News Image

Market Monitor Trends (SPY, QQQ, IWM) and Breadth June 02

By Kristoff De Turck - reviewed by Aldwin Keppens

Last update: Jun 2, 2025

ChartMill Market Monitor Report Trends and Breadth

(All data & visualisations by ChartMill.com)

Daily Market Trend Analysis – May 30, 2025 (After Market Close)

Initially it looked like the major US index ETFs would close significantly lower on Friday. Eventually, financial markets were partially reassured by a message from President Trump about an upcoming meeting with Chinese President Xi Jinping.

The indices remain close to their next resistance.

Short Term Trend

ChartMill US Indices Performance daily

SPY (S&P 500 ETF)

  • Short-Term Trend: Bullish (no change)
  • Next Support at $570
  • Next Resistance at $595
  • Volume: Slightly Above Average (50)
  • Pattern: Doji Candle, Down Day

QQQ (Nasdaq-100 ETF)

  • Short-Term Trend: Bullish (no change)
  • Next Support at $490
  • Next Resistance at $520
  • Volume: Above Average (50)
  • Pattern: Doji Candle, Down Day

IWM (Russell 2000 ETF)

  • Short-Term Trend: Bullish (no change)
  • Next Support at $200
  • Next Resistance at $205 & $210
  • Volume: Slightly Above Average (50)
  • Pattern: Doji Candle, Down Day

Long Term Trend

ChartMill US Indices Performance weekly

SPY (S&P 500 ETF)

  • Long-Term Trend: Confirmed Positive (weekly candle), final result on Friday after market close. (from neutral)

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 30, 2025 (After Market Close)

ChartMill US Indices Performance weekly

Market Breadth Analysis: Conditions Weaken to Close Out May

The final trading week of May 2025 ended with a noticeable decline in market breadth, reflecting broad-based weakness despite strong index-level performance earlier in the month.

Decliners Outpaced Advancers

On May 30, only 41.9% of stocks advanced, while 55.7% declined.

This imbalance was more negative than the previous session (May 29) when advancers stood at a strong 65.9%. The shift highlights a loss of momentum heading into the new month, with selling pressure returning to the broader market.

Fewer Breakouts, More Breakdowns

The number of stocks gaining or losing more than 4% stayed modest. On May 30:

  • 2.3% of stocks rose more than 4% (similar to previous days),

  • But 3.3% fell more than 4%, the highest daily downside volatility since May 21.

This indicates an uptick in high-magnitude declines, suggesting that sellers are becoming more aggressive.

Fading Strength Across Moving Averages

ChartMill Market Breadth Stocks Above Moving Averages

The chart above illustrates a key trend: fewer stocks are trading above their short- and long-term moving averages.

  • The percentage of stocks above the 20-day SMA dropped to 59.6% from a high of 77.8% earlier in the month.

  • The 50-day SMA readings remained relatively stable around 68%, but failed to improve further.

  • The 100-day and 200-day SMA levels continue to show weaker participation, with only 48.8% and 39.2% of stocks above these thresholds, respectively.

This decline is a cautionary signal, showing that fewer stocks are supporting the uptrend seen in the major indices.

Long-Term Breadth Still Positive, But Eroding

Over a 3-month view, advancing stocks (37.0%) still outnumber decliners (61.3%), but the gap is narrowing. Additionally, only 7.1% of stocks are up 25% or more over the past three months, while 9.4% are down at least 25%.

This distribution suggests waning bullish leadership and a slow creep in deeper losses.

Conclusion: Cracks Under the Surface

While headline indices may show only minor daily fluctuations, the underlying breadth data paints a more fragile picture.

Declining participation, reduced breakout activity, and weakening support from long-term moving averages all hint at potential market exhaustion, or at the very least, a short-term pause in upward momentum.

Traders should be cautious about overly bullish positioning, particularly if the technical support from broader breadth metrics continues to deteriorate.


Next to read: Market Monitor News, June 02

ISHARES RUSSELL 2000 ETF

NYSEARCA:IWM (5/30/2025, 8:06:14 PM)

Premarket: 204.22 -0.85 (-0.41%)

205.07

-1.05 (-0.51%)


INVESCO QQQ TRUST SERIES 1

NASDAQ:QQQ (5/30/2025, 8:00:01 PM)

Premarket: 516 -3.11 (-0.6%)

519.11

-0.82 (-0.16%)


SPDR S&P 500 ETF TRUST

NYSEARCA:SPY (5/30/2025, 8:04:00 PM)

Premarket: 586.94 -2.45 (-0.42%)

589.39

-0.66 (-0.11%)



Find more stocks in the Stock Screener

IWM Latest News and Analysis

ChartMill News Image2 hours ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 02

The 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.

Mentions: QQQ SPY

ChartMill News Image3 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 30

The data from May 29, 2025, confirms that market breadth has rebounded significantly, with strong participation and improving technical metrics across shorter moving averages.

Mentions: QQQ SPY

ChartMill News Image4 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 29

The 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.

Mentions: QQQ SPY

ChartMill News Image5 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 28

The May 27 surge in breadth confirms the bullish price action observed across major indices on that day, reinforcing the move’s credibility.

Mentions: QQQ SPY

ChartMill News Image7 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 26

The latest data show a market that is weakening internally, with fewer stocks supporting any upside and an increasing tilt toward broad-based selling.

Mentions: QQQ SPY

ChartMill News Image10 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 23

The market is in a cautious phase with waning momentum.

Mentions: QQQ SPY

ChartMill News Image11 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 22

The broad-based selling on May 21 wasn't a surprise, it was preceded by several days of narrowing breadth.

Mentions: QQQ SPY

ChartMill News Image12 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 21

While the major indices are holding up, breadth is beginning to diverge and fewer stocks are driving the rally, market participation is waning.

Mentions: QQQ SPY

ChartMill News Image13 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 20

Markets continued to show resilience at the start of the week, with all major indices maintaining their short-term bullish trends.

Mentions: QQQ SPY

ChartMill News Image14 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 19

The short-term trend remains bullish across all major indices, supported by strong market breadth and price action.

Mentions: QQQ SPY

ChartMill News Image17 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 16

Short-term market trends remain bullish as strong breadth and rising moving average participation support the ongoing rally across U.S. indices.

Mentions: QQQ SPY

ChartMill News Image18 days ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth May 15

While some longer-term measures still reflect strength, the short-term internal weakness suggests the market could be due for further consolidation or a deeper pullback, unless leadership broadens again.

Mentions: QQQ SPY

Follow ChartMill for more