Trading Secrets 08-06-2023 23:03 20 Views

GNG TV: Small But Mighty — “Go” Trend in Russell 2000

In this edition of the GoNoGo Charts show, Alex and Tyler review the recent breakout from the downward-sloping trendline of the Russell 2000 (IWM) and "Go" trend conditions on the daily basis, and neutral trend conditions on the weekly chart. Picking out several individual equities in the small-cap growth space, they see opportunities in artificial intelligence, software companies and biotech shares ($AI, $VTSI, $BLND, and $XBI).

This video was originally recorded on June 8, 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.

Charles H. Dow declared the importance of closing prices, particularly over longer timeframes. In last week's edition of the GoNoGo Charts show, we take a look at some monthly charts to gain perspective on current market moves and provide context to the rangebound consolidation of both US Equities and Treasury Yields.

Looking at the relative performance of US indices, we can see the outperformance of growth over value (QQQ:DIA). Under the hood of the rising S&P 500 (SPY) – which is currently in "Go" trend conditions on a Daily, Weekly, and Monthly basis – we see strong relative outperformance from three sectors: Information Technology (XLK), Consumer Discretionary (XLY), and Communications (XLC). Highlighting a few key leaders on a daily basis, Alex and Tyler discuss the concept of polarity, as many charts broke above resistance and are now retesting the same price levels for support. Namely, mega-cap growth companies from the three leading sectors in "Go" trends on their respective daily charts include Apple, Amazon, Nvidia, Tesla, and Meta. Noting that technical analysis provides a toolkit that can be applied on any timeframe, Alex and Tyler move to intraday 30-minute bars to see risk management and alpha capture scenarios in Lucid Group, SoFi Technologies, and Carvana.

This video was originally recorded on June 1, 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.

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