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Market Monitor Trends (SPY, QQQ, IWM) and Breadth June 12

By Kristoff De Turck - reviewed by Aldwin Keppens

Last update: Jun 12, 2025

ChartMill Market Monitor Report Trends and Breadth

(All data & visualisations by ChartMill.com)

Daily Market Trend Analysis – June 11, 2025 (After Market Close)

SPY and QQQ opened with a gap up but could not hold those opening gains and ended up closing slightly lower.

IWM also ended the trading day slightly negative (-0.4%). However, a bearish engulfing topping pattern was formed.

Short Term Trend

ChartMill US Indices Performance daily

SPY (S&P 500 ETF)

  • Short-Term Trend: Bullish (no change)
  • Next Support at $580
  • Next Resistance at $610
  • Volume: Slightly Below Average (50)
  • Pattern: Down Day

QQQ (Nasdaq-100 ETF)

  • Short-Term Trend: Bullish (no change)
  • Next Support at $520
  • Next Resistance at $540
  • Volume: At Average (50)
  • Pattern: Down Day

IWM (Russell 2000 ETF)

  • Short-Term Trend: Bullish (no change)
  • Next Support at $210 & $205
  • Next Resistance at $215 & $230
  • Volume: Slightly below Average (50)
  • Pattern: Bearish Engulfing Candle, at resistance

Long Term Trend

ChartMill US Indices Performance weekly

SPY (S&P 500 ETF)

  • Long-Term Trend: Positive (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 – June 11, 2025 (After Market Close)

ChartMill US Indices Performance weekly

Reversal from Broad-Based Strength

The latest session (June 11, 2025) showed a clear deterioration in market breadth compared to earlier this week. Only 42.1% of stocks advanced, down sharply from 64.9% the previous day and 71.6% on June 6.

Decliners surged to 55.2%, highlighting the shift in sentiment.

This marks a reversal of the strong participation seen in the prior analysis, where we observed three consecutive days of 63%+ advancing stocks, a signal that bullish momentum may have peaked for now.

Under the Surface: Still Above Support

Despite the weak daily performance, the percentage of stocks trading above key moving averages remains strong:

  • SMA(20)+: 72.0%

  • SMA(50)+: 78.2%

  • SMA(100)+: 58.4%

  • SMA(200)+: 44.6%

ChartMill Breadth analysis stocks above moving averages

As shown in the chart, these indicators have been climbing steadily for over a week and have held steady despite today's pullback. This suggests that the recent weakness may still be a pause in an ongoing bullish structure rather than a trend reversal.

Narrowing Highs vs Lows Spread

New Highs (NH) crept up slightly to 4.7%, while New Lows (NL) ticked up to 0.7%. Although still tilted positively, this is the first day in over a week where new lows expanded meaningfully.

Continued erosion here would be a red flag.

Momentum Slowing on Longer Timeframes

While short-term breadth weakened, medium- and long-term trends are beginning to show cracks too:

  • Advancing 1-week: 69.6% (down from 73.8% on June 9)

  • Advancing 1-month: 63.4% (down from 72.3% on June 4)

  • Advancing 3-month: 59.1% (flattish)

  • Adv. 25% over 3-month: 11.3% (holding steady)

This cooling momentum, especially over 1-week and 1-month horizons, reflects a market digesting prior gains.

Interpretation & Outlook

The market breadth picture on June 11 signals a short-term pullback, not (yet) a breakdown. While fewer stocks participated in gains today, most remain above key moving averages, and longer-term momentum is holding. However, the declining trend in new highs and flattening of 3-month leaders warrants caution.

From the June 10 analysis, where we noted broad and sustained strength, we now face a “cooling-off” period that could evolve into either a healthy consolidation, or something more corrective, depending on whether breadth resumes upward.


Next to read: Market Monitor News, June 12

ISHARES RUSSELL 2000 ETF

NYSEARCA:IWM (7/1/2025, 8:37:07 PM)

Premarket: 219.74 +1.73 (+0.79%)

218.01

+2.22 (+1.03%)


INVESCO QQQ TRUST SERIES 1

NASDAQ:QQQ (7/1/2025, 9:01:43 PM)

Premarket: 547.2 +0.21 (+0.04%)

546.99

-4.65 (-0.84%)


SPDR S&P 500 ETF TRUST

NYSEARCA:SPY (7/1/2025, 9:09:28 PM)

Premarket: 618.44 +0.79 (+0.13%)

617.65

-0.2 (-0.03%)



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