GNG TV: XOP’s Strength vs. the S&P’s Weakness
In this edition of the GoNoGo Charts show, Tyler examines a return to strong “Go” conditions in the US Dollar index (UUP) and US Treasury rates ($TNX) on both the daily and weekly timeframes. The trend following model is clearly to the upside, but momentum has not shown up to support a runaway rally, yet. Attention to GoNoGo Oscillator will give further credence or challenge the current trend conditions. At the equity index level, the S&P 500 (SPY) daily has corrected its neutral “GoFish” conditions of last week and returned to NoGo on the daily basis.
This video originally premiered on September 7, 2023. Click this link to watch on YouTube.