SPY Trends and Influencers September 19, 2026

  • Posted by on September 19th, 2026 at 9:03 am

Last week, the review of the macro market indicators saw, with the Labor Day shortened week in the books, equity markets had survived the inflation data with a small loss and were set to head into the FOMC meeting. Elsewhere, looked for Gold ($GLD) to continue the pause in its uptrend with Crude Oil ($USO) in a short term move higher. The US Dollar Index ($DXY) looked to continue in a tight range near par while US Treasuries ($TLT) held the move lower at 22 year lows in price. The Shanghai Composite ($ASHR) looked set to continue lower in consolidation while Emerging Markets ($EEM) crept higher in their uptrend.

The Volatility Index ($VXX) looked to continue low in the normal zone at the lows of the year keeping a tailwind behind equities. The charts of the $SPY and $QQQ were building ranges over support on the shorter timeframe, while the $IWM continued to face greater short term downward pressure. They all continued to look strong on the longer timeframe consolidating at the highs.

The week played out with Gold finding support and bouncing in consolidation while Crude Oil met resistance and stalled in its move. The US Dollar rose to resistance in the range while Treasuries made new 22 year lows before finding support. The Shanghai Composite held in a tight range after the gap down finish last week while Emerging Markets tried to fill a gap down and reclaim the uptrend.

The Volatility Index ticked up ahead of the FOMC meeting but fell back afterwards to end lower on the week. This put pressure on equities early in the week along with muted trading ahead of the meeting but released that late in the week to allow a recovery. This resulted in the SPY dropping slightly while the QQQ was nearly unchanged and the IWM fairing the worst of the three on the week. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week just under the 20 day SMA in an extended bull flag. It gapped down the 50 day SMA Monday and continued lower through Wednesday, dipping to the 100 day SMA intraday before recovering. Thursday saw a move over resistance and the 50 day SMA and it held there Friday to finish the week slightly lower. The RSI is holding at the midline in the bullish zone and the MACD negative and falling.

The weekly chart shows the bull flag with tightening Bollinger Bands® continuing for the 6th week with a near doji candle. Price moving sideways touched the rising 20 week SMA for the first time since April. The RSI is holding in the bullish zone with the MACD crossing down and positive. There is support lower at 761 then 755.50 and 751.50 before 748.50 and 742 followed by 733. There is resistance above at 762.50 and 769 then 772 and 776 before 779. Uptrend.

SPY Weekly, $SPY

With the September FOMC meeting and September Quadruple Witching in the books, equities weathered the storm fairly well and now head into an historically weak week. Elsewhere, look for Gold to continue the pause in its uptrend with Crude Oil continuing the short term move higher. The US Dollar Index looks to continue in a tight range testing the top of the zone while US Treasuries hold the move lower at 22 year lows in price. The Shanghai Composite looks set to continue in consolidation while Emerging Markets show risk to the uptrend with a lower high.

The Volatility Index looks to continue low in the normal zone, near the lows of the year keeping a tailwind behind equities. The chart of the QQQ continues to build a range over support on the shorter timeframe, while the SPY and IWM continue to face greater short term downward pressure as their bull flags become extended. The SPY and QQQ continue to look strong on the longer timeframe consolidating at the highs while the IWM now shows some risk to the uptrend. Use this information as you prepare for the coming week and trad’em well.

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