SPY Trends and Influencers April 25, 2026

• Posted by Greg Harmon
• on April 25th, 2026

Last week, the review of the macro market indicators saw, 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, looked for Gold ($GLD) to continue recovering from the pullback while Crude Oil ($USO) transitioned to freefall. The US Dollar Index ($DXY) looked to continue to drift lower in consolidation while US Treasuries ($TLT) continued to hold over 15 month support like nothing is happening. The Shanghai Composite ($ASHR) looked to continue a short term uptrend while Emerging Markets ($EEM) pushed to new highs in their uptrend.

The Volatility Index ($VXX) looked to continue to improve, as it dropped back to the normal zone removing all the pressure on equities. The charts of the $SPY, the $QQQ and the $IWM were 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 looked very strong but were showing signs of overheated momentum and a possible pause.

The week played out with Gold rounding lower signaling a lower top while Crude Oil bounced at support. The US Dollar also found support and pushed slightly higher while Treasuries continued in a tight range in consolidation. The Shanghai Composite continued the 1 month move higher while Emerging Markets held in consolidation at the all-time high.

The Volatility Index rose slightly but remained in the teens. This continued to allow equities to move freely and they moved higher Monday before settling in a range. This resulted in the IWM making a new all-time high Monday and the SPY and QQQ printing a new all-time high Wednesday and another 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 at a new all-time as it rode the Bollinger Bands® higher. It held there Monday and Tuesday, closing the Friday gap, and then made another new high Wednesday and again Friday. The RSI is rolling along the edge of overbought territory in the bullish zone and the MACD rising and positive.

The weekly chart shows the price continuing above the 261.8% extension of the retracement of the 2022 drop with 4 positive weeks in a row. The RSI is rising in the bullish zone with the MACD crossed up and positive. There is support lower at 707.50 and 703 followed by 697 and 692 then 689 and 685. There is no resistance above 714.50. Uptrend.

SPY Weekly, $SPY

With one week left in April and ceasefire talks set in Pakistan, equities showed continued strength driving to new all-time highs for the second week in a row. Elsewhere, look for Gold to continue recovering from the pullback but testing traders’ patience while Crude Oil attempts to right itself after last week’s freefall. The US Dollar Index looks to continue to drift in consolidation while US Treasuries continue to hold over 16 month support like nothing is happening. The Shanghai Composite looks to continue a short term uptrend, closing in on the 2025 top while Emerging Markets push to new highs in their uptrend.

The Volatility Index looks to continue in the normal zone, removing all the pressure on equities. The charts of the SPY, the QQQ and the IWM continue to look extremely strong on the longer timeframe with a 4th positive week moving to new highs. On the shorter timeframe the SPY, the QQQ and the IWM also look very strong but continue to show overheated momentum and may need a pause. 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 April 24, 2026

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus