The S&P 500 maintained its +20 ranking this week as the market transitioned from an overextended move into a developing bullish retracement. This expected secondary pattern highlights the profit-taking environment following recent upward momentum, with key technical levels now being tested. The question on every trader’s mind is simple: will the retracement hold at support?

The market landscape has been fundamentally reshaped by this week’s dual catalysts – Trump’s election victory and the Fed’s dovish stance. The technical breakouts across all major indices, confirmed by expanded volume and momentum indicators, paint a decisively bullish picture. However, experience, particularly the analogous 2016 post-election period, teaches us that the most profitable opportunities often come from the secondary patterns that develop after such catalyst-driven advances.

We’re downgrading the SPY ranking this week from +20 to +25 after two clear technical violations emerged during this mega-cap earnings week. First, price broke below the 20-period moving average that had been rock-solid support for the past five or six sessions. More concerning, this breakdown violated a two-week consolidation pattern we had been tracking for a potential breakout setup.

This week, we maintained the SPY ranking at +20. As we continue to observe consolidation in the high base formation, we saw increased volatility throughout the week. With significant economic data and earnings reports ahead, we expect to see more decisive price movement, making this technical structure particularly important to understand.

This week, we maintained the SPY ranking at +20. We upgraded it last week, and now we’re in a maintenance mode. This decision stems from observing good secondary development within the trend that was established by last week’s breakout.

This week, we upgraded the SPY ranking from +25 to +20, driven by three key factors. First, the technical confirmation of the breakout above 575 on Wednesday’s daily chart, followed by strong momentum on Friday, pushed SPY to close at an all-time high on the weekly chart. Second, the positive catalyst provided by the kickstart to bank earnings added fuel to the market’s move. Lastly, technical indicators, including RSI and MACD, show there’s still room for this market to run