In this edition of the GoNoGo Charts show, as equities rally with speed from 4600 to 4700 this week, Alex and Tyler take a look across style boxes, cap scales, asset classes, and sectors, and review small-cap industrials that are part of the broadening leadership groups giving legs to this market. What can be determined from this week’s trading is that the S&P 500 breakout above prior resistance around 4600 has led to a sharp rally higher.
Will US equities reach all time highs by year-end? If that is to happen, strong Go Trend conditions, and supportive momentum will be our signals that this rally is sustainable. Interestingly, the Russell 2000 ($IWM) has also broken out of prior resistance on weekly period. The conditions in the US Dollar index (UUP) and US Treasury rates ($TNX) remain in NoGo trends on the daily basis, adding accommodative tailwinds for equity indices.
This video originally premiered on December 14, 2023. Click this link to watch on YouTube.