S&P 500 SPDR $SPY sees trend change to “NoGo”
After failing to set a higher high and notable divergence between price and the GoNoGo Oscillator, GoNoGo Trend paints a pink “NoGo” bar. As GoNoGo Trend struggled to maintain Go bars (with several amber Go Fish bars creeping in), we saw a GoNoGo Squeeze grid build over the last several sessions as GoNoGo Oscillator rode the zero line. We know that when a trend is healthy that objective level should act as support in a Go trend, so breaking the squeeze to the downside on heavy volume is definitely a concern and reflects the bearish momentum we see in price action. We will watch to see if the oscillator can quickly reverse back to positive territory or if this is the start of more struggles for price.
