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
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.
