SPY Trends and Influencers January 24, 2026

• Posted by Greg Harmon
• on January 24th, 2026

Last week, the review of the macro market indicators saw 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, 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 ($ASHR) looked to continue the in the uptrend at 10½ year highs after breaking consolidation while Emerging Markets ($EEM) made their first new all-time high in almost 5 years as they continued 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 IWM was also strong forging new all-time highs. The SPY and QQQ were having a harder time mired in consolidation.

The week played out with Gold rocketing higher to just shy of $5000/oz while Crude Oil stalled after hitting the 200 day SMA. The US Dollar drifted lower in the consolidation range while Treasuries made a new 4 month low before recovering most of the drop. The Shanghai Composite consolidated at support in the uptrend while Emerging Markets moved up to new all-time highs.

Volatility spiked out of the teens early in the week but fell back to end little changed on the week. This led equities to gap down early in the week but they rose to fill the gaps and remain little changed. This resulted in the SPY and the QQQ holding just below their highs but with the IWM printing new all-time highs before Friday profit taking. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week in consolidation just below the new all-time high that started the prior week. It gapped down Tuesday, closing at a 1 month low, and the reversed that drop closing the gap Thursday and finishing at the 20 day SMA. It held there Friday, just below the 161.8% extension of the retracement of the drop to the Liberation Day lows. The RSI is back over the midline in the bullish zone and with the MACD flat and positive.

The weekly chart shows a touch at the 20 week SMA after pulling back from the 261.8% extension of the retracement of 2022 drop, and then a rebound. 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

Heading into next week’s FOMC meeting, equity markets showed resilience snapping back after a news driven sell of to start the week. Elsewhere, look for Gold to continue the uptrend in pursuit of $5000/oz while Crude Oil drifts in the consolidation range. The US Dollar Index is shifting to the downside continue to hold at 3½ month lows in consolidation and looking better lower. The Shanghai Composite looks ready to continue the uptrend at 10½ year highs while Emerging Markets continue to make new all-time highs in their uptrend.

The Volatility Index looks 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 but possibly ready for a pause after new all-time highs. The SPY and QQQ continue to be stuck in consolidation. Use this information as you prepare for the coming week and trad’em well.

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