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GNG TV: Overhead Resistance for Energy Trade

Academic evidence solidifies that the market is a leading economic indicator. No one knows what will happen next in terms of an economic recession, but we can look at the weight of the evidence to put probabilities on our side. On this week’s edition of the GoNoGo Charts show, Alex and Tyler review $USO on this last day of the month and show how the multi-year trend is approaching an area of strong overhead resistance. Investors can position for potential range-bound conditions in the intermediate term.

While growth briefly outperformed value last week, the relative ratio continued lower this week. On the bright side for bulls, better-than-expected full-year guidance from FedEx after Thursday’s close, tempered some of the growth concerns at the end of last week. A major transportation and logistics company, this is a signal that not all economic growth has been halted. Alex and Tyler review $FDX on a daily and weekly basis for signs of a “Go” trend. Healthcare $XLV has been outperforming on a relative basis to the S&P500, and Eli Lilly Inc $LLY is another security showing favorable “Go” trend conditions in a market full of “NoGo” charts.

This video was originally recorded on June 30, 2022. 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,, 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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