It's time for the first 📈Weekly Charts📉session of 2026.
This week we’ll:
🔹 Zoom out for clarity and context
🔹 Highlight what’s moving—and what’s not
🔹 ID risk and opportunity as we head into a new trading year
▶️Let's go!
$SPX
🔹 3 weeks riding a rising 4-week MA, holding just under the 1.618 extension
🔹 10-week MA and Nov. low AVWAP 🟠 stacked just below — strong layered support
🔹 Volume (as expected) ~50% of average during holiday weeks
🔹 RSI remains in bullish territory at 62
Trend remains intact with healthy consolidation.
$QQQ
🔹 Compressing into a tight triangle at the 1.618 extension
🔹 Below the 4- and 10-week MAs, but holding above the Nov. low AVWAP 🟠
🔹 Volume light, but picking up this week
🔹 RSI easing from recent highs, still healthy at 58
Coil forming just below key resistance. Setup builds.
After yesterday’s sharp selloff, it’s a good time to zoom out, check the weekly structure, and see where things really stand.
Momentum cooled, volatility rose — but the bigger picture still matters.
Let’s dig into the 📈Weekly Charts📉 for some perspective.
$SPX with a big outside reversal candle taking it from new highs to down nearly to the 10-week MA -- a level we haven't been close to for about 60 days, and haven't traded below since April.
Yesterday's volume was nearly double the 20-day average, but weekly volume is in line.
RSI is lower but still firmly in the upper half at ~61, for now.
$QQQ with similar action on heavier volume, closing near the AVWAP🟠 from its earlier test of the 10-week MA - which price actually hit in after-hours trading yesterday.