It is no mystery that US equity indices are chopping around volatile swings each and every day. The trend conditions remain "NoGo" as markets deliver continued lower highs and lower lows. The weight of the evidence remains to the downside on daily and weekly timeframes. However, Wednesday delivered 3.7% gains on the Nasdaq 100 and Consumer Discretionary $XLY was the highest-performing sector of the day at 3.41%. In this week's edition of the GoNoGo Charts show, Alex and Tyler walk through GoNoGo Trend from an intraday trading perspective to see how the very short-term moves could be traded.
Alex and Tyler also present a discussion of two important technical concepts. The first is divergence, which, whether positive or negative, we can look to GoNoGo Oscillator to see whether momentum is reinforcing a price trend or providing early indication of trend deterioration. The other is Fibonnacci Levels; looking at clean GoNoGo Charts allows analysts to overlay a series of support and resistance lines. Fibonacci lines can identify important price levels for extension or retracement of price moves where there is often a confluence of supply or demand.
This video was originally recorded on March 17, 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.
