SPY Trends and Influencers May 2, 2026

Last week, the review of the macro market indicators saw, with one week left in April and ceasefire talks set in Pakistan, equities showed continued strength driving to new all-time highs for the second week in a row. Elsewhere, looked for Gold ($GLD) to continue recovering from the pullback but testing traders patience while Crude Oil ($USO) attempted to right itself after the prior week’s freefall. The US Dollar Index ($DXY) looked to continue to drift in consolidation while US Treasuries ($TLT) continued to hold over 16 month support like nothing was happening. The Shanghai Composite ($ASHR) looked to continue a short term uptrend closing in on the 2025 top while Emerging Markets ($EEM) pushed to new highs in their uptrend.

The Volatility Index ($VXX) looked to continue in the normal zone removing all the pressure on equities. The charts of the $SPY, the $QQQ and the $IWM continued to look extremely strong on the longer timeframe with a 4th positive week moving to new highs. On the shorter timeframe the SPY, the QQQ and the IWM also looked very strong but continued to show overheated momentum, and a possible need for a pause.

The week played out with Gold finding support in its pullback and bouncing while Crude Oil met resistance midweek and reversed. The US Dollar dropped to a new 2 month low while Treasuries fell back to test 21 month lows. The Shanghai Composite paused in consolidation in its move higher while Emerging Markets rebounded to new all-time highs after an early week drop. The Volatility Index continued lower all week, finishing at 3 month lows. This removed all pressure from equities midweek and they rose to new highs Thursday and Friday. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week at a new all-time after breaking a short term consolidation. It made another Monday, then pulled back slightly in a pair of doji indecision candles through Wednesday. Thursday it decided with a move to a new all-time high and finished the week with another on Friday. The RSI continues to roll along the edge of overbought territory in the bullish zone and the MACD rising and positive.

The weekly chart shows the price continuing above the 261.8% extension of the retracement of the 2022 drop with 5 positive weeks in a row. The RSI is rising in the bullish zone with the MACD crossed up, rising and positive. There is support lower at 719 and 715.50 then 710 and 703 followed by 697 and 692 then 689 and 685. There is no resistance above 724.50. Uptrend.

SPY Weekly, $SPY

With the month of April, including Chairman Powell’s last FOMC meeting, in the books equities showed continued strength driving to new all-time highs for the third week in a row. Elsewhere, look for Gold to continue walking the fence between a downtrend and digestion in the uptrend while Crude Oil bounces around in broad consolidation near $100/bbl. The US Dollar Index looks to continue to drift in consolidation, this time to the downside, while US Treasuries continue to hold over 16 month support like nothing is happening. The Shanghai Composite looks to continue a short term uptrend closing in on the 2025 top and a new 11 year high while Emerging Markets push to new highs in their uptrend.

The Volatility Index looks to continue in the normal zone removing all the pressure on equities. The charts of the SPY, the QQQ and the IWM continue to look extremely strong on the longer timeframe with a 4th positive week moving to new highs. On the shorter timeframe the SPY, the QQQ and the IWM also look very strong but with overheated momentum and may need a pause. Use this information as you prepare for the coming week and trad’em well.

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