After a multi month “NoGo” daily trend, $SPY sees GoNoGo Trend fail to continue to paint “NoGo” colors as we see two amber “Go Fish” bars of uncertainty.
GoNoGo Oscillator tipped us off to this changing environment as we saw it break out of two GoNoGo Squeeze grids into positive territory as it found support at the zero line. The obvious initial target would be the horizontal resistance around $415. It would behove us to remember though that these price moves come in the context of a larger “NoGo” trend that see is still in place on the weekly chart. That being said, with clear risk management (a stop could be set just below the horizontal upper bound of the triangle) and a roughly 3 to 1 reward ratio, those could be favorable conditions for some traders.
