In this edition of the GoNoGo Charts show, Alex and Tyler deliver a view of relative and absolute trends across the investible landscape. The S&P 500 (SPY) confirms a “Go” trend on both daily and weekly timeframes, and Gold ($GLD) shows further upside as the “Go” trend strengthens. Oil ($USO) rallies back to test its 7-month downtrend line and remains in “NoGo” Conditions. The top four cryptocurrencies by market cap continue to outperform $SPY on a relative basis. Within US Equities, out-performance from Technology (XLK) communications (XLC) continues, but there is also strength in the defensive areas of the market. Consumer Staples (XLP) and even utilities are outperforming the index. Drilling into the industry groups, non-durable household goods and soft drinks lead the XLP. Charts of Sysco (SYY) and CocaCola (KO) offer important lessons in trade risk management and capturing opportunities within leadership groups.
This video was originally recorded on April 6, 2023. Click this link to watch on YouTube. You can also view new episodes – and be notified as soon as they’re published – using the StockCharts on demand website, StockChartsTV.com, or its corresponding apps on Roku, Fire TV, Chromecast, iOS, Android, and more!
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Alex Cole, CEO and Chief Market Strategist at GoNoGo Charts, is a market analyst and software developer. Over the past 15 years, Alex has led technical analysis and data visualization teams, directing both business strategy and product development of analytics tools for investment professionals.
Alex has created and implemented training programs for large corporations and private clients. His teaching covers a wide breadth of Technical Analysis subjects, from introductory to advanced trading strategies.
Tyler Wood, CMT, co-founder of GoNoGo Charts, is committed to expanding the use of data visualization tools that simplify market analysis to remove emotional bias from investment decisions.
Tyler has served as Managing Director of the CMT Association for more than a decade to elevate investors’ mastery and skill in mitigating market risk and maximizing return in capital markets. He is a seasoned business executive focused on educational technology for the financial services industry. Since 2011, Tyler has presented the tools of technical analysis around the world to investment firms, regulators, exchanges, and broker-dealers.