SPY Trends and Influencers January 17, 2026

• Posted by Greg Harmon
• on January 17th, 2026

Last week, the review of the macro market indicators saw with the first full week of 2026 in the book, equity markets showed renewed strength with several sectors and indexes at all-time highs. Elsewhere, looked for Gold ($GLD) to continue the uptrend and more all-time highs while Crude Oil ($USO) drifted higher at the bottom of consolidation. The US Dollar Index ($DXY) continued the short term move to the upside in consolidation while US Treasuries ($TLT) continued to hold at 4 month lows in consolidation and looking better lower.

The Shanghai Composite ($ASHR) looked to continue the in the uptrend at 10 year highs after breaking consolidation while Emerging Markets ($EEM) tested the 2021 all-time high in their uptrend. The Volatility Index ($VXX) looked to continue to hold low 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 SPY, and the IWM were also strong forging new all-time highs. The QQQ was bearing the brunt of rotation as it struggled to break higher.

The week played out with Gold soaring over 4600/oz while Crude Oil gained some strength and moved to a nearly 3 month high. The US Dollar continued to drift higher within consolidation while Treasuries moved slightly higher in consolidation. The Shanghai Composite finally met resistance and found some profit taking while Emerging Markets ran to a new all-time high.

Volatility ticked up early in the week but fell back to end little changed by Friday. This held large cap and tech heavy equity indexes in a tight range at their recent highs but small cap equities continued to flourish. This resulted in the SPY printing a new all-time high Monday and the IWM notching 3 new all-time highs on the week. The QQQ continues to lag, but near its top. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week at an all-time high and starting to separate above the 161.8% extension of the retracement of the drop to the April 2025 low. It printed another all time high Monday and then held in consolidation the rest of the week. The RSI is holding in the bullish zone and with the MACD flat and positive.

The weekly chart shows a pause after the strong candle last week holding at the 261.8% extension of the retracement of 2022. 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 January options expiration in the books, equity markets showed strength holding up or rising despite mixed inflation data and a Jerome Powell showdown with the President. Elsewhere, look for Gold to continue the uptrend and more all-time highs while Crude Oil drifts higher at the bottom of consolidation. The US Dollar Index continues the short term move to the upside in consolidation while US Treasuries continue to hold at 4 month lows in consolidation and looking better lower. The Shanghai Composite looks to continue the in the uptrend at 10½ year highs after breaking consolidation while Emerging Markets make their first new all-time high in almost 5 years as they continue in their uptrend.

The Volatility Index looks to continue to hold low 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 strong forging new all-time highs. The SPY and QQQ are having a harder time mired in consolidation. 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 January 17, 2025

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