StockCharts TV: “Equities Rally Through Resistance”

2 years ago 650 views 2 min read

Tyler Wood, CMT

Chief Operating Officer

GoNoGo Charts

“‘Equities Rally Through Resistance”

As US Equity indices broke through overhead supply, trend conditions strengthened to strong blue “Go” bars. This week Alex and Tyler review the intermarket headwinds for risk assets including treasury rates ($TNX), the US Dollar index ($UUP) and high cost of oil ($USO) which have now all fallen into a distribution phase in NoGo trends. Interestingly, leadership in the new S&P500 rally is coming from growth sectors such as information technology ($XLK) and consumer discretionary ($XLY) , but also the industrials sector ($XLI) which are all in “Go” trends on both an absolute and relative basis. Watch the top-down process this week as Alex and Tyler pull out leaders by asset class, sector, and into the individual names leading within the outperforming sectors – DE, NVDA, AAPL, LVMUY, PTON, ARKK, ETHUSD.

00:00 – Introduction

01:11 – GoNoGo Asset Class Heat Map

03:45 – SPDR S&P 500 ETF Trust (SPY) – Daily Resistance Zone, SPY Weekly

09:55 – 10-Year US Treasury Yield ($TNX – Daily)

11:22 – US Dollar (USD – UUP down over 1% yesterday)

13:27 – US Oil (USO )- Continued NoGo

15:09 – GoNoGo Sector RelMap – call out XLK and XLY & XLI

16:53 – Technology Select Sector SPDR Fund (XLK, XLK:SPY)

17:59 – Apple (AAPL – daily Weekly), iShares Semiconductor ETF (SOXX)

22:28 – NVIDIA (NVDA), ARK Innovation ETF (ARKK)

25:15 – Industrial Select Sector SPDR Fund (XLI), John Deer (DE)

26:27 – Ethereum to US Dollar (ETHUSD)