SPY gained 2.7% to $767 as it broke out of a trading range that lasted almost two months to new all-time highs. A 1.8% gain on August 4 led the move, which looked like mechanical short covering, and five straight days of closes below the open followed. Strong earnings from NVDA, CRM, CRWD and OKTA helped SPY find support above the breakout.
A complete intraday market analysis for each day is listed below.
SPY was flat at 0.0% and closed at $773 as the market broke out after a week away from financial news. The oil and Iran narrative behind the rally was doubted, and a dismal jobs report was shrugged off.
SPY fell 0.3% to $771 after last week's breakout to a new all-time high ended a range lasting almost two months. The move warranted only small bullish swing positions, with CPI and rising yields ahead.
SPY rose 0.3% to $772 as CPI rose only .1% m/m with core up .2%, in line with expectations. The breakout still looked mechanical with seasonal weakness ahead, but the longer it held the more legitimate it became.
SPY rose 0.7% to $778 as gap-up reversals recovered and higher lows formed after the breakout to a new high. CPI and PPI did not spark selling, a sign that supply was being exhausted.
SPY fell 0.2% to $776 as the lack of a seasonal August and September drop left the market muddling higher. No downside catalyst had appeared, which complicated trading with compressions and overnight spurts.
SPY fell 0.5% to $773 as the breakout from two weeks ago looked bullish but suspect, coming on light volume in two trading days. A pullback to test the breakout would confirm buyer control.
SPY fell 0.7% to $767 as a new all-time high gave back gains. The rally was partly a mechanical short squeeze, so a test of the breakout was seen as normal.
SPY rose 0.2% to $769 after a gap down and drift lower. The move was called noise in a light news cycle, with FOMC Minutes due and a 65% chance of a 25 basis point December hike priced in.
SPY fell 0.8% to $763 as gains from a Treasury plan to retire longer-term debt erased, with the S&P 500 down 40 points pre-open. Bond yields kept climbing as the US issued $10T of debt per year.
SPY rose 0.4% to $766 after a week of steady, organized selling on above-average volume. A gap up to the all-time high would show buyers scooped the dip, while the breakout at $760.40 could be tested.
SPY fell 0.3% to $763 after five consecutive days closing lower than the open. A pivotal week was ahead, with the breakout at $760.40 to be tested for either defense or failure.
SPY rose 0.3% to $766 as traders were urged to avoid unforced errors in a low probability environment. The breakout at SPY $760.40 was expected to be tested, with NVDA earnings the week's big news.
SPY was flat at 0.0% and closed at $766 just above the breakout from two weeks ago. Tech stocks needed a boost from NVDA, whose reaction could spark a bounce or another round of selling.
SPY rose 0.7% to $771 as NVDA, CRM, CRWD and OKTA traded higher after strong results. The price action looked tenuous, and the market needed to finish strong on good volume.
SPY fell 0.2% to $769 after NVDA, CRM, OKTA and CRWD rose on earnings. The daily chart looked good, but tenuous intraday action with deep dips showed buying was not aggressive.
SPY fell 0.3% to $767 as the market sat in a dead spot for months, awaiting a catalyst. The early August breakout was mechanical, a squeeze of call sellers, and NVDA gains were given back.
