News Image

Market Monitor Trends (SPY, QQQ, IWM) and Breadth May 20

By Kristoff De Turck - reviewed by Aldwin Keppens

Last update: May 20, 2025

ChartMill Market Monitor Report Trends and Breadth

(All data & visualisations by ChartMill.com)

Daily Market Trend Analysis – May 19, 2025 (After Market Close)

Markets continued to show resilience at the start of the week, with all major indices maintaining their short-term bullish trends. Both the Nasdaq-100 (QQQ) and the S&P 500 (SPY) posted solid gains, forming bullish engulfing patterns on the daily chart, a signal of potential strength ahead.

The Russell 2000 (IWM) also extended its recent rebound but faced overhead resistance near the $210 zone.

Short Term Trend

ChartMill US Indices Performance daily

SPY (S&P 500 ETF)

  • Short-Term Trend: Bullish (no change)
  • Support at $560 - $570
  • Resistance at $610
  • Volume: At average (50)
  • Pattern: Bullish Engulfing candle

QQQ (Nasdaq-100 ETF)

  • Short-Term Trend: Bullish (no change)
  • Support at $490 - $500
  • Resistance at $540
  • Volume: At average (50)
  • Pattern: Bullish Engulfing candle

IWM (Russell 2000 ETF)

  • Short-Term Trend: Bullish (no change)
  • Support at $200
  • Resistance at $210-215
  • Volume: Below average (50)
  • Pattern: Up day

Long Term Trend

ChartMill US Indices Performance weekly

SPY (S&P 500 ETF)

  • Long-Term Trend: Neutral (no change)

QQQ (Nasdaq-100 ETF)

  • Long-Term Trend: Positive (no change)

IWM (Russell 2000 ETF)

  • Long-Term Trend: Neutral (no change)

Daily Market Breadth Analysis – May 19, 2025 (After Market Close)

ChartMill US Indices Performance weekly

Despite major indices maintaining their bullish momentum, market internals paint a more nuanced picture, suggesting that breadth has recently narrowed.

Daily Breadth: Participation Fades Slightly

The percentage of advancing stocks on May 19 fell to 49%, nearly equaling the number of decliners at 48%.

Market Breadth Advancers vs Decliners

This marks a significant drop from the previous sessions, particularly compared to the strong 68.9% advance rate seen on May 16.

While headline indices remain strong, fewer stocks are participating in the rally—often a sign of potential short-term fatigue.

Stocks Above Moving Averages: Still Robust

  • 76.8% of stocks are trading above their 20-day SMA
  • 71.3% are above their 50-day SMA

These numbers remain healthy and reflect that short- and medium-term trends are still largely intact. Both statistics have stagnated over the past few sessions, though, and to keep up the momentum there is a need for further broader participation.

Market Breadth stock above moving averages

Weekly Breadth: Advance Still Leading

On a weekly basis:

  • 65.1% of stocks were advancing
  • 33.7% were declining

Although slightly weaker than the peak earlier in the week, this still represents a bullish configuration. It suggests the overall trend for the week remains constructive, even as Monday’s session cooled off slightly.

What’s the Risk?

While large-caps indices such as the QQQ and SPY are pushing higher, internal weakening (fewer rising stocks) could lead to pullbacks in the short term. As for The Russell 2000 (IWM), it continues to struggle with overhead resistance and breadth within this segment is thinner.

Conclusion

Market breadth has cooled slightly from last week’s strong thrust, especially on a daily level. For the moment, weekly and moving average participation metrics still support the uptrend.

If breadth doesn't re-expand soon, the rally risks becoming increasingly reliant on fewer mega-cap names.

Next to read: Market News May 20

ISHARES RUSSELL 2000 ETF

NYSEARCA:IWM (7/3/2025, 7:39:00 PM)

After market: 222.971 -0.11 (-0.05%)

223.08

+2.05 (+0.93%)


INVESCO QQQ TRUST SERIES 1

NASDAQ:QQQ (7/3/2025, 8:02:45 PM)

After market: 555.81 -0.41 (-0.07%)

556.22

+5.42 (+0.98%)


SPDR S&P 500 ETF TRUST

NYSEARCA:SPY (7/3/2025, 8:10:28 PM)

After market: 625.01 -0.33 (-0.05%)

625.34

+4.89 (+0.79%)



Find more stocks in the Stock Screener

IWM Latest News and Analysis

ChartMill News Image2 days ago - ChartmillMarket Monitor Trends and Breadth July 02 BMO

Breadth Check: Market Still Holding Up — But the Momentum Is Looking a Bit Tired

Mentions: QQQ SPY

ChartMill News Image3 days ago - ChartmillMarket Monitor Trends and Breadth July 01 BMO

Market Breadth Holds Strong as Quarter Ends With Momentum

Mentions: QQQ SPY

ChartMill News Image4 days ago - ChartmillMarket Monitor Trends and Breadth June 30 BMO

Stocks Hold the Line, but Under the Surface? Mixed Signals Persist

Mentions: QQQ SPY

ChartMill News Image7 days ago - ChartmillMarket Monitor Trends and Breadth June 27

Market Breadth Roars Back: Bulls Reclaim Control, But Will They Hold the Line?

Mentions: QQQ SPY

ChartMill News Image8 days ago - ChartmillMarket Monitor Trends and Breadth June 26

Breadth Falters Again as Bulls Lose Steam After One-Day Comeback

Mentions: QQQ SPY

ChartMill News Image9 days ago - ChartmillMarket Monitor Trends BMO (SPY, QQQ, IWM) and Breadth June 25

Breadth Bounces Back: The Rally Finds Broader Legs

Mentions: QQQ SPY

ChartMill News Image10 days ago - ChartmillMarket Monitor Trends BMO (SPY, QQQ, IWM) and Breadth June 24

Market breadth bounces back, more stocks trading above key averages as bullish momentum builds after last week's chop.

Mentions: QQQ SPY

ChartMill News Image11 days ago - ChartmillMarket Monitor Trends BMO (SPY, QQQ, IWM) and Breadth June 23

Market internals weaken ahead of U.S. strike on Iran; advance-decline ratios and breadth metrics flash growing risk aversion.

Mentions: QQQ SPY

ChartMill News Image14 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 20

Steady But Fragile: Breadth Signals a Market in Flux

Mentions: QQQ SPY

ChartMill News Image16 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 18

The Market Breathes Out Again – But It’s a Nervous Exhale

Mentions: QQQ SPY

ChartMill News Image17 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 17

Friday’s breadth collapse raised some eyebrows, but Monday erased a lot of that doubt.

Mentions: QQQ SPY

ChartMill News Image18 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 16

Sharp Reversal as Breadth Collapses

Mentions: QQQ SPY

Follow ChartMill for more