SPY continues to act like a market that wants higher prices after successfully reclaiming key moving averages and pushing through recent resistance. The weekly chart shows strong momentum expansion with the PPO crossing bullish and accelerating higher while the MACD has surged back above the zero line — typically a sign that the larger trend is regaining strength rather than just producing a short-term bounce. ADX is also starting to turn up with +DI firmly in control, suggesting trend strength is building again after the recent correction phase.

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Price is now approaching the R2 pivot region after slicing through R1 with very little hesitation, which tells you buyers are still pressing aggressively. The main thing bulls want to see now is consolidation above the 8 and 13-week EMAs instead of a sharp reversal after this vertical run. If SPY can hold these breakout levels, the chart opens the door for a continued melt-up toward the upper pivot zones. Bears really need to force price back under the recent breakout area quickly, otherwise momentum indicators suggest dips may continue getting bought rather than sold.

Wishing you the best,

Wendy