Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Stocks

Equities Struggle in Strong “NoGo” as Materials try to Curb the Damage

by April 23, 2024
April 23, 2024
Equities Struggle in Strong “NoGo” as Materials try to Curb the Damage

Good morning and welcome to this week’s Flight Path. The equity “Go” trend is over. We saw a pink “NoGo” bar following an amber “Go Fish” bar of uncertainty and then that was followed by strong purple bars as the week continued. Treasury bond prices remained in a strong “NoGo” trend as we saw an entire week of uninterrupted “NoGo” strong purple bars. Commodity prices hung on through a period of weakness to paint a strong blue bar at the end of the week. The dollar showed strength all week as GoNoGo Trend. colored all of the bars a strong blue “Go”.

Equities Roll Over into “NoGo”

Last week we noted the weakness we had seen in the “Go” trend. The last high triggered a Go Countertrend Correction Icon (red arrow) that indicated prices may struggle to go higher in the short term. Prices moved mostly sideways or away from the high since then and this past week saw the technical environment change. First, an amber “Go Fish” bar reminded us that there was uncertainty in the current trend, and that quickly gave way to a pink “NoGo” bar. Without looking back, the latter part of the week saw strong purple “NoGo” bars as price moved progressively lower.

Last week’s paler aqua “Go” bar brought with it a Go Countertrend Correction Icon (red arrow). This week we see price falling further from the most recent high as GoNoGo Trend paints a second weaker aqua bar. We look to the oscillator panel and see that it is fast approaching the zero line. That will be the next important test of this “Go” trend. As price continues to fall, we will want to see support found by the oscillator at zero. If it finds it, we will expect price to set a new higher low and can look for signs of trend continuation. If the oscillator fails to find support at the zero line, we could well see a deeper correction and possible trend change in the price panel.

Rates in Strong “Go” Trend

We saw a week of strong blue “Go” bars in treasury rates. After hitting a high in the beginning of the week the chart triggered a Go Countertrend Correction Icon (red arrow) and we know that it will be hard for price to rise higher in the short term. GoNoGo Oscillator is in positive territory but no longer overbought. After some consolidation at these levels we will look to see if the trend can continue.

Dollar Takes a Pause at New Highs

After last week’s gap higher, we saw price consolidate at these new higher levels. GoNoGo Trend painted a full week of strong blue bars and we will look at the top of that gap for potential support going forward. GoNoGo Oscillator remains overbought at a value of 5 and volume is heavy. We will watch to see if momentum wanes, giving us a Go Countertrend Correction Icon on the chart and leading to further price consolidation.

The longer term chart shows clearly where long term support should now be found. Last week’s strong price action pushed price above horizontal resistance that we see on the chart from prior highs. There is some likelihood that price takes a breath soon as momentum is overbought. As it moves back into neutral territory and potentially toward the zero line we will look for price support at the horizontal level and for oscillator support at the zero line.

0
FacebookTwitterGoogle +Pinterest
previous post
Weak Charts Keep Getting Weaker
next post
SOURCE ROCK ROYALTIES ANNOUNCES 2023 RESULTS INCLUDING RECORD ANNUAL & QUARTERLY FUNDS FROM OPERATIONS

Related Posts

MEM TV: Nasdaq Close to New Uptrend with...

August 26, 2023

A Red Bar on the Homebuilders ETF

August 18, 2023

A Very Accurate Sentiment Reading That Is Flashing...

February 19, 2024

The S&P 500 Snapped Back Hard: Now What?

May 16, 2025

Top 10 Stocks to Watch in July 2024!

June 29, 2024

MEM TV: Bullish Week Provides Perfect Setups!

September 2, 2023

Gold and Silver Are Crushing the S&P 500!...

February 24, 2025

Sector Spotlight: Dominant Trend for Stocks Still UP

February 21, 2024

Will Bitcoin Go the Way of a Commodity...

October 13, 2023

New Year Starts With a Bang as Leadership...

January 6, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Breakout Watch: One Stock in Each Sector to Watch Now

    • Small Caps Are Rotating In — Here’s Why It Matters

    • Want Faster, Lower Risk Trades? Use This Setup

    • The Seasonality Trend Driving XLK and XLI to New Highs

    • Copper Soars to All-time High as Trump Unveils 50 Percent Tariff on Imports

    • Apollo Silver; Right Assets, Right Management and Right Time

    Categories

    • Business (1,283)
    • Investing (2,658)
    • Politics (3,699)
    • Stocks (1,709)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 moneycontrolplace.com | All Rights Reserved