SPY Trends and Influencers August 29, 2026

  • Posted by on August 28th, 2026 at 4:18 pm

Last week, the review of the macro market indicators saw, with the August options expiration in the books and heading into the Fed Jackson Hole Economic Symposium, equity markets remained a bit unsettled as the Treasury’s reaction to rising bond yields spooked the Dollar and Gold. Elsewhere, looked for Gold ($GLD) to continue the uptrend with Crude Oil ($USO) bounced in a downtrend. The US Dollar Index ($DXY) looked to continue the move lower in consolidation while US Treasuries ($TLT) continued the move lower at 22 year lows in price. The Shanghai Composite ($ASHR) looked poised to reverse higher while Emerging Markets ($EEM) gathered upward momentum in their uptrend.

The Volatility Index ($VXX) looked to continue in the normal zone at the lows of the year keeping a slight tailwind behind equities. They could use that as the charts of the $SPY and the $IWM were pulling back to support on the shorter timeframe after making new all-time highs, while the $QQQ was also at support but after falling from a lower high. They all continued to look strong on the longer timeframe consolidating at the highs.

The week played out with Gold ticking higher early but seeing profit taking accelerate late while Crude Oil fell back to support ending the bounce. The US Dollar found support and moved higher, accelerating after the Warsh speech Friday while Treasuries found footing and staged a weak rally. The Shanghai Composite moved higher while Emerging Markets drifted up to a 2 month high.

Volatility fell back to the lows of the year and heading toward the Christmas 2025 low. This gave equities some room to run and they did by midweek. This resulted in the SPY approaching the all-time high with the QQQ moving up into the August gap down, but the small cap IWM was little changed. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week holding over support and the 20 day SMA after a pullback from the all-time high. It held there Monday and then rode the 20 day SMA higher through Thursday. Friday it started strong but gave up the gains when Europe closed to end the week slightly higher. The RSI is holding over the midline in the bullish zone and the MACD positive and level.

The weekly chart shows a bull flag with tightening Bollinger Bands®. Price remains well above the 20 week SMA, a positive. The RSI is holding in the bullish zone with the MACD flat and positive. There is support lower at 769 followed by 762.50 and 761 then 755.50 and 751.50 before 748.50 and 742 followed by 733. There is resistance above at 772 before 776 and 779. Uptrend.

SPY Weekly, $SPY

With the Fed Jackson Hole Economic Symposium in the books and 1 trading day left in August, equity markets remain a bit unsettled but biased higher, following continued confusion about the Fed’s focus. Elsewhere, look for Gold to pause or reverse in its uptrend with Crude Oil consolidating. The US Dollar Index looks to continue the week’s strengthening while US Treasuries hold the move lower at 22 year lows in price. The Shanghai Composite looks to continue the move higher while Emerging Markets pause in their uptrend.

The Volatility Index looks to continue in the normal zone at the lows of the year keeping a slight tailwind behind equities. The chart of the SPY and QQQ are slowly rising with the short term SMA on the shorter timeframe, while the IWM is falling back below it. 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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