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
Markets continued higher this week, but momentum cooled as many sectors and asset classes printed inside candles. That is not a bearish development by itself. After a fast advance, the market appears to be correcting through time rather than price.
SPY and QQQ remain strong, semiconductors and MAG7 continue to lead, and Bitcoin is improving. Breadth backed off slightly, but remains constructive. The Dow is the one major index showing some caution, with lower highs and lower lows below a declining 5-day moving average.
Key Takeaways
SPY and QQQ pushed to new highs
Many areas printed inside weeks: Dow, crude, gold, silver, XBI, XLF, XLE
Semiconductors remain the strongest leadership group
MAG7 remains strong, with Amazon especially impressive
Breadth cooled slightly, but remains above key participation levels
Bitcoin improved and is back above important reference levels
Dow is the weakest of the major index charts
Current action looks like digestion, not deterioration
Bottom Line
After a major advance, the market paused instead of pulling back sharply.
Buyers did not press, but they also did not give up control. The main trend remains higher, but some rest, consolidation, or a test of rising short-term moving averages would be normal.
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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