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November 26, 2024

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Good morning and welcome to this week’s Flight Path. The “Go” trend in equities has proved to be resilient as we saw strong blue “Go” bars return this week. Treasury bond prices remained in a “NoGo” although this week we did see weaker pink bars as the trend showed weakness. U.S. commodities painted strong blue “Go” bars this entire week as the “Go” trend returned. The dollar has looked strong for some time and we see no signs of this changing as GoNoGo Trend paints another week of uninterrupted strong blue bars.

$SPY Paints Strong Blue “Go” Bars as Strength Returns

The GoNoGo chart below shows that price rallied nicely after falling from its Go Countertrend Correction Icon (red arrow). Price found support at prior high levels and we looked at the oscillator panel to see if GoNoGo Oscillator would find support at the zero line. It did after a few bars of a GoNoGo Squeeze and is now rebounding into positive territory. With momentum resurgent in the direction of the “Go” trend we will watch for price to make an attempt at new highs.

The “Go” trend has remained strong on the longer term chart as we see strong blue bars that followed the Go Countertrend Correction Icon and price has returned to test levels that would be new highs. GoNoGo Oscillator has remained in positive territory and is at a value of 3.  With momentum confirming trend direction we will look to see if price can consolidate at these levels and move higher.

Treasury Rates Show Weakness but Remain in “Go” Trend

Treasury bond yields painted weaker aqua bars this week as price fell from recent highs. The “Go” trend remains in place but this is a show of weakness. We turn our attention to the oscillator panel and note that it is testing the zero line from above. We will watch to see if it finds support at this level which it should if the trend is to remain healthy.

The Dollar Hit New High Again

Another week of strong blue “Go” bars sees the greenback make another higher high. We are now seeing a Go Countertrend Correction Icon (red arrow) as momentum wanes a touch. With momentum falling and at a value of 3, it will be important to watch to see if it finds support at zero if it gets there. We will need to see momentum stay at or above the zero level for the “Go” trend to remain healthy.

A South Korean man who ate to the point of obesity in an attempt to dodge the army has avoided prison after he pledged to take up his mandatory military service.

The man, who was not publicly identified, was sentenced to one year in prison, suspended for two years, by a court in Seoul for violating the country’s Military Service Act.

He was ruled out of active duty in June last year after he weighed in at 102 kilograms (225 pounds) with a body mass index classified as obese, six years after he was deemed fit to serve following an initial physical exam, according to the November 13 ruling.

“The defendant consumed high-calorie foods, approximately doubled his meal portions, refrained from physically demanding jobs such as parcel delivery work, and drank large amounts of water right before measurements to deliberately increase his weight,” the judge said in the ruling.

The man, whose age was not revealed by the court, has since “expressed his intention to fulfill his military duty sincerely,” the ruling said.

A friend who encouraged the man to take up his radical eating regime was handed a six-month prison sentence, suspended for one year, for aiding and abetting the offense, according to the ruling.

Since the Korean War, almost all able-bodied men in South Korea have been required to serve in the army for at least 18 months by the time they are 28 years old.

The requirement has long been a contentious topic – hundreds of conscientious objectors have been jailed over the years, according to Amnesty International, many of whom refused to serve on religious grounds.

It has also interrupted the careers of many prominent sports and music stars, including K-pop phenomenon BTS, which went on hiatus in 2022 to perform military service.

There have been dozens of cases of young men who intentionally gain or lose weight, feign mental illness, get full body tattoos, or self-harm to receive an exemption, the Yonhap news agency reported in 2018. The military have since become more tolerant of tattoos, cutting off that particular draft-dodging loophole.

The Constitutional Court ruled in 2018 that the government must provide alternative civilian roles for those who refuse to take up arms, due to religious or political reasons.

But the draft has remained controversial – even becoming a flash point in heated gender wars. Women are exempt from compulsory conscription, and volunteer females account for only 3.6% of the Korean military, according to the Defense Ministry.

That has angered many men, including a vocal “anti-feminist” bloc who argue the draft gives women an unfair advantage in the country’s hyper-competitive job market. Many point to statistics showing women attend university at a higher rate than men, arguing that young men should also be able to pursue their dreams and careers.

In a 2018 survey, 72% of Korean men in their 20s said they thought the draft was a form of gender discrimination, and almost 65% believed women should also be conscripted. Nearly 83% said it was better to dodge military service if possible, and 68% believed it was a waste of time.

This post appeared first on cnn.com

California Gov. Gavin Newsom said the state will provide rebates to residents if President-elect Donald Trump’s incoming administration does away with a federal tax credit for electric vehicles.

In a news release issued Monday, Newsom said he would restart the state’s Clean Vehicle Rebate Program, which provided financial incentives on more than 590,000 vehicles before it was phased out late 2023.

‘We will intervene if the Trump Administration eliminates the federal tax credit, doubling down on our commitment to clean air and green jobs in California,’ Newsom said. ‘We’re not turning back on a clean transportation future — we’re going to make it more affordable for people to drive vehicles that don’t pollute.’

The federal rebates on new and used electric vehicles were implemented in the Inflation Reduction Act that President Joe Biden signed into law in 2022. When Trump’s second term in office begins next year, he could work with Congress to change the rules around those rebates. Those potential changes could limit the federal rebates, including by reducing the amount of money available or limiting who is eligible.

Limiting federal subsidies on electric vehicle purchases would hurt many American automakers, including Ford, General Motors and the EV startup Rivian. Tesla, which also builds its automobiles in the United States, would take a smaller hit since that company currently sells more EVs and has a higher profit margin than any other EV manufacturer.

Newsom also announced earlier this month that he will convene a special session in December ‘to protect California values,’ including fundamental civil rights and reproductive rights, that he said ‘are under attack by this incoming administration.’

‘Whether it be our fundamental civil rights, reproductive freedom, or climate action — we refuse to turn back the clock and allow our values and laws to be attacked,’ Newsom said on X on Nov. 7.

A spokesperson for Trump did not immediately respond to a request for comment.

This isn’t the first time California will be taking action against the Trump’s administration concerning clean transportation legislation.

In 2019, California and 22 other states sued his administration for revoking its ability to set standards for greenhouse gas emission and fuel economy standards for vehicles, The Associated Press reported.

California sued the Trump administration over 100 times during his first term, primarily on matters including gun control, health care, education and immigration, the Los Angeles Times reported.

This post appeared first on NBC NEWS