SPY Trends and Influencers September 5, 2026

• Posted by Greg Harmon
• on September 5th, 2026

Last week, the review of the macro market indicators saw, with the Fed Jackson Hole Economic Symposium in the books and 1 trading day left in August, equity markets remained a bit unsettled but biased higher, following continued confusion about the Fed’s focus. Elsewhere, looked for Gold ($GLD) to pause or reverse in its uptrend with Crude Oil ($USO) consolidating. The US Dollar Index ($DXY) looked to continue the week’s strengthening while US Treasuries ($TLT) to hold the move lower at 22 year lows in price. The Shanghai Composite ($ASHR) looked to continue the move higher while Emerging Markets ($EEM) paused in their uptrend.

The Volatility Index ($VXX) looked to continue in the normal zone at the lows of the year keeping a slight tailwind behind equities. The charts of the $SPY and $QQQ were slowly rising with the short term SMA on the shorter timeframe, while the $IWM was falling back below it. They all continued to look strong on the longer timeframe consolidating at the highs.

The week played out with Gold dipping back to support and holding while Crude Oil stalled at the July top in a move up in consolidation. The US Dollar found ran out of steam and fell back to support while Treasuries continued to hold at historic lows, moving in a very narrow range. The Shanghai Composite stalled at a retest of the August high and reversed while Emerging Markets also ran up to the August highs, peeking above to end the week.

Volatility ticked up early in the week but fell back after the quickly and ended at the low of the year. This pinned equities early in the week but they rose mid-week to end the week little changed. This resulted in the SPY and the QQQ holding over support, consolidating in a short term range while the IWM found support and rebounded to resistance. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week holding over the 20 day SMA after a bounce from support. It started lower Monday and dropped back to support Tuesday and then reversed Wednesday and Thursday back over the 20 day SMA. It held there Friday to end the week little changed. The RSI is holding over the midline in the bullish zone and the MACD positive and level.

The weekly chart shows the bull flag with tightening Bollinger Bands® continuing. Price moving sideways is closing in on the rising 20 week SMA, a positive. The RSI is holding in the bullish zone with the MACD flat and positive. There is support lower at 769 followed by 762.50 and 761 then 755.50 and 751.50 before 748.50 and 742 followed by 733. There is resistance above at 772 before 776 and 779. Uptrend.

SPY Weekly, $SPY

With the August employment report in the books and heading into the Labor Day weekend, equity are a bit steadier. They now await the inflation data next week ahead of the September FOMC meeting. Elsewhere, look for Gold to continue the pause in its uptrend with Crude Oil consolidating. The US Dollar Index looks to continue in a tight range while US Treasuries hold the move lower at 22 year lows in price. The Shanghai Composite looks set to continue to muddle under resistance while Emerging Markets creep higher in their uptrend.

The Volatility Index looks to continue low in the normal zone at the lows of the year keeping a tailwind behind equities. The charts of the SPY and QQQ are settling into ranges over support on the shorter timeframe, while the IWM is poised to make a recovery as it presses on resistance. They all continue to look strong on the longer timeframe consolidating at the highs. Use this information as you prepare for the coming week and trad’em well.

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