• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Stock Rocks over Stocks | GoNoGo Show 041824
Stock

Rocks over Stocks | GoNoGo Show 041824

by April 18, 2024
by April 18, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The S&P500 trend conditions have reversed into “NoGo” and strengthened to purple bars. Alex Cole and Tyler Wood, CMT identify intermarket forces including rising rates ($TNX) and a strong US Dollar (UUP) that can provide headwinds to risk assets. A strong “Go” trend in the volatility index ($VIX), though still hovering around 20 also correlates to the new risk off characteristics on this environment.

This week we again take a closer look at GoNoGo Trend® conditions across a diverse array of the commodities markets including precious and industrial metals ($GOLD, $COPPER), softs ($COCOA, $COFFEE) and energy ($OIL) all trending in “Go” conditions and outperforming US equities ($SPY) on a relative basis. To express this thesis, Alex and Tyler look at a few equities that stand to benefit from these trends including: Freeport McMoran (FCX), Harmony Mining Inc (HMY) and Marathon Oil (MRO).

The rotation of market leadership into cyclical sectors held up this week as shown in the GoNoGo Sector RelMap®. Energy ($XLE), industrials ($XLI), and materials ($XLB) maintain their trend of outperformance against the S&P 500 index. Interestingly, Communications ($XLC) and Utilities ($XLU) have also joined the leadership group. Alex and Tyler dig deeper into the industry group level within the materials sector (XLB) to see aluminum, non-ferrous metals, and mining groups leading relative outperformance. On an absolute basis, materials have corrected to neutral amber bars as the GoNoGo Oscillator® rests at zero. Finally, Alex and Tyler review a similar risk-off condition in the cryptocurrency space as Bitcoin ($BTCUSD) reverses to “NoGo” trend conditions and what to watch for next in terms of trend continuation and opportunities to enter on pullbacks.

Follow: https://twitter.com/ChartsGonogo

Connect: https://www.linkedin.com/company/gonogo-charts-llc

Learn More: https://www.gonogocharts.com/

Rocks over Stocks | GoNoGo Show April 18, 2024

You Might Also Like
  • Holiday Shopping Bonanza: Retail Stocks You Need to Watch
  • Market Rally or Fakeout? How Politics and Earnings Are Driving Stocks
  • Drilling Down Into Gold and Silver
  • Are Trump’s 25% Tariffs a Game-Changer for Steel Stocks? Here’s What to Watch Now!
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Intraday Trading Entry and Exit Strategies
next post
Charts Flashing “No Go” for S&P 500!

You may also like

Based on Relative Strength, Alphabet (GOOGL) Is An Unloved Stock

February 4, 2024

This Beaten-Down Magnificent Seven Stock is Poised to Regain Its...

February 17, 2024

How Long Can Semiconductors Lead the Market?

March 8, 2023

The Halftime Show: Don’t Believe Everything the Analysts Say, It’s...

November 10, 2023

TIME TO USE YOUR DISCRETION AS SECTOR HELPS PROP UP...

July 15, 2024

The Ord Oracle May 16, 2023

May 18, 2023

The Ord Oracle November 28, 2023

November 29, 2023

Week Ahead: NIFTY Forms A Key Support; These Sectors To...

September 10, 2023

Three Sectors Leading SPY Back To Offense

November 8, 2024

Emerging Markets vs. U.S. Markets

December 2, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,631 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Hedging the S&P All-Time Highs With...

    May 22, 2024

    What Loss?! NVIDIA and ORACLE Rip...

    March 13, 2024

    4 MACD Patterns That Will Give...

    August 28, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here