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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 (6/24/2025, 8:04:00 PM)

Premarket: 214.41 -0.06 (-0.03%)

214.47

+2.7 (+1.27%)


INVESCO QQQ TRUST SERIES 1

NASDAQ:QQQ (6/24/2025, 8:00:00 PM)

Premarket: 540.34 +0.56 (+0.1%)

539.78

+8.13 (+1.53%)


SPDR S&P 500 ETF TRUST

NYSEARCA:SPY (6/24/2025, 8:04:00 PM)

Premarket: 606.87 +0.09 (+0.01%)

606.78

+6.63 (+1.1%)



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