SPY Trends and Influencers October 24, 2026

  • Posted by on October 24th, 2026 at 9:03 am

Last week, the review of the macro market indicators saw, with the first week of earnings season and October Options Expiration in the books, equity markets were bucking the seasonal sentiment of an historically strong period in the election cycle and falling prey to spooky October fears. Elsewhere, looked for Gold to continue a pause in the short term move lower with Crude Oil resuming the short term move higher. The US Dollar Index looked to continue to work to push through the top of the zone on the verge of an uptrend while US Treasuries bounced from 24 year high yields and all-time lows in price for the Treasury Bond ETF. The Shanghai Composite looked on the verge of confirming a long rounding top while Emerging Markets continued to show risk to their uptrend.

The Volatility Index looked elevated in the normal zone, near a more worrisome move higher putting pressure on equities. The charts of the QQQ and the IWM were looking weaker and easier to the downside in the short term while the SPY tested support in consolidation. The SPY and QQQ continued to look strong on the longer timeframe while the IWM was in a short term downtrend.

The week played out with Gold renewing the move lower while Crude Oil moved slightly higher. The US Dollar trailed lower from the top of the range while Treasuries continued their rebound in price. The Shanghai Composite broke down to 14 month lows confirming a top in place while Emerging Markets looked set to retest the July low.

The Volatility Index ticked up out of the teens as the week progressed adding pressure to equity markets. This resulted in the SPY dropping back to 1 month lows but remaining in consolidation, with the QQQ touching a 2½ month low and filling its August gap, while the IWM remained at 6 month lows. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week following a second 1% drop at the bottom of the range. It held midway through that Friday candle to start the week and rose to the top of it by Wednesday where it met resistance and reversed. Thursday touched at the bottom of the range and Friday continued lower to settle at the bottom and just above the 100 day SMA. The RSI is dropping at the lower edge of the bullish zone and the MACD positive and moving down.

The weekly chart shows price back at support and the 20 week SMA. The RSI is holding in the bullish zone with the MACD rolling over and positive. There is support lower at 755.50 and 751.50 before 748.50 and 742 then 733. There is resistance above at 761 and 762.50 then 769 and 772 before 776 and 780. Consolidation in Uptrend.

SPY Weekly, $SPY

With one week left in scary October and the FOMC meeting on Wednesday, equity markets have been spooked by the combination of strong earnings growth and capex growth. Elsewhere, look for Gold to continue the short term move lower with Crude Oil resuming the short term move higher. The US Dollar Index looks to try to hold up over the top of the zone on the verge of an uptrend while US Treasuries close in on a retest of the breakdown levels. The Shanghai Composite shifts to a downtrend after confirming a long rounding top while Emerging Markets continue to show risk to their uptrend.

The Volatility Index looks elevated in the normal zone, near a more worrisome move higher putting pressure on equities. The chart of the SPY is on the cusp breaking support in the short term while the IWM and QQQ continue their short terms move lower. The SPY and QQQ continue to look stronger on the longer timeframe holding consolidation ranges while the IWM is in a short term downtrend. Use this information as you prepare for the coming week and trad’em well.

Join the Premium Users and you can view the Full Version with 20 detailed charts and analysis: Macro Week in Review/Preview October 23, 2026