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SPY / RSP
The SPY experienced a momentum run above key moving averages, but the current area represents significant resistance that has been tested multiple times. The RSP similarly sits in a stubborn resistance zone, having failed the 50 SMA on multiple occasions. The more important question isn’t where price is right now, but where it stabilizes — a pullback that builds a base before heading higher would be the healthiest outcome for both.
QQQ / QQQE
The QQQ is above all major moving averages, which is a positive technical development, though the current zone presents heavy resistance that will be difficult to break through cleanly. The QQQE is back above the 21 EMA, which is generally a constructive sign, but it previously broke below both the 50 and 200 SMAs — something worth monitoring as the market attempts to consolidate.
MDY / IWM
Mid-caps (MDY) are facing resistance around the 648 area, with the 200 SMA near 605 acting as a deeper level to watch if price falls back into its prior range. The IWM is considered the healthiest chart among the indexes reviewed, trading above all major moving averages, with 651 identified as the key level to hold on any pullback before a potential base forms and price attempts to break higher.
VIX
The VIX has dropped below most of its major moving averages, which is generally a positive sign for the trading environment as it reduces the risk of large overnight moves. However, it remains above the 200 SMA, meaning some volatility could still return. A potential gap fill or mean reversion move higher in the VIX would suggest more choppiness ahead before the market finds a more definitive bottom.
