2026 Market Snapshot
Looking at the monthly chart of SPY (S&P 500), I have the following analysis:
Price Action:
It appears to be trading in a large bullish Broadening Ascending Wedge price action pattern. As long as we stay above 697 I can see push higher into the 797-830 target areas.
Moving Averages:
Spy is trading well above its 9-month EMA moving average and all major averages.
Gaines Pressure Model Indicator:
Momentum Digestion: The indicator is saying that while the trend is bullish, the immediate "aggression" or velocity of the buyers has slowed down relative to the broader structural trend. The market is "leaning" higher rather than "exploding" higher.
The Magnificent 7 Earnings:
The earnings picture is strong overall, but uneven beneath the surface.
Nvidia, Microsoft, Meta: Clear earnings leaders with strong growth, AI-driven acceleration, and consistent EPS beats.
Apple, Amazon, Alphabet: Solid, high-quality businesses with steady profits, but slower growth and more reliance on efficiency and cost control than acceleration.
Tesla: Most volatile—earnings fluctuate with pricing pressure, demand cycles, and margin compression.
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