In this edition of the GoNoGo Charts show, as equities rally with speed from 4600 to 4700 this week, Alex and Tyler take a look across style boxes, cap scales, asset classes, and sectors, and review small-cap industrials that are part of the broadening leadership groups giving legs to this market. What can be determined from this week’s trading is that the S&P 500 breakout above prior resistance around 4600 has led to a sharp rally higher.
Will US equities reach all time highs by year-end? If that is to happen, strong Go Trend conditions, and supportive momentum will be our signals that this rally is sustainable. Interestingly, the Russell 2000 ($IWM) has also broken out of prior resistance on weekly period. The conditions in the US Dollar index (UUP) and US Treasury rates ($TNX) remain in NoGo trends on the daily basis, adding accommodative tailwinds for equity indices.
This video originally premiered on December 14, 2023. Click this link to watch on YouTube.
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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.
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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.
