SPY Trends and Influencers April 18, 2026

• Posted by Greg Harmon
• on April 18th, 2026

Last week, the review of the macro market indicators saw, heading into the next round of earnings season and amidst an unusual ceasefire, equities showed strength to follow up the prior week’s green shoots. Elsewhere, looked for Gold ($GLD) to continue to recover from the pullback while Crude Oil ($USO) hung on to the uptrend, pulling back in consolidation. The US Dollar Index ($DXY) looked to continue to drift lower in consolidation while US Treasuries ($TLT) held over 15 month support like nothing was happening. The Shanghai Composite ($ASHR) looked to continue a short term downtrend at possible support while Emerging Markets ($EEM) reversed higher to resume their uptrend.

The Volatility Index ($VXX) looked to continue to improve, moving out of elevated territory relieving the pressure on equities. The charts of the $SPY and the $QQQ were adding to their gains off the March bottom on the longer timeframe as bearish momentum transitioned to bullish while the $IWM continued to resume its uptrend. On the shorter timeframe the SPY and the QQQ made major moves over key moving averages and looked primed to continue, while the IWM held its head above them with relative strength rising out of the bottom.

The week played out with Gold continuing the recovery back towards $5000/oz while Crude Oil was crushed falling back toward $80/bbl. The US Dollar gathered some pace to the downside and a 6 week low while Treasuries continued sideways in consolidation. The Shanghai Composite moved over resistance to the upside while Emerging Markets ran up new all-time highs.

The Volatility Index continued to move lower in the normal range. This put a breeze at the back of equities and they drove higher all week setting new highs along the way. This resulted in the SPY, the QQQ and the IWM ending the week at new all-time highs. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week at the 100 day SMA after a 3 day gap and go move. It continued higher every day of the week printing a new all-time Wednesday. It followed that up with 2 more into the end of the week as it rode the Bollinger Bands® higher. The RSI is rising back into overbought territory in the bullish zone and the MACD rising and positive.

The weekly chart shows the price rising through the 261.8% extension of the retracement of the 2022 drop with 3 progressively longer candles. The RSI is rising in the bullish zone with the MACD about to cross up and positive. There is support lower at 697 and 692 then 689 and 685 before 680 and 676.50. There is no resistance above 712.40. Uptrend Resumes.

SPY Weekly, $SPY

With April options expiration in the books and ceasefire giving traders more confidence it will hold up, equities showed continued strength driving to new all-time highs. Elsewhere, look for Gold to continue recovering from the pullback while Crude Oil transitions to freefall. The US Dollar Index looks to continue to drift lower in consolidation while US Treasuries continue to hold over 15 month support like nothing is happening. The Shanghai Composite looks to continue a short term uptrend while Emerging Markets push to new highs in their uptrend.

The Volatility Index looks to continue to improve, as it drops back to the normal zone removing all the pressure on equities. The charts of the SPY, the QQQ and the IWM are now looking extremely strong on the longer timeframe with 3 long positive weeks moving to new highs. On the shorter timeframe the SPY, the QQQ and the IWM also look very strong but are showing signs of overheated momentum and may need a pause. Use this information as you prepare for the coming week and trad’em well.

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