SPY Trends and Influencers May 23, 2026

• Posted by Greg Harmon
• on May 23rd, 2026

Last week, the review of the macro market indicators saw, with the May options expiration in the rearview mirror and heading into the last week before the long weekend and unofficial start of summer, equities continued to act strong, tacking on more new all-time highs but failing to close out the week at highs. This ended the streak of Friday all-time high closes at four. Elsewhere, looked for Gold ($GLD) to continue walking the fence between a downtrend and digestion in the uptrend while Crude Oil ($USO) bounced around in broad consolidation over $100/bbl near the top of the range. The US Dollar Index ($DXY) looked to continue to higher in broad consolidation while US Treasuries ($TLT) continued to test support and a possible continuation of their downtrend.

The Shanghai Composite ($ASHR) looked to continue a short term uptrend and new 11 year highs while Emerging Markets ($EEM) were poised to digest the new highs in their uptrend. The Volatility Index ($VXX) looked to continue in the normal zone removing all the pressure on equities. The charts of the $SPY, the $QQQ and the $IWM continued to look extremely strong on the longer timeframe with a 7th positive week for the SPY. On the shorter timeframe the SPY, the QQQ and the IWM also looked very strong but with overheated momentum starting to reset lower and prices digesting to end the week.

The week played out with Gold falling under support and consolidating while Crude Oil fell back from a lower high, tightening the range. The US Dollar consolidated the move higher the prior week until resuming higher Friday while Treasuries fell back to a 2½ year low before reversing. The Shanghai Composite fell back and consolidated while Emerging Markets held at a retest of the February high and reversed back up.

The Volatility Index opened higher Monday but fell back all week, ending at a nearly 4 month low. This knocked stocks lower early in the week but they recovered to finish up on the week. This resulted in the SPY, the QQQ and the IWM all closing ack in on their all-time high prints by Friday’s close. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week after a small pullback to end the streak of Friday all-time high closes at 4. It opened lower Monday and continued down Tuesday. A reversal started Wednesday and it continued through Friday, ending a stone’s throw from the all-time high. The RSI is moving up to the edge of overbought territory in the bullish zone and the MACD flat and positive.

The weekly chart shows the price continuing above the 300% extension of the retracement of the 2022 drop at 741.50 ending with 8 positive weeks in a row. The RSI is rising in the bullish zone with the MACD rising and positive. There is support lower at 741 and 735 then 728 and 724 before 718 and 715. There is resistance above at 748.20 and 749.50. Uptrend.

SPY Weekly, $SPY

Heading into the unofficial start of summer, equities continue to show strength, regaining their swagger following a stumble to start the week. Elsewhere, look for Gold to continue walking the fence between a downtrend and digestion in the uptrend while Crude Oil bounces around in tightening consolidation around $100/bbl. The US Dollar Index looks to continue to drift higher in broad consolidation while US Treasuries continue to test support and a possible continuation of their downtrend. The Shanghai Composite looks to continue digestion in the short term uptrend while Emerging Markets digest the new highs in their uptrend.

The Volatility Index looks to continue lower in the normal zone, giving a tailwind to equities. The charts of the SPY, the QQQ and the IWM continue to look extremely strong on the longer timeframe with a 8th positive week for the SPY. On the shorter timeframe the SPY, the QQQ and the IWM also look very strong, retesting all-time highs after working off some of the but overheated momentum levels. Use this information as you prepare for the coming week and trad’em well.

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