SPY Trends and Influencers June 6, 2026

Last week, the review of the macro market indicators saw, with the month of May in the books and heading into a non-farm payroll week, equities continued to show strength, printing more new all-time highs. Elsewhere, looked for Gold ($GLD) to continue walking the fence between a downtrend and digestion in the uptrend while Crude Oil ($USO) bounced around in tightening consolidation around $100/bbl but near a change of character to a downtrend. The US Dollar Index ($DXY) looked to continue to drift higher in broad consolidation while US Treasuries ($TLT) continued to test support in consolidation after avoiding a shift in character.

The Shanghai Composite ($ASHR) looked to continue digestion in the short term uptrend while Emerging Markets ($EEM) made new highs in their uptrend. The Volatility Index ($VXX) looked to continue lower in the normal zone, giving a tailwind to equities. The charts of the $SPY, the $QQQ and the $IWM continued to look extremely strong on the longer timeframe with a 9th positive week for the SPY. On the shorter timeframe the SPY, the QQQ and the IWM also looked very strong, with all printing all-time highs to start the week and then again Thursday. The SPY and QQQ ended with a 3rd record while the IWM was just short of joining them.

The week played out with Gold falling back to retest the March lows while Crude Oil rebounded but stopped at another lower high and fell back. The US Dollar drifted up until a thrust Friday saw it finish at a 2 month high while Treasuries held in a tight range at support. The Shanghai Composite continued lower negating the short term uptrend and finishing at a nearly 2 month low while Emerging Markets started the week with back-to-back all-time highs before a sharp sell off.

The Volatility Index held in a tight range in the normal zone near the lows of the year. This initially gave equities a boost early in the week and they printed back-to-back all time highs to start the week. The rest of the week saw a bigger range and choppiness with the resultant move to the downside. This resulted in the SPY the QQQ and the IWM falling back to and through their short term moving averages. This was the first time since early April for the SPY and QQQ. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week at another all-time high. And the new week started with 2 more all-time highs Monday and Tuesday before a pause. Thursday saw a drop at the open recover all day and then it ended the week Friday printing a Marubozu Kicker candle (reversal) and strong move to the downside. This left it below the 20 day SMA for the first time since the beginning of April. The RSI is dropping at the midline in the bullish zone and the MACD dropping and positive.

The weekly chart shows the price pulling back through the 300% extension of the retracement of the 2022 drop and ending the streak of 9 positive weeks in a row. The RSI is rolling over in the bullish zone with the MACD rising and positive. There is support lower at 733 and 728 then 724 and 718 before 715 and 710. There is resistance above at 742 and 748.50 then 751.50 and 760. Uptrend.

SPY Weekly, $SPY

With the first week of June and the strong May employment report in the books, sentiment is shifting in the equity markets after starting the week at all-time highs. Elsewhere, look for Gold to continue a short term downtrend while Crude Oil falls in consolidation under $100/bbl, near a change of character to a downtrend. The US Dollar Index looks to continue to move higher in broad consolidation near the top of the range while US Treasuries continue to test support in consolidation after avoiding a shift in character. The Shanghai Composite looks to continue digestion in the short term uptrend, on the edge of a shift to downtrend, while Emerging Markets pull back in their uptrend.

The Volatility Index looks to continue lower in the normal zone, but higher, giving a bit less of a tailwind to equities. The charts of the SPY, the QQQ and the IWM continue to look extremely strong on the longer timeframe and have reset out of overbought conditions. On the shorter timeframe the SPY, the QQQ and the IWM also look strong, with all printing all-time highs to start the week, but resetting momentum lower with short term pullbacks to end the week. This could continue. Use this information as you prepare for the coming week and trad’em well.

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