Cautious Outlook Amid Resistance

Major indices showed resilience but struggled to make decisive moves higher last week. Both SPY and QQQ attempted to advance but faced clear resistance near their key moving averages. The SPY failed to sustain a break above its 50-day EMA, while the QQQ encountered selling pressure around its 20-day EMA. Despite some positive trading days, the overall price action suggests a market that is pausing and consolidating its recent gains. The VIX remained relatively stable but at elevated levels compared to its historical lows, indicating persistent, if moderate, investor caution. The technical picture points to a market in need of a catalyst for the next significant directional move.