In a highly volatile morning, markets reacted to an upside surprise in both PPI and CPI inflation data. Annualized inflation remains at 8.2% in the US and the S&P 500 gapped lower at the open. Despite a magnificent rally back into positive territory by midday, the trend remains a “NoGo.”
In this week’s edition of the GoNoGo Charts show, Alex and Tyler review SPY in weekly, faily and 3-minute time horizons to unpack how trend conditions are reflected on multiple perspectives. Reviewing the sharp selloff in the US Dollar index today, $UUP remains in an upward “Go” trend. Similarly, in $TNX, US treasury yields continue to climb higher. Alex and Tyler review $DBA, a diversified agricultural commodities ETF, along multiple timeframes as well to better understand what could be a larger secular move in the commodities market.
This video was originally recorded on October 13, 2022. 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!
New episodes of GoNoGo Charts air on Thursdays at 3:30pm ET on StockCharts TV. Learn more about the GoNoGo ACP plug-in with the FREE starter plug-in or the full featured plug-in pack.
Tune in to the Wealth365 Summit tomorrow, Friday October 14, at 2pm for an educational presentation from Alex and Tyler on how to “Clean Up Your Charts!”