SPY Trends and Influencers September 12, 2026

  • Posted by on September 12th, 2026 at 9:03 am

Last week, the review of the macro market indicators saw, with the August employment report in the books and heading into the Labor Day weekend, equity were a bit steadier. They now had to await the inflation data ahead of the September FOMC meeting. Elsewhere, looked for Gold ($GLD) to continue the pause in its uptrend while Crude Oil ($USO) consolidated. The US Dollar Index ($DXY) looked to continue in a tight range while US Treasuries ($TLT) held the move lower at 22 year lows in price. The Shanghai Composite ($ASHR) looked to continue to muddle under resistance while Emerging Markets ($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 settling into ranges over support on the shorter timeframe, while the $IWM was poised to make a recovery as it pressed on resistance. They all continued to look strong on the longer timeframe consolidating at the highs.

The week played out with Gold consolidating over support while Crude Oil finally stalled after an 8 day move higher. The US Dollar found support at the August low and bounced while Treasuries fresh lows before a Friday reprieve. The Shanghai Composite consolidated around the short term moving average until a drop Friday while Emerging Markets saw profit taking in their uptrend.

Volatility ticked up early in the week but fell back Friday after the CPI print. This cut down equities early in the week but they found support Thursday and rallied Friday. This resulted in the SPY bouncing from a 5 week low and the IWM from a 3 month low while the QQQ held in consolidation. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week over the 20 day SMA after a bounce from support. It dropped below the 20 day SMA Tuesday and then support Thursday, ending at the 50 day SMA. Friday saw a gap up over prior support stall just under the 20 day SMA to finish the week marginally lower. The RSI is holding at the midline in the bullish zone and the MACD positive and falling.

The weekly chart shows the bull flag with tightening Bollinger Bands® continuing for the 5th week. Price moving sideways continues to close in on the rising 20 week SMA. The RSI is holding in the bullish zone with the MACD flat and positive. There is support lower at 762.50 and 761 then 755.50 and 751.50 before 748.50 and 742 followed by 733. There is resistance above at 769 and 772 before 776 and 779. Uptrend.

SPY Weekly, $SPY

With the Labor Day shortened week in the books, equity markets have survived the inflation data with a small loss and are set to head into the FOMC meeting next week. Elsewhere, look for Gold to continue the pause in its uptrend with Crude Oil in a short term move higher. The US Dollar Index looks to continue in a tight range near par while US Treasuries hold the move lower at 22 year lows in price. The Shanghai Composite looks set to continue lower in consolidation while Emerging Markets creep higher in their uptrend.

The Volatility Index looks 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 are building ranges over support on the shorter timeframe, while the IWM continues to face greater short term downward pressure. They all continue to look strong on the longer timeframe consolidating at the highs. Use this information as you prepare for the coming week and trad’em well.

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