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The S&P 500 entered a “NoGo” trend at the beginning of last week and has since tried to claw its way out of it. It will be an uphill battle.
The GoNoGo Oscillator is testing the zero line from below and all else being equal should find resistance here. If the oscillator is turned away and moves into negative territory once more look for price to remain in the “NoGo” trend, staying south of 3400.