Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to current trade setups.

Learn More at Alphatrends.net

Summary

The major indices remain under pressure, but beneath the surface, the market is telling a more nuanced story.

The S&P 500 and Nasdaq 100 continued weakening this week, while the Dow and Russell 2000 showed greater relative resilience. Technology and many of the market’s largest growth stocks remain under pressure, yet the equal-weight S&P 500 advanced for a fourth consecutive week.

Market breadth continues improving. The percentage of S&P 500 stocks above their 50-day and 200-day moving averages has increased, and the S&P 500 Bullish Percent Index has recovered toward 50% after recently approaching traditional washout levels.

But where that strength is developing matters.

Healthcare, energy, consumer staples, and other relatively defensive areas have led recent performance. Relative-strength relationships favor value over growth, staples over discretionary, and low volatility over high beta. Meanwhile, Treasuries have rallied for three consecutive weeks while high-yield bonds remain technically weak.

These developments suggest that capital is rotating rather than simply exiting equities. Participation is broadening, but risk appetite remains subdued.

For swing traders, the distinction is important. Despite improving breadth, we’re not seeing a corresponding expansion in high-quality individual stock setups.

In this week’s Weekly Charts, we examine the changes in market leadership, the evidence of defensive rotation, and what our index futures roadmap tells us about the immediate trading environment.

The top-down analysis tells us where to look. The bottom-up analysis tells us what to buy, when to buy it, and where we’re wrong.

As always, the goal isn’t to predict the next move. It’s to understand the evidence, identify opportunities, and manage risk.

Key takeaways

• Major indices remain under pressure. SPY and QQQ declined again, with continued weakness beneath important moving averages and anchored VWAP levels.

• Breadth continues improving. RSP advanced for a fourth consecutive week, participation above key moving averages increased, and the S&P 500 Bullish Percent Index recovered toward 50%.

• Leadership is rotating. Healthcare, energy, consumer staples, and other relatively defensive groups have outperformed technology and communications over the past two weeks.

• Relative-strength relationships confirm the defensive tilt. Value is outperforming growth, staples are outperforming discretionary, and low volatility is outperforming high beta.

• Credit markets remain cautionary. Treasuries have rallied for three consecutive weeks, while high-yield bonds remain in a bearish consolidation beneath a declining 4-week moving average.

• The largest companies are losing momentum. MAGS and XLG show continued weakness, even as the equal-weight S&P 500 holds up considerably better.

• Better breadth doesn’t necessarily mean better trading conditions. The improving participation has not produced a meaningful expansion in attractive swing-trading setups.

• The roadmap argues for continued selectivity. S&P and Nasdaq futures remain in short-term downtrends, while Russell and Dow futures exhibit relatively stronger, but mixed, structure.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to current trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to current trade setups.

Learn More at Alphatrends.net

Summary

The market experienced a significant change in character this week, with aggressive selling in technology, growth stocks, and several of the groups that have led the advance.

The Nasdaq 100 declined 5.5% across five consecutive losing sessions, breaking below important moving averages, trendline support, and anchored VWAP levels. The S&P 500 produced a bearish engulfing weekly candle, while small-cap stocks also experienced accelerated selling.

But the weakness wasn’t universal.

The equal-weight S&P 500 actually advanced, and the percentage of stocks trading above their 50-day and 200-day moving averages improved for the second consecutive week.

So what’s happening beneath the surface?

Leadership is rotating away from technology and growth toward value, energy, consumer staples, and lower-volatility stocks. While participation has improved in certain respects, the increasingly defensive nature of that rotation suggests deteriorating risk appetite.

Meanwhile, continued weakness in high-yield bonds and a pickup in volatility add to the reasons for caution.

After such sharp selling, a short-term relief rally wouldn’t be surprising. But a tradable bounce and a sustainable recovery are two very different things.

In this week’s Weekly Charts, we examine the technical damage, changing leadership, and the conditions that could help determine whether an eventual bounce develops into something more meaningful.

The focus remains on price, trend, structure, and risk—not predicting what happens next.

Key Takeaways

• Technical deterioration: The S&P 500 closed below its 4- and 10-week moving averages, while the Nasdaq 100 broke important trendline and anchored VWAP support following a 5.5% weekly decline.

• Improving breadth, weakening indices: The equal-weight S&P 500 advanced, and the percentage of stocks above their 50-day and 200-day moving averages improved for a second consecutive week.

• Leadership is rotating: Technology, semiconductors, software, and growth stocks experienced significant selling, while energy, value, and consumer staples demonstrated relative strength.

• The rotation is increasingly defensive: Consumer staples outperformed discretionary stocks, value outperformed growth, and low-volatility stocks outperformed high-beta stocks. These relationships suggest declining risk appetite.

• Credit markets remain a concern: High-yield bonds continue to exhibit bearish price structure, while investment-grade bonds and Treasuries experienced a relief rally.

• A bounce may be developing: Following the sharp decline, a short-term rally is possible. The important questions are where resistance emerges, whether buyers can reclaim key levels, and whether the market can begin rebuilding constructive structure.

• Respect the timeframe: Short-term countertrend rallies can offer trading opportunities without signaling that the larger correction has ended.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to current trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to current trade setups.

Learn More at Alphatrends.net

Summary

The major indices remain strong, but the experience underneath the surface has been far more complicated.

SPY and QQQ both finished the week at new all-time weekly closing highs, with growth and the Magnificent Seven continuing to lead. At the same time, traders have had good reason to feel frustrated: breadth has been weak, bonds have been under heavy pressure, the dollar continues to rise, and many individual stocks have struggled.

This week, however, we started to see some signs of improvement beneath the surface.

Equal weight bounced sharply from support. Financials also bounced. Consumer discretionary and staples both strengthened. DIA improved, and the percentage of S&P 500 stocks above their 50- and 200-day moving averages turned higher after weeks of deterioration.

That doesn’t mean the market has suddenly become easy, or that every weak area has been repaired.

But it does suggest that some of the laggards may finally be starting to stabilize.

The key distinction remains the same: a frustrating market is not necessarily a bearish market.

The leaders didn’t necessarily need to get stronger. The laggards needed to stop getting weaker.

This week, we saw some early evidence of that.

Key Takeaways

• S&P 500: SPY finished at a new all-time weekly closing high with price above rising, properly aligned moving averages. The larger trend remains healthy.

• Nasdaq / Growth: QQQ also closed at a new all-time high, and growth remains the primary leadership area of the market.

• Dow & Small Caps: DIA improved with a strong bounce from support and moved back above its declining 4-week moving average. IWM is stabilizing near its rising 40-week moving average but still has work to do below anchored VWAP.

• Equal Weight: RSP confirmed last week’s hammer with a strong bounce back above the 4-week moving average, offering early evidence that participation may be broadening.

• Breadth: The percentage of S&P 500 stocks above their 50- and 200-day moving averages turned sharply higher after several consecutive weeks of deterioration.

• Magnificent Seven: Leadership remains intact, with the group at new highs. Microsoft posted another new weekly closing high, while Amazon improved and Meta continues its high-level consolidation.

• Semiconductors: SOXX pulled back after two strong weeks and gave back part of its recent breakout move. The next test is whether buyers defend the rising moving averages and nearby support.

• Financials: XLF bounced strongly from the 40-week moving average and anchored VWAP area after several weeks of weakness. Follow-through now becomes important.

• Consumer Groups: Both discretionary and staples improved significantly this week, although their relative-strength relationship remains largely unchanged.

• Bonds & Yields: AGG, TLT, and HYG finally found some relief after severe selling pressure. The next question is whether that relief can continue and whether yields begin to cool.

• U.S. Dollar: The dollar advanced for a fourth consecutive week and remains in one of its strongest stretches in months.

• Bitcoin & Volatility: Bitcoin gave back much of the prior two weeks’ advance as it digests its breakout. VIX remains exceptionally quiet, with little evidence of broad equity-market stress.

• The Big Picture: The major indices remain strong while several lagging areas are beginning to improve. The leaders didn’t need to get stronger — the laggards needed to stop getting weaker. This week provided some early evidence that may be happening.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to current trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to current trade setups.

Learn More at Alphatrends.net

Summary

The major indices continue to tell a constructive but increasingly selective story.

The S&P 500 held last week’s breakout, completing a three-week progression from support at the rising 10-week moving average, to breakout, and now acceptance. The Nasdaq remains the clear leader, closing at new weekly highs as growth, semiconductors, software, and several of the Magnificent Seven continue to show strength.

Beneath the surface, however, participation remains narrow. Equal weight continues to lag, value is struggling, financials remain weak, and both consumer discretionary and staples are in short-term downtrends. Bonds are among the weakest areas of the market, while Treasury yields and the U.S. dollar continue to push higher.

Despite those areas of weakness, volatility remains subdued and high beta continues to significantly outperform low volatility — evidence that investors are still willing to embrace risk, just very selectively.

The message remains straightforward: the market is strong, but only in the right places. Continue to follow the areas where price is being rewarded, avoid the areas where it isn’t, and let price — not prediction — guide the next move.

Key Takeaways

• S&P 500: Last week’s breakout continues to hold. The larger trend remains intact after the recent test of the rising 10-week moving average.

• Nasdaq / Growth: The clear leadership area. The Nasdaq posted another new weekly closing high, while growth continues to strongly outperform value.

• Dow & Small Caps: Both remain weaker than the growth indices, but DIA and IWM found buyers near important areas of potential longer-term support, including their rising 40-week moving averages.

• Semiconductors: One of the strongest areas of the market. SOXX has built on its recent breakout and moved back above the August highs.

• High Beta vs. Low Volatility: Continues to strongly favor high beta, suggesting investors remain willing to take risk despite weakness elsewhere.

• Breadth: Participation continues to deteriorate. Fewer S&P 500 stocks are holding above their 50- and 200-day moving averages, while bullish percent indexes are approaching levels where we begin watching more closely for potential reversals.

• Equal Weight: RSP continues its orderly decline and remains well behind the cap-weighted S&P 500, reinforcing just how concentrated the recent strength has become.

• Bonds & Yields: A major area of weakness. AGG, TLT, and HYG remain under heavy selling pressure while Treasury yields continue to rise sharply.

• Financials: XLF has reversed several weeks of prior strength and is testing an important potential support area around 53–54.

• U.S. Dollar: Strong for a third consecutive week and back above an important area of prior resistance.

• China: Remains under pressure following another significant move lower and has considerable work to do before the chart improves.

• Volatility: Remains low and relatively quiet, with no significant signs of stress showing up in volatility.

• The Big Picture: This is not broad-based strength. Growth and technology are doing much of the heavy lifting while several other areas struggle. That isn’t necessarily bearish — it means selectivity remains essential.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to current trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Summary

Two weeks ago, the market gave us reasons to slow down.

Last week, it started to prove itself.

This week, the leaders followed through.

QQQ broke to a new weekly closing high, the S&P 500 followed through on last week’s reversal, semiconductors broke higher, Bitcoin cleared an important resistance area, and relative strength continued to shift toward growth and higher-beta areas of the market.

But the evidence isn’t perfect.

Breadth remains weak, the equal-weight S&P 500 continues to lag, bonds were hammered again, Treasury yields pushed sharply higher, and high-yield bonds broke support.

That leaves us with a stronger market—but still an uneven one.

The takeaway isn’t to chase everything that’s moving. It’s to participate where the trends are working, look for the next tight setups with clearly defined risk, and let price continue to lead the way.

Key takeaways / show notes

• QQQ: New weekly closing high and clear follow-through from last week’s bullish reversal.

• SPX: Followed through from its hammer and broke above the recent trendline, finishing near its highs.

• Bitcoin: Cleared the mid-$82K resistance area we identified last week and traded as high as $87,397 before consolidating.

• Leadership: Growth strengthened versus value, while high beta versus low volatility reached a new weekly closing high.

• Semiconductors: Broke higher and reclaimed the anchored VWAP from the previous highs.

• MAG7: Strong week led by META’s roughly 13% advance and breakout; MSFT and AAPL also continued higher.

• Participation: QQEW improved sharply, but RSP and broader S&P breadth remain weak.

• Bonds & yields: One of the week’s biggest warning signs. AGG, TLT and HYG weakened while Treasury yields moved sharply higher.

• Breadth: The percentage of S&P 500 stocks above their 50- and 200-day moving averages continues to decline; Nasdaq bullish percent showed better improvement.

• Bottom line: The market has earned more risk—but not blind risk. Favor relative strength, rising 5-day moving averages, HH/HL structure, AVWAP control and clearly defined risk. After a strong week, don’t confuse confirmation with an invitation to chase.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Summary

Last week, the message from the charts was simple: slow down, stay selective, and make the market prove itself.

This week, parts of the market started to do exactly that.

The S&P 500 held support at its rising 10-week moving average, the Nasdaq produced a bullish engulfing reversal, semiconductors improved, and relative strength shifted back toward growth and high-beta stocks. But the improvement remains uneven. Breadth continued to deteriorate, equal-weight indexes remain under pressure, and the Dow, Russell, and financials are still lagging.

So the question isn’t whether the correction is officially over. It’s whether this week’s improvement can build into something more durable—and whether the market begins producing better opportunities with clearly defined risk.

Key takeaways

• SPX: Held support at the rising 10-week MA and printed a weekly hammer.

• QQQ: Strong bullish engulfing week and reclaimed the 4- and 10-week moving averages.

• Roadmap: Nasdaq futures have shifted to higher highs/higher lows above a rising 5-day MA; S&P futures are attempting the same transition.

• DIA / IWM: Continue to lag. Dow remains below a declining 5-day; Russell is testing the AVWAP from the late-March lows.

• Relative strength: Meaningful shift back toward growth and high beta.

• Semiconductors: Strong rebound and reclaimed moving averages, though the larger uptrend still needs confirmation.

• MAG7: Continues to grind higher near its highs.

• Equal weight: Still weaker than the cap-weighted indexes.

• Breadth: Only 27.8% of S&P 500 stocks are above their 50-day MA; 49.5% are above their 200-day MA.

• Bullish Percent: S&P BPI fell to roughly 38%, moving closer to potential washout territory.

• Bonds / yields: Pressure eased somewhat, but the larger trends have not materially repaired.

• Crude / energy: Sharp weekly reversal after crude traded above $106.

• Financials: Broke down through shorter-term weekly moving averages.

• Bitcoin: Bullish engulfing week with resistance around the mid-$82,000s as the next important level.

• Bottom line: Last week the market hadn’t earned additional risk. This week, some important areas are beginning to make their case.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Summary

The S&P 500 continues to hold up reasonably well, but the picture beneath the surface is becoming harder to ignore.

Breadth and participation weakened again this week, equal-weight indexes are beginning to break down, bond prices remain under pressure as yields push higher, and several important areas of the market are struggling to make progress. Meanwhile, the SPX and MAGS remain among the notable holdouts.

None of that guarantees lower prices ahead. But the evidence has changed enough to change our behavior.

This week, we’ll look at where the warning signs are developing, the levels that matter most, and why the current environment favors patience, selectivity, and a willingness to let the market prove itself before allocating additional risk.

Key takeaways

• SPX remains intact, holding above important longer-term support despite increasing weakness beneath the surface.

• Short-term structure remains challenged, with S&P and Nasdaq futures rallying back toward declining 5-day moving averages.

• DIA and IWM are deteriorating, while QQQ continues to lag the S&P.

• Bonds are a major caution flag. Aggregate, Treasury, and high-yield bonds remain under pressure as longer-term yields push higher.

• Equal-weight indexes are weakening, suggesting deterioration beneath the cap-weighted headline averages.

• Breadth continues to contract. Fewer than half of S&P 500 stocks are now above their 50-day moving averages, while Bullish Percent Indexes remain under pressure.

• Leadership remains narrow and uneven. MAG 7 continues to hold up relatively well while semiconductors struggle and other groups cool off.

• The FOMC decision adds another variable this week, but there’s no need to predict either the decision or the market’s reaction.

• The response: slow down, stay selective, keep some dry powder, and demand better setups with clearly defined risk.

• Let price improve the evidence. A reclaim of the 5-day followed by higher highs and higher lows would give us reason to become more constructive again.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

It was a Tuesday morning.

I was a young broker at Smith Barney. Not in New York. Not anywhere near New York. But I had just been there in late August for training at our 388 Greenwich headquarters and at the World Trade Center. I spent a lunch break walking around the plaza between the towers.

I was driving to the office when news came over the radio that a plane had hit one of the towers.

I’ll never forget the voice on the radio. I’ll never forget exactly which piece of road I was on.

We weren’t in New York. There was nothing we could do but watch in horror as the attack unfolded on television. I was trying to understand what was happening, then realizing this wasn’t an accident.

I was standing there talking with two other guys in the office when I looked back at the television and saw the first tower begin to crumble.

For a moment, my brain simply couldn’t process it. There was this enormous cloud of dust rolling through the streets, and then it hit me.

“Holy shit. The building is gone. It just fell.”

Unbelievable in the literal sense of the word. I could see it with my own eyes and still couldn’t believe it.

Astonishing. Devastating. Terrifying.

Such an awful day.

And yet, what followed is also something I’ll never forget.

In the days and weeks afterward, Americans grieved. We were angry. We struggled. And somehow, through all of it, we came together.

It was the most patriotic period I have experienced in my lifetime.

American Flags were everywhere. On front porches, businesses, buildings. Many, many more that usual. And the weren’t being flown out of a casual sense of duty. The flags were flying high because we were genuinely proud and united. Everyone took great comfort at the sight of the Stars and Stripes. It was a vivid reminder of how strong We are. We would recover.

I wouldn’t wish another September 11 on anyone, anywhere, for any reason.

Revisiting the site, feeling the absence of the towers, standing beside the memorial fountains that replaced them, and later walking among the individual memorials at the Pentagon is a sobering reminder of the enormity of what was lost that day, and of the individual lives behind numbers that can sometimes become too large to comprehend.

But, I would love to see President George W. Bush standing on the mound at Yankee Stadium, wearing an FDNY jacket, throwing that first pitch again.

I would love to the respect and support of the police, the firefighters, the first responders, the military — of every citizen and every true American.

I would love to see that kind of genuine, widespread love for this country again.

Those of us who were old enough to remember September 11, 2001, remember it in extraordinary detail. From the people who were in Lower Manhattan and Washington D.C. that morning to those of us watching helplessly from hundreds or thousands of miles away, the memories are etched into us.

So today, remember the people who went to work and never came home.

Remember the passengers and crews aboard those airplanes.

Remember the firefighters, police officers, first responders, and ordinary people who ran toward danger when every instinct told them to run away.

Remember those who lost their lives that day. And remember those who gave their lives in rescue, recovery, and rebuilding that followed.

And remember the country we became afterward.

Fly the flag.

Love your country.

Be proud of it.

And never forget.

September 11, 2001.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Summary

Last week, we concluded that the market’s recent weakness had not created meaningful technical damage. Price confirmed that assessment this week, with the major averages continuing to consolidate within their larger uptrends. The backdrop remains constructive, but not without some caution flags: participation has softened, interest rates continue to rise, and leadership remains uneven beneath the surface. This week’s charts help us identify where the strongest trends remain—and how to carry that bigger-picture information down to the shorter timeframes where actual trade decisions are made.

Key Takeaways

• SPY remains constructive, consolidating near the upper end of its recent range while holding important longer-term support.

• QQQ and DIA remain intact, while IWM continues to show comparatively weaker price action.

• The shorter-term roadmap is improving, with S&P and Nasdaq futures back above slightly rising 5-day moving averages.

• Breadth has softened but remains healthy longer term: roughly 50% of S&P 500 stocks are above their 50-day MA and 64% remain above their 200-day.

• Rising rates remain a caution flag, with bond prices under pressure and Treasury yields maintaining their larger uptrends.

• Leadership remains mixed: biotech and energy remain constructive, software is digesting a strong run, and semiconductors continue to struggle despite NVIDIA reaching a new weekly closing high.

• The larger trend still favors long setups, but that doesn’t mean chasing extended stocks. Selectivity and defined risk remain essential.

• Multiple timeframes put the pieces together: use the weekly chart for context, then move down to the daily and intraday charts to identify structure, entries, and risk.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Summary

After several weeks of reversal, confirmation, continuation, and then a test of the recent uptrend, this week brought… not much of a resolution. And that’s perfectly fine. The major averages continue to consolidate while holding important bigger-picture support, breadth remains healthy, and there are few signs of meaningful technical damage. This week’s charts also provide a good opportunity to step back and remember why we look at multiple timeframes in the first place: understand the broader market environment, then carry that information down to the charts where actual trading decisions are made.

Key Takeaways

• The bigger trend remains intact. The major averages continue to consolidate recent gains without significant technical damage.

• Short-term conditions improved somewhat. S&P and Nasdaq futures returned to higher highs and higher lows above rising 5-day moving averages, while small caps showed more weakness.

• QQQ continues to lag SPX. The Nasdaq 100 remains in consolidation and has yet to make the new highs seen in the S&P.

• Breadth remains healthy. Nearly 70% of S&P 500 stocks remain above their 200-day moving averages, while the Bullish Percent indexes show no major alarm bells.

• Relative strength isn’t sending a strong risk-on or risk-off message. Growth vs. Value, Discretionary vs. Staples, and High Beta vs. Low Volatility remain relatively balanced.

• Leadership remains mixed but constructive. Software remains strong, financials and energy continue to hold up well, while semiconductors remain stuck in consolidation.

• Bitcoin’s next test remains overhead. After finally clearing $65,500, Bitcoin continues to challenge resistance near the $80,000 area.

• Multiple timeframes matter. Apple provided a useful example of moving from the weekly trend to the daily setup and ultimately the shorter timeframe used to fine-tune execution and risk.

• No new signal is required. When the larger trend remains intact and the market is simply consolidating, there’s no need to manufacture a bullish or bearish call.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

After several weeks of reversal, confirmation, and continuation, the market finally faced its first meaningful test of the recent uptrend. Short-term conditions weakened as the major index futures slipped into lower lows and lower highs below declining 5-day moving averages, but the bigger picture remains considerably healthier. The major indices continue to hold important support, breadth remains constructive, and Bitcoin delivered the week’s standout move after finally breaking through a level we’ve been watching for weeks. The key distinction this week: weakness is not the same thing as damage.

Key Takeaways

• Short-term character changed: Major index futures shifted to lower lows and lower highs below declining 5-day moving averages.

• Bigger picture remains intact: SPY, QQQ, DIA, and IWM remain above important longer-term support and their recent breakout structures.

• Weakness ≠ structural damage: So far, this looks like an orderly pullback within the larger uptrend.

• Bitcoin broke loose: The long-watched $65,500 level finally gave way, producing a powerful run toward the anchored VWAP from the all-time highs near $78,770.

• Bonds remain a concern: Treasury yields continue to hold their long-term breakout.

• Breadth softened but remains healthy: 54% of S&P 500 stocks remain above their 50-day MA and roughly 70% above their 200-day MA.

• Bullish Percents confirm some cooling: S&P and Nasdaq participation pulled back after stronger readings, but nothing suggests broad structural deterioration yet.

• Stay tactical: Be more selective, trim into strength, raise stops where structure allows, and let new evidence determine the next move.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

The market delivered another week of constructive price action, extending the reversal and confirmation we’ve been tracking over the past several weeks. SPY reached a new weekly closing high, IWM continued its advance, breadth remained healthy, and several sectors showed improving participation. Not everything is moving together—Bitcoin remains stuck, semiconductors are still working through resistance, and several Mag 7 names took a breather—but the weight of the evidence continues to favor the bulls. This week we’ll look at where leadership is developing, what still needs work, and the key areas to watch as we head into a quieter stretch of August.

• SPY followed through to a new weekly closing high, continuing the reversal and breakout sequence of the past several weeks.

• QQQ remains below its prior closing high but continues to hold above its moving averages with constructive price action.

• DIA posted an inside week in the upper portion of last week’s breakout candle, while IWM continued to new highs.

• Volatility and the U.S. Dollar remain subdued, providing a supportive backdrop for equities.

• Bitcoin remains stuck below resistance and its declining moving averages.

• Gold continued its rebound but has reached an important area of potential resistance.

• Risk-on relationships remain generally constructive, although the message was somewhat mixed this week.

• Semiconductors continue working through resistance, while biotech and software maintain their recent improvement.

• Financials continue their orderly advance.

• Energy stocks broke sharply higher despite relatively subdued crude oil—one of the week’s more interesting divergences.

• The Mag 7 consolidated after recent strength, with NVIDIA continuing to show improving price action.

• Market breadth remains strong, with a high percentage of S&P 500 stocks above their 50- and 200-day moving averages.

• Bullish-percent readings confirm strong participation but are now elevated enough to warrant continued monitoring.

• Swing-trade setups are increasing in both frequency and quality as conditions continue to improve.

• The evidence favors continued upside, but risk management remains job number one.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Summary

Last week, several major indices were testing important support and the Nasdaq 100 had formed a potential hammer reversal at the anchored VWAP from the March lows. This week, buyers delivered the confirmation we were waiting for. SPY pushed to new highs, QQQ reclaimed its shorter-term moving averages, breadth improved, and several risk-on relationships shifted back toward growth and higher-beta areas of the market. In this week’s review, we look beneath the surface to see where participation is strengthening, which groups still have work to do, and what the improving price action may mean for the week ahead.

Show Notes

• SPY broke decisively above recent resistance and moved to new weekly highs.

• QQQ confirmed last week’s hammer reversal and reclaimed its shorter-term moving averages.

• Dow Industrials and Russell 2000 also strengthened, with IWM moving to new weekly closing highs.

• Sunday evening futures opened quietly, with the major indices generally holding above rising five-day moving averages.

• Bitcoin continues to struggle with resistance near 65,500 and has not yet produced a durable bullish breakout.

• The U.S. Dollar failed to build on its prior breakout and has returned to a choppy range.

• Global equities improved, with ACWX reaching a new weekly closing high.

• Bonds bounced modestly but remain beneath declining short-term moving averages.

• Crude oil weakened after its recent breakout, while gold mounted a strong rebound from support.

• Growth outperformed value, discretionary strengthened versus staples, and high beta improved versus low volatility—all signs of returning risk appetite.

• Semiconductors remain unresolved, but software stocks showed a significant improvement.

• Biotech continued to recover and erased several weeks of prior selling.

• The Mag 7 broke higher from consolidation, while Microsoft and NVIDIA showed particularly strong momentum.

• Breadth improved meaningfully, with strong participation across both 50- and 200-day moving-average measures.

• S&P 500 and Nasdaq 100 bullish-percent readings moved above 70%, confirming broad participation while also moving into areas worth monitoring for potential overextension.

• With most major earnings reports now behind the market, more swing-trading opportunities may begin to emerge.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Last week the market was searching for support. This week, buyers finally responded in a meaningful way.

The biggest story wasn’t the hammer candles themselves—it was where they formed. QQQ reversed from a key anchored VWAP after reaching correction territory, breadth improved from washed-out levels, and several leadership groups stabilized after a volatile earnings week. Whether this proves to be an intermediate bottom or simply another failed rally will depend on what happens next.

As always, the goal isn’t to predict—it’s to identify the important levels, interpret the evidence, and let price confirm the message.

• Roadmap improves: S&P futures reclaim a rising 5-day moving average while Nasdaq begins stabilizing.

• QQQ prints a hammer: Buyers defend the March 30 anchored VWAP after an intraday decline of more than 11%.

• Confirmation is next: Hammer candles are evidence—not buy signals. Follow-through is what matters.

• Equal-weight leadership: Equal-weight S&P reaches another closing high, showing participation beyond the largest names.

• Breadth responds: Nasdaq Bullish Percent reverses sharply after entering a washed-out zone highlighted last week.

• Rotation may be shifting: Growth and Consumer Discretionary recover while defensive leadership eases.

• Financials and Energy remain leaders: Both continue to hold constructive trends.

• Software rebounds: Microsoft earnings lift the sector, though broader leadership remains mixed.

• Bond yields break higher: Treasury yields remain an important macro development to monitor.

• Next week’s focus: Watch for confirmation through higher highs, higher lows, and improving short-term trend structure.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

The Markets

The market continues to send a mixed message. While the major indices remain in longer-term uptrends, short-term momentum has faded, leadership has narrowed, and money continues to rotate toward more defensive areas of the market. This week we revisit several key levels discussed last weekend, evaluate whether buyers followed through, and identify the sectors showing relative strength—and those still struggling to regain their footing. As always, the goal isn’t to predict what comes next, but to interpret the evidence the market is providing and adjust accordingly.

Show Notes

• Last week’s potential follow-through never developed as SPY and QQQ remained under pressure.

• SPY is below its 4- and 10-week moving averages but continues to hold above longer-term support.

• QQQ is testing a critical support area that could determine the next intermediate move.

• Dow Industrials and Russell 2000 continue to hold up better than the large-cap growth indices.

• Bitcoin failed to hold above a key resistance level and remains in a longer-term consolidation.

• The U.S. Dollar continues to strengthen with an emerging weekly breakout.

• Bonds remain weak while Treasury yields continue pushing higher.

• Crude oil and the Energy sector remain among the market’s strongest areas.

• Growth continues to lag Value, while Consumer Staples outperform Consumer Discretionary—evidence of ongoing defensive rotation.

• Semiconductors remain in orderly consolidation after a powerful advance.

• Software continues to deteriorate and remains one of the weakest major groups.

• Financials continue to hold up well despite broader market weakness.

• The Mag 7 remains under pressure, with several names threatening lower highs or renewed downtrends.

• Market breadth remains healthier than the headline indices alone would suggest.

• The current environment continues to reward patience, selectivity, and disciplined risk management over aggressive trading.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Key Takeaway

The market remains healthy beneath the surface, but rotation, failed follow-through, and uneven leadership are creating difficult trading conditions. The message is not to become aggressively bearish—it is to slow down, remain selective, and let price prove itself.

Show Notes

• SPY gave back last week’s trendline breakout and is now testing the confluence of its four- and ten-week moving averages.

• Hand-drawn trendlines are useful reference points, not precise barriers the market is obligated to respect.

• QQQ remains choppy near recent support, while Dow and IWM continue to hold stronger longer-term trends.

• Bitcoin is showing early signs of stabilization, including a positive RSI divergence, but still faces resistance overhead.

• Bonds remain in established downtrends, with lower highs, lower lows, and declining moving averages.

• Crude oil rebounded sharply but now faces an important test near overhead resistance.

• Gold remains below declining moving averages, with risk still tilted lower despite nearby support.

• Equal-weight participation remains generally healthy, but growth continues to lag value.

• Defensive rotation remains evident as staples outperform discretionary stocks and low-volatility names outperform high beta.

• Market breadth is still healthy beneath the surface, though Nasdaq participation remains mixed.

• Semiconductors are consolidating after an extraordinary advance and have not yet produced a clear breakdown.

• Biotech continues to digest its recent gains, while software remains directionless and difficult.

• Apple remains strong, while Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla show varying degrees of indecision or weakness.

• The broader market is not broken, but follow-through has become less reliable and quality setups are less plentiful.

• The current environment favors patience, smaller expectations, and concentration on only the best opportunities.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Summary

• SPY closed above a six-week trendline and reclaimed its rising short-term weekly moving averages.

• QQQ rebounded sharply but remains inside a broad eight-week consolidation range.

• Dow and IWM continue to hold constructive longer-term trends despite some short-term chop.

• Equal-weight S&P 500 and Nasdaq 100 charts remain strong, confirming broader participation beneath the surface.

• China bounced from oversold conditions, but follow-through is still needed before calling it a trend change.

• Bonds remain weak, keeping upward pressure on interest rates.

• Oil is attempting to stabilize but remains below declining weekly moving averages.

• Gold and silver continue to drift lower with little evidence of a sustained reversal.

• Semiconductors are consolidating following a significant advance.

• Biotech remains a leader, though an extended RSI reading and negative divergence suggest managing risk after the strong run.

• The Mag 7 improved as a group, led by new highs in Apple and constructive rebounds in Meta and NVIDIA.

• Microsoft and Tesla remain technically weak and need more work before their trends improve.

• Breadth remains healthy, with no significant warning signs from the percentage of S&P 500 stocks above their 50- and 200-day moving averages.

• CPI, PPI, Fed speakers, and Treasury auctions may create short-term volatility during the coming week.

Key Takeaway

SPY’s move above its recent trendline is a constructive development. The broader market remains healthy, participation is holding up, and several important growth leaders are beginning to improve—but follow-through will determine whether the latest rebound becomes something more meaningful.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Summary -

• Major indexes remain in healthy long-term uptrends despite a quiet, holiday-shortened week.

• SPY, QQQ, and IWM all finished with inside weeks; the DIA broke out to fresh highs.

• Market breadth remains healthy with broad participation across equal-weight indexes.

• Biotech (XBI) and Financials continue to show leadership after successful breakouts.

• Semiconductors and many MAG7 names are consolidating rather than leading.

• Rotation continues toward more defensive areas including Healthcare and Utilities.

• Growth vs. Value, Consumer Staples, and Low Volatility all suggest slightly more defensive positioning.

• Dollar breakout remains an important macro development to monitor.

• Bitcoin, gold, and oil continue to lag.

• Short-term roadmap: Dow remains strongest while QQQ and IWM have slipped below declining 5-day moving averages.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Note: The audio is a bit muffled due having the wrong microphone selected. 🤦‍♂️
You should be able to hear fine. Its just not quite as clear as usual.

Another week of consolidation, but not much evidence of meaningful deterioration beneath the surface.

The most interesting developments this week were continued strength in semiconductors, a breakout in biotech, weakness in commodities, and broad market indices continuing to hold near highs despite plenty of headline noise.

Enjoy the long weekend. The charts will still be here next week.

The primary trend remains higher. Markets appear to be consolidating recent gains through time rather than price, while leadership and participation remain healthy enough to keep the benefit of the doubt with the bulls.

• Major indices remain in healthy uptrends despite several weeks of choppy consolidation.

• SPY, QQQ, DIA, and IWM all continue to hold above key longer-term moving averages.

• QQQ, DIA, and IWM posted new weekly closing highs.

• Volatility continues to contract as markets absorb recent headline risk.

• Dollar strength is improving while commodities and energy have begun to cool.

• Bitcoin remains in a bearish configuration below declining moving averages.

• China (FXI) suffered a significant breakdown and remains one of the weakest global markets.

• Biotech (XBI) delivered a notable breakout and continues to emerge as a leadership group.

• Semiconductors remain exceptionally strong despite extended conditions.

• Software and several mega-cap technology names continue to lag.

• Financials attempted a breakout but gave back much of the week’s gains late in the week.

• Market breadth remains healthy with no meaningful deterioration in participation.

• Roadmap charts continue to show consolidation rather than distribution.

• Current evidence favors either:

  • A gradual grind higher, or

  • Additional sideways consolidation

• At present, a major correction appears less likely than continued digestion of prior gains.

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.

Taking the analysis further

If you want to go deeper than the weekly charts — including how the levels translate into actual trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we walk through the same market structure in real time and apply the process to actual trade setups.

Learn More at Alphatrends.net

Good evening,

I wanted to send a quick note before the futures open.

After several weeks of caution, we’re seeing an important shift develop in the market. The major indices are once again making higher highs and higher lows and have moved back above rising 5-day moving averages.

DIA and IWM both closed at new weekly highs, QQQ rebounded strongly, and financials continue to show signs of improving participation.

It’s still early, but the short-term evidence is becoming more constructive than it was just a week ago.

I’ve posted a brief Sunday evening chart review highlighting the key developments and what I’ll be watching as the new week begins.

Enjoy the rest of your evening, and I’ll be back with more as the week progresses.

— Andy

• Major indices have repaired significantly from recent weakness.

• SPY, QQQ, IWM, and DIA are now making higher highs and higher lows above a rising 5-day moving average.

• DIA and IWM posted new weekly closing highs.

• QQQ showed a strong rebound, reclaiming the 4-week moving average.

• Financials (XLF) continue to improve and may become an important source of market leadership.

• Semiconductors remain strong; biotech (XBI) is holding up and bears watching for a potential breakout.

• Crude oil is testing support while energy stocks continue to consolidate.

• Bitcoin is attempting to establish support near the $60,000 area.

• Near-term focus: Can the futures continue the higher-high/higher-low pattern as the week begins?

References & Chart Resources

Chart School

https://www.trading-adventures.com/t/chart-school

The Bullish Percent Index – A Technician’s Perspective

Relative Strength – What Is It Really?

Take the analysis further

If you want to go beyond the weekly charts — including how the levels translate into real trade planning and risk management — you can follow the work Brian Shannon and I do at Alphatrends.

That’s where we review the markets in real time and walk through how the same principles are applied to actual trade setups.

Important: This content is provided for educational purposes only. If you’re reading this online, please review the full disclosure here.