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Market Monitor Trends (SPY, QQQ, IWM) and Breadth June 03

By Kristoff De Turck - reviewed by Aldwin Keppens

Last update: Jun 3, 2025

ChartMill Market Monitor Report Trends and Breadth

(All data & visualisations by ChartMill.com)

Daily Market Trend Analysis – June 02, 2025 (After Market Close)

The major US index ETFs are trading back at the upper end of their current tight trading range.

Will we get a breakout toward all-time highs this week?

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 Below Average (50)
  • Pattern: Bullish Engulfing, Up Day

QQQ (Nasdaq-100 ETF)

  • Short-Term Trend: Bullish (no change)
  • Next Support at $490
  • Next Resistance at $520
  • Volume: Slightly Below Average (50)
  • Pattern: Bullish Engulfing, Up Day

IWM (Russell 2000 ETF)

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

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 02, 2025 (After Market Close)

ChartMill US Indices Performance weekly

The most recent market breadth data suggests a mixed but cautiously optimistic tone in the broader stock market, with moderate gains in advancing stocks, strength above key moving averages, and improvements in monthly participation metrics.

Short-Term Participation: Advancers vs. Decliners

On June 2, 2025, 51.4% of stocks advanced, while 46.2% declined, signaling a modestly positive session. This marked a recovery from May 30, when only 41.9% of stocks advanced.

ChartMill Market Breadth Advancers vs Decliners

The visualized trend over the past two weeks shows high volatility in breadth, with notable extremes:

  • May 27: 81% advancers (strong breadth spike)

  • May 21: Only 12.4% of stocks advanced, while a massive 86.4% declined (clear selling pressure)

This tug-of-war between bulls and bears reflects uncertainty in market direction, likely driven by macroeconomic concerns and sector rotations.

Intermediate Trend Health: Stocks Above Key Moving Averages

As of June 2, 67.1% of stocks were trading above their 50-day simple moving average (SMA), and 38.4% remained above their 200-day SMA.

The 50-day SMA percentage remains consistently elevated, suggesting stronger short- to mid-term momentum.

The 200-day SMA percentage has flattened in the high 30s, indicating slower long-term recovery across the board.

ChartMill Market Breadth Moving Averages

The chart shows that while shorter-term trends are improving, the longer-term uptrend still lacks broad confirmation.

Monthly Breadth Trends

Market internals also suggest improving strength over the past month:

  • 63.2% of stocks have advanced over the past month versus 36.3% that declined.

These figures reinforce that bullish momentum has regained footing, especially compared to late May.

However, a closer look at extremes shows that:

  • Only 8.9% of stocks have rallied more than 25% in the past three months.

  • Similarly, 8% of stocks have dropped more than 25% in the same timeframe.

This balance indicates that while participation is improving, explosive upside remains limited, and deep drawdowns are tapering off.

Conclusion

Overall, the market is showing signs of stabilization, with improving short-term breadth and constructive intermediate-term signals.

While longer-term breadth (via 200-day SMA) still lags, recent data supports a cautiously bullish outlook. A sustained shift higher in 200-day SMA participation would strengthen this narrative, especially if supported by macro and earnings developments.


Next to read: Market Monitor News, June 03, 2025

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QQQ Latest News and Analysis

ChartMill News Image2 hours ago - ChartmillMarket Monitor Trends (SPY, QQQ, IWM) and Breadth June 03

Overall, the market is showing signs of stabilization, with improving short-term breadth and constructive intermediate-term signals.

Mentions: SPY

ChartMill News Imagea day 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.

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ChartMill News Image4 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.

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ChartMill News Image5 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.

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ChartMill News Image6 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.

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ChartMill News Image8 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.

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

The market is in a cautious phase with waning momentum.

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ChartMill News Image12 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.

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ChartMill News Image13 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.

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ChartMill News Image14 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.

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ChartMill News Image15 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.

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ChartMill News Image18 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.

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