$SPY, the SPDR S&P 500 ETF sits at a critical juncture. After rallying strongly since coming out of the “NoGo” correction towards the end of October, we have seen prices pull back in a counter trend correction. This has caused the GoNoGo Oscillator to fall to the zero line. We will look to see if it can hold this level as support as we know it should if the “Go” trend in price is healthy. If it does, we will see a Go Trend Continuation green circle under price telling us that momentum has returned in the direction of the “Go” trend and we can look for the trend to continue. If GoNoGo Oscillator cannot find support at zero it would be the first hint at the possibility of a longer correction.
