SPY Trends and Influencers November 7, 2026

  • Posted by on November 7th, 2026 at 9:03 am

Last week, the review of the macro market indicators saw, with October and the FOMC meeting in the books, equity markets were spooked by the combination of strong earnings growth, disappearing free cashflow and capex growth. They now faced the midterm elections and non-farm payrolls report. Elsewhere, looked for Gold ($GLD) to continue lower in a downtrend as Crude Oil ($USO) resumed the short term move higher. The US Dollar Index ($DXY) looked to break consolidation over the top of the zone on the verge of an uptrend while US Treasuries ($TLT) knocked on the door of a retest of the breakdown levels.

The Shanghai Composite ($ASHR) continued the downtrend after confirming a long rounding top while Emerging Markets ($EEM) now shifted to a short term downtrend. The Volatility Index ($VXX) looked to continue in elevated territory, putting pressure on equities. The chart of the $SPY was breaking through support in the short term while the $IWM and $QQQ continued their short terms move lower. The SPY and QQQ continued to look stronger on the longer timeframe but were cracking through their consolidation ranges while the IWM continued in a short term downtrend.

The week played out with Gold finding support and bouncing in the downtrend while Crude Oil reversed at the prior top and fell to support. The US Dollar fell to support and then rockets higher in the recent range while Treasuries continued to bounce off of the breakdown level without pushing through. The Shanghai Composite found support and managed a small bounce before falling back while Emerging Markets sank to a 7 month low before finding a bid.

The Volatility Index held in elevated territory early in the week but burst to the upside and 7 month highs late. This pinned equities early in the week but then the S&P 500 and Nasdaq 100 had their worst day since April 2025, and March 2020, respectively on Thursday. Friday saw some relief in the Indexes. This resulted in the SPY printing a 3 month low and the QQQ a 6½ month low before the bounce. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week below the 100 day SMA for the first time since early April and at the same spot as the September failed breakdown. It drifted lower Monday and held Tuesday before a big gap up Wednesday following the midterm election results and the Blue Wave. As traders were calming it had its worst day some Liberation Day on Thursday, as stories swirled of several funds liquidating portfolios, and then staged a minor rally Friday. The RSI is dropping in the bearish zone and the MACD negative and moving down.

The weekly chart shows price falling to the lower of the Bollinger Bands® and approaching the 50 week SMA. The RSI is falling through the midline in the bullish zone with the MACD rolling lower and positive. There is support lower at 733 and 728 then 724 and 718 before 715 and 710. There is resistance above at 740 and 742 then 748.50 and 751.50 before 755.50 and 761. Short Term Pullback.

SPY Weekly, $SPY

With the midterm elections and non-farm payrolls report in the books equities have suffered as a result of high volatility and forced liquidations from distressed funds. Elsewhere, look for Gold to continue lower in a downtrend with Crude Oil settling into a consolidation after the short term uptrend. The US Dollar Index continues to press against the top of the zone on the verge of an uptrend while US Treasuries peek over a retest of the breakdown levels. The Shanghai Composite continues the downtrend after confirming a long rounding top while Emerging Markets now shift to a downtrend.

The Volatility Index looks to continue in elevated territory, keeping pressure on equities. The chart of the SPY broke and is approaching its long term moving average in the short term while the IWM and QQQ continue their short terms move lower under their long term moving averages. The SPY and QQQ continue to look stronger on the longer timeframe but have dropped below their consolidation ranges threatening a shift to downtrends while the IWM continues in a short term downtrend. Use this information as you prepare for the coming week and trad’em well.

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