Market Breadth June 04 before market open
$SPY | ▼0.70% remains the cleanest broad-market chart. The weekly chart is still in a positive long-term trend, with price holding near recent highs and well above the rising 30-week trend line.
The daily chart shows a pullback from the highs, but price remains above the EMA9 and EMA21. This keeps the S&P 500 structure constructive, even though Wednesday’s breadth was clearly weaker.
$QQQ | ▼0.26% also remains technically strong. The weekly chart pushed into a fresh high area, and the daily chart is still above both short-term moving averages.
The ETF did fade slightly on the day, but this looks more like a pause after a sharp advance than a meaningful breakdown. The tech-heavy part of the market is still carrying much of the bullish structure.
$IWM | ▼1.37% failed again near overhead resistance and closed back below its EMA9 while still above the EMA21. The weekly chart shows price pressing into resistance rather than breaking cleanly through it.
This is a continuation of the same pattern from the previous session: large-cap and growth leadership remain intact, while small caps are not confirming with equal strength.
The latest market report pointed to hotter ADP private payrolls, stronger ISM services data, a firmer dollar, higher oil prices, and renewed Iran-related tensions as pressure points during Wednesday’s session.