SPY Trends and Influencers April 11, 2026

• Posted by Greg Harmon
• on April 11th, 2026

Last week, the review of the macro market indicators saw, with the shortened pre-Easter week in the books, equities showed some green shoots after a 5 week run lower. Elsewhere, looked for Gold ($GLD) to continue to recover in the pullback while Crude Oil ($USO) continued to surge near 4 year highs and closing in on the 2008 all-time highs. The US Dollar Index ($DXY) looked to continue to press on resistance in consolidation while US Treasuries ($TLT) held over 15 month support. The Shanghai Composite ($ASHR) looked to continue a short term downtrend at possible support while Emerging Markets ($EEM) sought support in the pullback in their uptrend.

The Volatility Index ($VXX) looked to continue to improve in elevated territory keeping some pressure on equities. The charts of the $SPY and the $QQQ were finding their legs on the longer timeframe as bearish momentum improved while the $IWM looked to resume its uptrend. On the shorter timeframe the SPY and the QQQ were showing signs of a nascent reversal though with lots of work left to do, while the IWM held up with relative strength over its long term moving average in consolidation in its short term downtrend.

The week played out with Gold continuing the move higher while Crude Oil showed a massive reversal move lower. The US Dollar Index also fell out of bed back to the middle of the year long range while Treasuries continued in a tight range over 15 month support. The Shanghai Composite found support and managed a small bounce while Emerging Markets confirmed a reversal with a strong move higher.

Volatility accelerated the fall back into the normal range. This gave equities some breathing room and they staged big moves to the upside. This resulted in the SPY only 2% from it’s all-time high with the QQQ 4% below it’s top and the IWM off 3%, what a difference a week makes. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week approaching the 200 day SMA and falling 20 day SMA. It moved sideways Monday and Tuesday, which was enough to get over the 20 day SMA. Wednesday then saw a gap up over the 200 day SMA at the open to the 100 day SMA and then it drifted higher Thursday and Friday before some afternoon profit taking. It ended at the top of the Bollinger Bands® which are pushing open higher. The RSI is rising back into the bullish zone and the MACD crossed up and rising but negative.

The weekly chart shows the price rising through the 238.2% extension of the retracement of the 2022 drop and above the 20 week SMA. The RSI is rising over the midline and nearing the bullish zone with the MACD kinking up and positive. There is support lower at 676.50 and 674 then 671 and 667 before 661 and 658. There is resistance above at 680 and 685 then 689 and 692 before 697. Reversal of Short Term Downtrend.

SPY Weekly, $SPY

Heading into the next round of earnings season and amidst an unusual ceasefire, equities showed strength to follow up last week’s green shoots. Elsewhere, look for Gold to continue to recover from the pullback while Crude Oil hangs on to the uptrend, pulling back in consolidation. The US Dollar Index looks to continue to drift lower in consolidation while US Treasuries hold over 15 month support like nothing is happening. The Shanghai Composite looks to continue a short term downtrend at possible support while Emerging Markets reverse higher to resume their uptrend.

The Volatility Index looks to continue to improve, moving out of elevated territory relieving the pressure on equities. The charts of the SPY and the QQQ are adding to their gains off the March bottom on the longer timeframe as bearish momentum transitions to bullish while the IWM continues to resume its uptrend. On the shorter timeframe the SPY and the QQQ made a major move over key moving averages and looks primed to continue, while the IWM holds its head above them with relative strength rising out of the bottom. Use this information as you prepare for the coming week and trad’em well.

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