GoNoGo Trend has painted an amber “Go Fish” bar for $SPY.
We entered a “Go” trend in early November of last year and this is the first time since then the “Go” has been broken. An amber bar, or “Go Fish” tells us that not enough of the trend criteria are being met in either direction for GoNoGo Trend to paint either “Go” or “NoGo” colors. Looking at the oscillator panel, we see that GoNoGo Oscillator provided a leading indication of this potential trend change as it broke below the zero line 4 bars ago. After dipping into negative territory it quickly retested that level where it found it to be resistance. Now, as GoNoGo Trend paints the “Go Fish” bar, GoNoGo Oscillator is falling further into negative territory at a value of -2 and volume is increasing. We will watch to see if this leads to further price deterioration and a possible move into a “NoGo” trend in the price panel above.
