Is there still reason to doubt this U.S. market rally? (SPX)

The above is the daily technical picture of the S&P 500. Clearly, the trend is a “Go”.
However, there are a few things to consider.
There is *bearish divergence between the higher highs in price and the lower highs of the GoNoGo Oscillator. 
Momentum has also stalled, as the GoNoGo Oscillator has fallen to test zero from above. For price to set a new higher high, we’d expect to see the Oscillator bounce back into positive territory.
Finally, there is not a lot of volume on the recent move to the high on July 22nd. We can see this because the GoNoGo Oscillator is a pale blue, not the dark blue that represents heavy volume. We saw much more volume into the prior high in June.


What are the GoNoGo Indicators?
The GoNoGo Trend indicator blends traditional trend concepts to color price action according to the strength of its trend. The colors range from *bright blue (strongly *bullish) to dark *purple (strongly *bearish)
The GoNoGo Oscillator blends traditional *momentum concepts to demonstrate the velocity of price action. The oscillator ranges from -6 (extremely *oversold) to +6 (extremely *overbought)