Defense is still the play on this week's edition of the GoNoGo Charts show. Wednesday's heavy selloff has tempted many analysts to go "bottom fishing" for oversold opportunities. But, instead of forecasting a market bottom, investors can use the weight of the evidence in GoNoGo Charts to lean into short trade opportunities and watch a checklist of Trend, Momentum, Volume and Volatility for signs of meaningful trend reversal. On a relative basis, "Go" trends abound in the value sectors such as staples, utilities and, of course, energy, materials and industrials. Growth remains to be avoided, as it is technology, communications and discretionary dragging the index lower. Financials, after a flirtation with an amber "Go Fish" bar, has resumed its "NoGo" trend this week.
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