Market Monitor Trends (SPY, QQQ, IWM) and Breadth May 16
By Kristoff De Turck - reviewed by Aldwin Keppens
Last update: May 16, 2025
(All data & visualisations by ChartMill.com)
Daily Market Trend Analysis – May 15, 2025 (After Market Close)
U.S. equity indices extended their upward momentum on May 15, 2025, with all major ETFs showing continued bullish trends in the short term.
The SPY (S&P 500 ETF) and QQQ (Nasdaq-100 ETF) held their gains above recent support levels on average volume, while IWM (Russell 2000 ETF) also closed higher despite trading on notably lower volume.
Short Term Trend
- Short-Term Trend: Bullish (no change)
- Support at $560 - $570
- Resistance at $610
- Volume: At average (50)
- Pattern: Bullish Engulfing Candle
- Short-Term Trend: Bullish (no change)
- Support at $490 - $500
- Resistance at $540
- Volume: At average (50)
- Pattern: Up day
- Short-Term Trend: Bullish (no change)
- Support at $200
- Resistance at $210-215
- Volume: Well below average (50)
- Pattern: Up day
Long Term Trend
- Long-Term Trend: Neutral (no change)
- Long-Term Trend: Positive (no change)
- Long-Term Trend: Neutral (no change)
Daily Market Breadth Analysis – May 15, 2025 (After Market Close)
The market breadth data from the past two weeks reflects a broadly supportive internal structure for the recent rally across major U.S. indices, despite intermittent dips.
Breadth Strength and Volatility
On May 15, 2025, 63.7% of stocks advanced versus 34.3% that declined, a strong recovery after May 14 saw the inverse (32.1% advancing vs 65.4% declining).
This back-and-forth pattern highlights short-term volatility but confirms that buyers are generally regaining control, particularly evident in the higher advancing ratios on most days between May 8 and May 13.
The percentage of stocks above their 50-day SMA has steadily risen from 50.4% on May 5 to 68.5% on May 15. Similarly, stocks above the 200-day SMA increased from 29.1% to 41.3%, showing improving medium-term technical health across the market.
New Highs vs. New Lows
New highs (NH) have also picked up, reaching 3.1% on May 15, while new lows (NL) have remained subdued, fluctuating narrowly around 1–1.5%.
This divergence is a bullish sign, indicating that more stocks are breaking out of prior resistance than are breaking down.
Overall Takeaway
Major U.S. indices continued their upward trajectory as short-term trends remain firmly bullish. Both the S&P 500 and Nasdaq-100 ETFs are holding well above key support levels, while even the lagging small caps are catching up.
Under the surface, market breadth confirms the strength of the rally: a growing number of stocks are trading above key moving averages, and new highs are outpacing new lows. While the long-term outlook for some indices remains neutral, short-term participation is broadening, a positive signal for trend continuation.
- Next to read: Market Monitor News May 16
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IWM Latest News and Analysis
8 hours ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 05Breadth readings remain firm for now, this appears to be a healthy pause, not a reversal.
2 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 04Both the QQQ and the SPY broke out above their main resistance levels today.
3 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 02The indices continue to quote close to their next resistance. While headline indices may show only minor daily fluctuations, the underlying breadth data paints a more fragile picture.
6 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 30The data from May 29, 2025, confirms that market breadth has rebounded significantly, with strong participation and improving technical metrics across shorter moving averages.
7 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 29The breadth indicators signal a fragile and reactive market environment, prone to sharp swings and lacking sustained leadership. Bullish momentum may struggle to gain lasting traction.
8 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 28The May 27 surge in breadth confirms the bullish price action observed across major indices on that day, reinforcing the move’s credibility.
10 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 26The latest data show a market that is weakening internally, with fewer stocks supporting any upside and an increasing tilt toward broad-based selling.
13 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 23The market is in a cautious phase with waning momentum.
14 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 22The broad-based selling on May 21 wasn't a surprise, it was preceded by several days of narrowing breadth.
15 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 21While the major indices are holding up, breadth is beginning to diverge and fewer stocks are driving the rally, market participation is waning.
16 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 20Markets continued to show resilience at the start of the week, with all major indices maintaining their short-term bullish trends.
17 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 19The short-term trend remains bullish across all major indices, supported by strong market breadth and price action.
