The GoNoGo daily chart shows that we are again at a critical juncture for the S&P 500.
Having fallen out of the trend channel once more, we are seeing a few things that are important to note. There is bearish divergence between the price and the GoNoGo Oscillator as highlighted by the dashed trendlines. Also we see that the recent high did not manage to test the upper bound of the trend channel. The GoNoGo Oscillator is currently at the zero having fallen from above. We will need to see this function as support for the Go trend to remain strong. If the GoNoGo Oscillator is unable to find support at the zero line then we may well see that lead to a color change in the GoNoGo Trend in the price panel above.
By
Alex Cole
