The squeeze is on for the S&P 500. The GoNoGo Squeeze indicator is in the lower panel and you can see that the climbing Squeeze grid has risen to its extreme.
That suggests that there has been reduced momentum over the past several bars with the GoNoGo Oscillator riding the zero line.
Currently, the trend in price is a “Go” but we’ll need to see the GoNoGo Oscillator come out of the squeeze into positive territory to have confidence in the possibility of a new leg up.
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from bright blue (strongly bullish) to dark purple (strongly bearish)
The GoNoGo Oscillator blends traditional momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely oversold) to +6 (extremely overbought)
What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from bright blue (strongly bullish) to dark purple (strongly bearish)
The GoNoGo Oscillator blends traditional momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely oversold) to +6 (extremely overbought)