S&P 500 futures are pointing to a lower open and another miserable day for stock market bulls.
After recovering to an extent on Friday, the futures suggest that price will fall again today, dropping to support from an upward sloping trend line that has been in place for several months.
The GoNoGO Trend is showing price action that is weaker, painting pale blue bars and this price action is causing the GoNoGo Oscillator to ride the zero line.
The zero line will need to hold as support, and if it does, allowing the GoNoGo Oscillator to rally back into positive territory that is a good sign for the sessions ahead. If we see the oscillator break below the zero line, that will be more reason to doubt the strength of the current “Go” trend.
After recovering to an extent on Friday, the futures suggest that price will fall again today, dropping to support from an upward sloping trend line that has been in place for several months.
The GoNoGO Trend is showing price action that is weaker, painting pale blue bars and this price action is causing the GoNoGo Oscillator to ride the zero line.
The zero line will need to hold as support, and if it does, allowing the GoNoGo Oscillator to rally back into positive territory that is a good sign for the sessions ahead. If we see the oscillator break below the zero line, that will be more reason to doubt the strength of the current “Go” trend.