SPY broke its short-term trend slightly but holds its long-term uptrend at summer-low support and long-term moving averages; breadth improved though SPY-linked ETF volume is historically low. It may test the 100-day near 7600 this week; if that fails, support is near the 200-day around 7300 by prior summer lows.

Given the breadth of the market and the price of the Standard & Poor's 500 index, we note a slight break in the short-term trend, but the index is still maintaining its long-term trend at the trend support line from its summer lows, as well as some of its long-term moving averages.

Therefore, the percentage of S&P 500 stocks above their 50-day moving average improved to 47%, and the percentage of stocks above their 200-day moving average rose to 53% after hitting their lowest level since the April 2025 correction.

But what is remarkable is that the S&P 500 is still maintaining these levels with very low trading volume. Therefore, if we use a rough indicator of market participation, trading volume in the widely followed S&P 500-linked exchange-traded fund remains at historically low levels.

However, given this situation, I wouldn't be surprised if we tested the 100-day moving average this week, which is just below current prices at around 7600. If we test this level and fail to hold, we might look for longer-term support near the 200-day moving average, close to the previous summer lows around 7300.