SPY Trends and Influencers February 7, 2026

• Posted by Greg Harmon
• on February 7th, 2026

Last week, the review of the macro market indicators saw, with the January FOMC meeting in the books and a formal announcement of Kevin Warsh as the new Fed Chair nominee, equity markets show strength holding near and setting new highs. Elsewhere, looked for Gold ($GLD) to pause in the uptrend after tagging $5600/oz and pulling back while Crude Oil ($USO) moved higher in the consolidation range. The US Dollar Index ($DXY) was finding its footing after a 4 year low while US Treasuries ($TLT) continued to hold in the lower end of the consolidation zone and looked better lower.

The Shanghai Composite ($ASHR) looked ready to continue the uptrend at 10½ year highs while Emerging Markets ($EEM) reset momentum gauges after making new all-time highs in their uptrend. The Volatility Index ($VXX) looked 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 remained strong on the longer timeframe with the IWM leading. On the shorter timeframe the IWM was also resetting with a retest of the prior high as support. The SPY and QQQ continued to be stuck in consolidation at their highs.

The week played out with Gold finding support after a deep drop and then bouncing while Crude Oil met resistance and consolidated. The US Dollar continued the drift higher while Treasuries fell retested the lows from January before a bounce. The Shanghai Composite dropped below a key moving average and consolidated while Emerging Markets found their footing and consolidated in their uptrend.

Volatility ticked up through mid-week but fell back Friday to end little changed on the week. This put some selling pressure on equities early in the week and led to a 3 day pullback. That reversed Friday with a strong bid. This resulted in the SPY and the IWM finishing less than 2% off of their highs and the QQQ off less than 5%. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week just below the 161.8% extension of the retracement of the drop to the Liberation Day low. It started higher Monday and the reversed Tuesday and went on a 3 day move lower to touch the 100 day SMA for the first time since November. Friday saw a strong move higher push it back to the 20 day SMA, nearly flat on the week. The RSI is rising back to the midline in the bullish zone with the MACD flat and barely positive.

The weekly chart shows another doji candle with a tight range between the 20 week SMA and the 261.8% extension of the retracement of 2022 drop. The RSI is holding in the bullish zone with the MACD drifting lower and positive. There is support lower at 689 then 685 and 680 before 676.50 and 674. There is resistance above at 692 and 696. Uptrend.

SPY Weekly, $SPY

With the first week of February in the books, equity markets showed resilience recovering after a midweek trip up in a data light week. Elsewhere, look for Gold to regroup around $5000/oz digesting the long move up while Crude Oil moves sideways in the consolidation range. The US Dollar Index is showing some strength rising off a 4 year low while US Treasuries continue to hold in the lower end of the consolidation zone and looking better lower. The Shanghai Composite looks to be pausing in the uptrend while Emerging Markets have reset momentum gauges look ready for new all-time highs 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 remain strong on the longer timeframe with the IWM leading. On the shorter timeframe the IWM is also strongest holding over support. The SPY and QQQ continue to move in consolidation just under their highs. Use this information as you prepare for the coming week and trad’em well.

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