SPY Trends and Influencers December 6, 2025

• Posted by Greg Harmon
• on December 6th, 2025

Last week, the review of the macro market indicators saw with the month of November in the books, equity markets weathered another shallow pullback and were looking strong again. Elsewhere, looked for Gold ($GLD) to continue the uptrend while Crude Oil ($USO) held lower in consolidation. The US Dollar Index ($DXY) continued the short term drift to the downside while US Treasuries ($TLT) continued in consolidation still teasing of a possible reversal higher. The Shanghai Composite ($ASHR) looked to continue the uptrend after some digestion from the 10 year highs while Emerging Markets ($EEM) found support and reversed in their uptrend.

The Volatility Index ($VXX) looked to continue to hold in the normal range after a pullback, making it easier for equities to move higher. The charts of the $SPY, the $IWM and the $QQQ looked strong on the longer timeframe after reversals on the week. On the shorter timeframe the SPY, the IWM and the QQQ had regained their swagger with strong moves higher, with the IWM leading the charge.

The week played out with Gold consolidating over 4200/oz while Crude Oil continued to drift sideways in a narrow range around $60/barrel. The US Dollar drifted lower, breaking the November low while Treasuries fell back to test the low after the September gap higher. The Shanghai Composite held in a narrow range after the move up last week while Emerging Markets held under resistance until a move to the upside Friday.

Volatility opened higher Monday but fell back to the normal range, moving lower all week and ending near the October low. This started equities in the hole Monday but they rose all week, led by the small caps. This resulted in the IWM printing a new all-time high Thursday and the SPY and the QQQ closing in on retests of their respective highs from October. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week just shy of a higher high and about 1% from the all-time high. It moved slightly lower Monday and then reversed to drift higher the rest of the week and close at a short term higher high. The RSI is rising into the bullish zone with the MACD rising and positive.

The weekly chart shows a small body candle following the Marubozu candle ending at resistance. The RSI is rising in the bullish zone with the MACD leveling and positive. There is support lower at 685 followed by 676.50 and 674 then 670 and 667 before 662 and 658. There is resistance above at 688.50. Uptrend.

SPY Weekly, $SPY

With the first week of December in the books and the FOMC next week, equity markets showed strength moving higher. Elsewhere, look for Gold to continue the uptrend while Crude Oil holds lower in consolidation. The US Dollar Index continues the short term drift to the downside while US Treasuries continue in consolidation still teasing of a possible reversal higher. The Shanghai Composite looks to continue the uptrend after some digestion from the 10 year highs while Emerging Markets move up from support in their uptrend.

The Volatility Index looks to continue to hold in the normal range making it easier for equities to move higher. The charts of the SPY, the IWM and the QQQ look strong on the longer timeframe after reversals on the week. On the shorter timeframe the SPY and the QQQ have regained their swagger with higher short term highs, while the IWM leads the charge with a new all-time high. Use this information as you prepare for the coming week and trad’em well.

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