S&P 500 stays in trend channel

In our Monday morning Flight Path newsletter we took a look at the S&P500 and noted that if prices were to fall to the bottom of the upward sloping trend channel, we would look at the interaction between the GoNoGo Oscillator and the zero line to see if it would find support.
This week, we saw that scenario play out. The GoNoGo Oscillator fell to zero, but was able to find support and bounce back into positive territory. This renewed momentum helped push price higher. It is now close to the upper bound of that channel.