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.
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.
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