SPY Trends and Influencers August 8, 2026

Last week, the review of the macro market indicators saw, with the July FOMC meeting in the books, equity markets remained a bit unsettled as bond yields rose against the new Fed Chairman’s lack of any clarity. Elsewhere, looked for Gold ($GLD) to continue the short term consolidation in a downtrend with Crude Oil ($USO) reversed to the upside but paused. The US Dollar Index ($DXY) looked to move off of the very top of the 15 month range while US Treasuries ($TLT) confirmed a break down through support in consolidation to 20 year lows in price. The Shanghai Composite ($ASHR) looked to pause in the downtrend while Emerging Markets ($EEM) gathered upward momentum uptrend.

The Volatility Index ($VXX) looked to continue in the normal zone after a threat of a move higher, keeping a slight tailwind behind equities. They could use that as the charts of the $SPY and the $IWM were showing cracks on the shorter timeframe. The $QQQ was now on a short leash to prove it had bottomed and reversed with the IWM up from a 6 week low and the SPY holding the strongest, in a 3 month consolidation. They all continued to look strong on the longer timeframe, consolidating at the highs, with hammer reversals in the SPY and QQQ.

The week played out with Gold breaking the 5 week long consolidating to the upside while Crude Oil fell back, continuing to retrace the bounce. The US Dollar consolidated the pullback from the top while Treasuries held near the 20 year low. The Shanghai Composite staged a move higher off of support while Emerging Markets also continued a rebound.

Volatility continued lower, testing the lows of the year. This gave life to equities early in the week and they rose to start the week. This resulted in the SPY and IWM printing a new all-time high Tuesday and the QQQ continuing its rebound. What does this mean for the coming week? Let’s look at some charts.

SPY Daily, $SPY

The SPY came into the week near the top of the symmetrical triangle and at the confluence of the 20 and 50 day SMA’s. It started higher Monday, breaking the triangle, and continued Tuesday, closing at a new all -time high. Wednesday saw a gap up open get filled and it moved slightly lower Thursday before another all-time high to finish the week. The RSI is holding in the bullish zone and the MACD positive and rising.

The weekly chart shows the strong candle higher creating some separation from the 300% extension of the retracement of the 2022 drop. The RSI is holding in the bullish zone with the MACD flat and positive. There is support lower at 768 and 760 then 755.50 and 751.50 before 748.50 and 742. There is resistance above at 776. Uptrend.

SPY Weekly, $SPY

With the July employment report in the rearview, equity markets have found a catalyst in renewed optimism on a Hormuz deal. Elsewhere, look for Gold to continue the reversal of the downtrend with Crude Oil failing on the upside reversal and heading lower. The US Dollar Index looks to continue the move off of the very top of the 15 month range while US Treasuries retesting the break down through support in consolidation to 22 year lows in price. The Shanghai Composite looks to reverse the short term downtrend while Emerging Markets sport their own reversal to the upside.

The Volatility Index looks to continue in the normal zone with a drift lower putting a tailwind behind equities. The charts of the SPY and the IWM responded with new all-time highs on Tuesday. The SPY, the IWM look primed to continue higher with the QQQ paused at resistance but positive, all on the short timeframe. They all continue to look strong on the longer timeframe with Morning Star reversals. Use this information as you prepare for the coming week and trad’em well.

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