$IWM, the Ishares Russel 2000 ETF, shows that momentum has returned in the direction of the “NoGo” that has been in place for a few weeks.
Unlike the $SPY, S&P 500 ETF, this “NoGo” has been in place for a few weeks as we noted that it was large cap stocks that were keeping the market afloat. As price falls, we have seen the GoNoGo Oscillator get rejected by the zero line, which tells us that there is still selling pressure that could see price move lower. Will the broad market index follow suit as we see $SPY enter a “NoGo” on yesterday’s price action?
By
Alex Cole
