In this edition of the GoNoGo Charts show, Alex and Tyler review the recent breakout from the downward-sloping trendline of the Russell 2000 (IWM) and “Go” trend conditions on the daily basis, and neutral trend conditions on the weekly chart. Picking out several individual equities in the small-cap growth space, they see opportunities in artificial intelligence, software companies and biotech shares ($AI, $VTSI, $BLND, and $XBI).
This video was originally recorded on June 8, 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!
Charles H. Dow declared the importance of closing prices, particularly over longer timeframes. In last week’s edition of the GoNoGo Charts show, we take a look at some monthly charts to gain perspective on current market moves and provide context to the rangebound consolidation of both US Equities and Treasury Yields.
Looking at the relative performance of US indices, we can see the outperformance of growth over value (QQQ:DIA). Under the hood of the rising S&P 500 (SPY) – which is currently in “Go” trend conditions on a Daily, Weekly, and Monthly basis – we see strong relative outperformance from three sectors: Information Technology (XLK), Consumer Discretionary (XLY), and Communications (XLC). Highlighting a few key leaders on a daily basis, Alex and Tyler discuss the concept of polarity, as many charts broke above resistance and are now retesting the same price levels for support. Namely, mega-cap growth companies from the three leading sectors in “Go” trends on their respective daily charts include Apple, Amazon, Nvidia, Tesla, and Meta. Noting that technical analysis provides a toolkit that can be applied on any timeframe, Alex and Tyler move to intraday 30-minute bars to see risk management and alpha capture scenarios in Lucid Group, SoFi Technologies, and Carvana.
This video was originally recorded on June 1, 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!
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.