In this edition of the GoNoGo Charts show, Alex and Tyler take a top-down approach to the technical market environment following the SVB collapse and the Fed’s 25bps hike. They use a GoNoGo Cross Asset Heat Map to help understand the intermarket factors that could impact equity performance. Treasury rates ($TNX), the US dollar (UUP), and oil (USO) are all falling in NoGo trends. Very recently, gold (GLD) and Bitcoin (BTCUSD) rallied into Go trends.
Digging into the equity sectors, Alex and Tyler review the relative outperformance of technology, and then, within the tech subgroups, the strength of semiconductors. This leads to a discussion of $NVDA that is hitting new highs. Finally, Alex and Tyler discuss the situation with regional banks and the financial sector, with commentary on how best to use GoNoGo Charts from a risk control perspective.
This video was originally recorded on March 30, 2023. 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.