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
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.
