple bars. Alex Cole and Tyler Wood, CMT identify intermarket forces including rising rates ($TNX) and a strong US Dollar (UUP) that can provide headwinds to risk assets. A strong “Go” trend in the volatility index ($VIX), though still hovering around 20 also correlates to the new risk off characteristics on this environment.

This week we again take a closer look at GoNoGo Trend® conditions across a diverse array of the commodities markets including precious and industrial metals ($GOLD, $COPPER), softs ($COCOA, $COFFEE) and energy ($OIL) all trending in “Go” conditions and outperforming US equities ($SPY) on a relative basis. To express this thesis, Alex and Tyler look at a few equities that stand to benefit from these trends including: Freeport McMoran (FCX), Harmony Mining Inc (HMY) and Marathon Oil (MRO).

The rotation of market leadership into cyclical sectors held up this week as shown in the GoNoGo Sector RelMap®. Energy ($XLE), industrials ($XLI), and materials ($XLB) maintain their trend of outperformance against the S&P 500 index. Interestingly, Communications ($XLC) and Utilities ($XLU) have also joined the leadership group. Alex and Tyler dig deeper into the industry group level within the materials sector (XLB) to see aluminum, non-ferrous metals, and mining groups leading relative outperformance. On an absolute basis, materials have corrected to neutral amber bars as the GoNoGo Oscillator® rests at zero. Finally, Alex and Tyler review a similar risk-off condition in the cryptocurrency space as Bitcoin ($BTCUSD) reverses to “NoGo” trend conditions and what to watch for next in terms of trend continuation and opportunities to enter on pullbacks.

Follow: https://twitter.com/ChartsGonogo

Connect: https://www.linkedin.com/company/gonogo-charts-llc

Learn More: https://www.gonogocharts.com/

Rocks over Stocks | GoNoGo Show April 18, 2024

You May Also Like

Stock News

SPX Monitoring Purposes: Short SPX on 9/1/23 at 4515.77; cover short 9/5/23 at 4496.83 = gain .43%. Gain since 12/20/22: 15.93%. Monitoring Purposes GOLD:  Long...

Business News

Sam Bankman-Fried will head to jail on Friday after a judge sided with a request by federal prosecutors to revoke the FTX co-founder’s bail...

Stock News

It’s summertime, and the living should be easy. Folks do tend to go away in August as the market tends to chop around on...

Stock News

With Labor Day weekend behind us, it’s time to get back to the business of following the stock market. As the broader stock market...