SPY Trends and Influencers June 7, 2025

• Posted by Greg Harmon
• on June 7th, 2025

Last week, the review of the macro market indicators saw with the month of May in the books, equity markets showed a budding recovery from the prior week. Elsewhere looked for Gold ($GLD) to continue its uptrend while Crude Oil ($USO) continued to trend lower. The US Dollar Index ($DXY) continued a short term move to the downside while US Treasuries ($TLT) consolidated in their downtrend. The Shanghai Composite ($ASHR) looked to continue in consolidation while Emerging Markets ($EEM) fell from the cusp of a break to the upside.

The Volatility Index ($VXX) looked to continue in the normal range making life easier for equity markets to the upside. Their charts showed short term strength on the longer timeframe with digestion in the shorter timeframes. The $IWM continued to lag the $SPY and $QQQ in recovery in price and the shift to bullish momentum on the longer timeframe. The classic “V” recovery continued to build in all 3 Index ETFs as the SPY and QQQ closed in on their all-time highs.

The week played out with Gold breaking the bull flag higher to resistance while Crude Oil rose to short term resistance in the downtrend. The US Dollar back retesting 3 year lows while Treasuries bounced higher from support. The Shanghai Composite continued in consolidation riding the short term moving average while Emerging Markets reversed to rise to 7 month highs.

The Volatility Index ticked lower in the normal range. This took pressure off of equities but they held in a tight range ahead of with the non-farm payroll report. Friday saw some upside with the SPY and the QQQ closing in on all-time highs and the IWM at a 3 month high. 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 May 19 top in a short consolidation over the 20 day SMA. Monday it rose to the top of consolidation and then continued higher Tuesday. After a 2 day hold it made another move up to touch 600 before profit taking. The RSI is level in the bullish zone with the MACD also level and positive.

The weekly chart shows a break of the short consolidation to the upside. The RSI is holding over the midline just under the bullish zone with the MACD now positive and rising. There is support lower at 593 and 590 then 586 and 581 before 574.50 and 571.50. Resistance above is at 600 then 604 and 609 before 613. Short Term Uptrend.

SPY Weekly, $SPY

With the June non-farm payroll report in the rearview mirror, equity markets showed continued progress moving back towards their all-time highs. Elsewhere look for Gold to continue its uptrend while Crude Oil continues to trend lower. The US Dollar Index continues a short term move to the downside while US Treasuries consolidate in their downtrend. The Shanghai Composite looks to continue in consolidation while Emerging Markets break to the upside.

The Volatility Index looks to continue in the normal range making life easier for equity markets to the upside. Their charts show short term strength on the longer timeframe with strength also returning into the shorter timeframes. The IWM continues to lag the SPY and QQQ in recovery in price and the shift to bullish momentum on the longer timeframe. The classic “V” recovery continues to build in all 3 Index ETFs as the SPY and QQQ close in on their all-time highs. 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 June 6, 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