Breadth Holds Up, Momentum Cools Slightly

(All data & visualisations by ChartMill.com)

Daily Market Trend Analysis – October 6, 2025 (After Market Close)

New All Time High for QQQ thanks to AMD

Short Term Trend

SPY (S&P 500 ETF)

• Short-Term Trend: Positive (no change)
• Next Support at $666 - $660
• Next Resistance at /
• Volume: Lower than Average (50)
• Pattern: Down Day - Doji Candle

QQQ (Nasdaq-100 ETF)

• Short-Term Trend: Positive (no change)
• Next Support at $600
• Next Resistance at /
• Volume: Slightly Lower than Average (50)
• Pattern: Down Day- New All Time High -

IWM (Russell 2000 ETF)

• Short-Term Trend: Positive (no change)
• Next Support at $235
• Next Resistance at $247
• Volume: Slightly Lower than Average (50)
• Pattern: Down Day - New Intraday High

Long Term Trend

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: Positive (from neutral)t Close)

The final trading session of the week showed continued stabilization in market breadth, marking a modest improvement across several key metrics compared to Thursday’s data.

What changed today (Mon, Oct 6)

• Advancers vs. decliners: Advancers eased to 51.7% (from 58.9% Fri), with decliners up to 45.4%. A softer, more two-sided tape.

• Big movers: +4% advancers rose to 6.0% (from 5.2%) but +4% decliners also ticked up to 2.5% (from 1.9%). Momentum pockets persist, but so do counter-moves.

• New highs vs. new lows: NH 11.4% vs NL 1.4%, still a wide positive gap despite a tiny uptick in lows.

Trend participation: % above MAs slipped a touch but remain elevated:

• SMA20+: 55.4% (55.9% Fri)

• SMA50+: 65.9% (66.6%)

• SMA100+: 67.7% (68.2%)

• SMA200+: 63.5% (63.6%)

Short-to-medium frame breadth:

• Adv Week: 60.5% (61.4% Fri)

• Adv Month: 57.3% (59.3% Fri)

• Adv 3-Month: 66.9% (up from 65.7% Fri)

• Adv 25% 3-Month: 15.8% (16.0% Fri)

How it fits the recent pattern

In Friday’s read we noted broad participation with improving trend health. Today largely extends that narrative with a softer daily reading: fewer net advancers and marginally fewer names above short/medium MAs, yet structural breadth remains intact, new highs still dwarf new lows and 50–200d participation stays well above 60%.

The 3-month advance cohort even expanded, reinforcing the idea that underlying trend repair hasn’t been derailed.

Read of the tape

Tone: Rotation/consolidation day rather than distribution.

Risk cues: The very low NL and majority above longer MAs argue against a sharp deterioration.

What would change the story? A sustained fall in SMA50+/SMA200+ participation back toward 50% and a narrowing NH–NL gap. We’re not there.

Breadth Trend Rating: No change, neutral with a positive bias.

Daily momentum cooled, but the multi-week foundation still leans constructive.

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Kristoff - ChartMill

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