On this week's edition of the GoNoGo Charts show, Alex and Tyler walk through GoNoGo Charts from a top-down perspective, with special attention to US equity markets following the announcement from Federal Reserve Chairman Jerome Powell on Wednesday. The fed rate hike remained in line with Wall St. expectations for a 75 basis point increase. News anchors celebrated a market "rally" which broke the 5-day negative streak. However, the "rally" left much to be desired as trading through the afternoon was heavy.
The S&P 500 closed -1.25% off the highs of the day. More importantly, prices are still trading below the May lows, which are around $390 (3,900 in the index). While yesterday's rally was encouraging to the bulls, it did virtually nothing to improve the technical damage that has taken place recently. GoNoGo Charts quantify what is actually happening from a trend, momentum, volume and volatility perspective -- and the weight of the evidence remains sharply bearish.
This video was originally recorded on June 16, 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.
And don't miss out on Alex and Cole's new 1-hour special presentation "Beat the Benchmark"!
