In this edition of the GoNoGo Charts show, Alex and Tyler deliver a view of relative and absolute trends across the investible landscape. The S&P 500 (SPY) confirms a “Go” trend on both daily and weekly timeframes, and Gold ($GLD) shows further upside as the “Go” trend strengthens. Oil ($USO) rallies back to test its 7-month downtrend line and remains in “NoGo” Conditions. The top four cryptocurrencies by market cap continue to outperform $SPY on a relative basis. Within US Equities, out-performance from Technology (XLK) communications (XLC) continues, but there is also strength in the defensive areas of the market. Consumer Staples (XLP) and even utilities are outperforming the index. Drilling into the industry groups, non-durable household goods and soft drinks lead the XLP. Charts of Sysco (SYY) and CocaCola (KO) offer important lessons in trade risk management and capturing opportunities within leadership groups.
This video was originally recorded on April 6, 2023. 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!
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