What is clear about the US Equity markets' trend is that it is down, with a series of lower highs and lower lows despite the tremendous volatility of last week. The GoNoGo Oscillator is testing the zero-line from below, and while the trend condition is in its weaker pink form, it is still a "NoGo." In this week's edition of the GoNoGo Charts show, Alex and Tyler discuss the commodities arena, with a view to metals & mining, agricultural commodities and, of course the energy complex, which is surging higher on $110/barrel oil. In fact, the metals and mining industry is performing solidly on both an absolute and relative basis.
Alex and Tyler then look at $XME/SPY -- the relative ratio of the metals and mining ETF against the S&P 500, showing a strong week of relative gains above prior resistance on strong blue "Go" trend conditions. The GoNoGo Oscillator has rallied positive after months of indecision at the zero-line.
This video was originally recorded on March 3, 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.
