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, 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.
