{"id":1884,"date":"2024-07-23T00:02:11","date_gmt":"2024-07-23T00:02:11","guid":{"rendered":"https:\/\/tradetrovex.com\/index.php\/2024\/07\/23\/financials-begin-to-outperform-as-equity-go-trend-weakens\/"},"modified":"2024-07-23T00:02:11","modified_gmt":"2024-07-23T00:02:11","slug":"financials-begin-to-outperform-as-equity-go-trend-weakens","status":"publish","type":"post","link":"https:\/\/tradetrovex.com\/index.php\/2024\/07\/23\/financials-begin-to-outperform-as-equity-go-trend-weakens\/","title":{"rendered":"FINANCIALS BEGIN TO OUTPERFORM AS EQUITY \u201cGO\u201d TREND WEAKENS"},"content":{"rendered":"
\n

Good morning and welcome to this week\u2019s Flight Path. We saw a lot of weakness this week but so far the \u201cGo\u201d trend has held in U.S. equities.\u00a0GoNoGo Trend has reflected the weakness with a couple of aqua \u201cGo\u201d bars late in the week.\u00a0Treasury bond prices showed a weaker aqua \u201cGo\u201d bar as well but remained in trend. The U.S. commodities index saw the \u201cGo\u201d trend crack and an amber \u201cGo Fish\u201d bar was followed by a pink \u201cNoGo\u201d trend bar.\u00a0The dollar, having flirted with a \u201cNoGo\u201d all week, saw GoNoGo Trend paint an amber \u201cGo Fish\u201d bar on Friday.<\/p>\n

$SPY Sees Price Fall From Highs<\/h4>\n

Last week we noted the Go Countertrend Correction Icons (red arrows) indicating that price may struggle to go higher in the short term.\u00a0Indeed, we saw another red arrow early in the week before price really fell away.\u00a0GoNoGo Trend has painted 3 consecutive weaker aqua bars.\u00a0GoNoGo Oscillator has fallen sharply to test the zero level from above on heavy volume.\u00a0It will be important for the Oscillator to hold the zero line if we are to prevent a deeper price drop.\u00a0We are at an area that could offer price support from recent congestion levels and so this will be an important week.<\/p>\n<\/p>\n

Although we still see a strong blue \u201cGo\u201d bar this week on the longer time frame chart, it is a lower weekly close.\u00a0We also see a Go Countertrend Correction Icon (red arrow) telling us that in the short term price may struggle to go higher.\u00a0GoNoGo Oscillator shows that momentum has waned and it is in positive territory but no longer overbought.<\/p>\n<\/p>\n

Treasury Rates Remain in \u201cNoGo\u201d Trend<\/strong><\/p>\n

This week saw a new lower low for treasury bond rates on the daily chart. Strong purple \u201cNoGo\u201d bars dominated the chart until Friday when price gapped higher and GoNoGo Trend painted a weaker pink bar.\u00a0GoNoGo Oscillator is in negative territory at a value of -2.\u00a0We will look to see if a new lower high is set this week.<\/p>\n<\/p>\n

More Uncertainty for the Dollar<\/h4>\n

Last week we talked about the uncertainty in the dollar.\u00a0This week we saw a week where GoNoGo Trend painted mostly \u201cNoGo\u201d bars.\u00a0However, as the week came to a close, we saw an amber \u201cGo Fish\u201d bar.\u00a0Uncertainty book ends the few \u201cNoGo\u201d bars we saw in between.\u00a0GoNoGo Oscillator is rising toward the zero line on heavy volume.\u00a0We will watch to see if it stays in negative territory or if it can attack the zero line.<\/p>\n<\/p>\n

The weekly chart looks much the same as it did last week.\u00a0The \u201cGo\u201d trend is hanging on and price is at levels that are above what should be strong support.\u00a0GoNoGo Trend is painting weaker aqua \u201cGo\u201d bars after price fell from the last Go Countertrend Correction Icon.\u00a0GoNoGo Oscillator is at zero, where we will watch to see if it finds support.<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Good morning and welcome to this week\u2019s Flight Path. We saw a lot of weakness…<\/p>\n","protected":false},"author":0,"featured_media":1885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock"],"_links":{"self":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/1884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/comments?post=1884"}],"version-history":[{"count":0,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/1884\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media\/1885"}],"wp:attachment":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media?parent=1884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/categories?post=1884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/tags?post=1884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}