SPY Trends and Influencers May 30, 2026

Last week, the review of the macro market indicators saw, heading into the unofficial start of summer, equities continued to show strength, regaining their swagger following a stumble to start the week. 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 tightening consolidation around $100/bbl. The US Dollar Index ($DXY) looked to continue to drift 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 digestion in the short term uptrend while Emerging Markets ($EEM) digested the new highs in their uptrend.

The Volatility Index ($VXX) looked to continue lower in the normal zone, giving a tailwind to equities. The charts of the $SPY, the $QQQ and the $IWM continued 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 looked very strong, retesting all-time highs after working off some of the overheated momentum levels.

The week played out with Gold drifting lower in consolidation to the long term moving average and bouncing while Crude Oil dropped back to a 6 week low. The US Dollar moved slightly lower in a tight range while Treasuries moved back into the consolidation zone negating a breakdown. The Shanghai Composite drifted lower on the edge of a downtrend while Emerging Markets made a series of new all-time highs after a gap up.

Volatility continued to tick lower, closing at a 4½ month low. This removed any pressure on equities and they rallied to new highs. This resulted in the SPY and the QQQ printing multiple new all-time highs including one to end the week Friday. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week just a stone’s throw from the all-time high. It corrected that with a new all-time high Tuesday and then paused Wednesday. Thursday saw another move higher and a new all-time high and it followed it up Friday ending at another all-time high. The RSI is moving up into overbought territory in the bullish zone and the MACD curling to cross up and positive.

The weekly chart shows the price continuing above the 300% extension of the retracement of the 2022 drop extending the streak to 9 positive weeks in a row. The RSI is rising in the bullish zone with the MACD rising and positive. There is support lower at 751.50 and 748.50 then 742 and 733 before 728 and 724. There is resistance above 758. Uptrend.

SPY Weekly, $SPY

With the month of May in the books and heading into a non-farm payroll week, equities continue to show strength, printing more new all-time highs. 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 but near a change of character to a downtrend. The US Dollar Index looks to continue to drift higher in broad consolidation while US Treasuries continue to test support in consolidation after avoiding a shift in character. The Shanghai Composite looks to continue digestion in the short term uptrend while Emerging Markets make 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 9th positive week for the SPY. On the shorter timeframe the SPY, the QQQ and the IWM also look very strong, with all printing all-time highs to start the week and then again Thursday. The SPY and QQQ ended with a 3rd record while the IWM was just short of joining them. Use this information as you prepare for the coming week and trad’em well.

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