Charted Market Insights - June 16, 2026

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Charted Market Insights - 16 Jun 2026 - SPX, NDX, A-D lines, gold, silver, ARGT, COLO, and. Download • 2.37MB

SPX, NDX, A-D lines, gold, silver, ARGT, COLO, and EWW

SPX: Tactical uptrend did not break; Monday’s gap at 7516-7456 first support

The S&P 500 (SPX) has consolidated since trading into the 7450-7490 to 7650 target zone. This took the index down to the 5/6 upside gap at 7294-7273, which bent but did not decisively break as tactical risk management support (Jun. 12 The Chart Check). Since then, a bullish reversal on 6/11, upward follow-through on 6/12, and yesterday’s (6/15) upside gap accompanied improving geopolitical headlines. This upside gap offers first support at 7516-7456 and coincides with the 13- and 26-day moving averages (DMAs) at 7486-7462. In addition, the SPX has managed three closes above its rising 40-DMA at 7366 after closing below it on June 10. The 6/2 record high near 7621 provides initial resistance, with the upside count for the April breakout near 7650-7685.

New highs for S&P 1500 advance-decline lines point to a broad-based market

A key theme remains that stability in market breadth points to a rotational consolidation rather than a broad-based correction (Jun. 12 The Chart Check). Breadth remains strong among the broadest U.S. equity indices, such as the Russell 3000 and the S&P 1500. Similar to the advance-decline (A-D) and A-D volume lines on the Russell 3000 (Jun. 15 Straight from the Chart), the S&P 1500 A-D lines have reached new highs, suggesting strong participation across market caps. In addition, these new highs provide a potential leading indicator for new highs in the S&P 1500.

NDX: Defended the 5/6 upside gap; Monday’s gap at 30,285-29,733 first support

The NASDAQ 100 (NDX) has consolidated since late May. Filling the 5/26 upside gap suggested tactical exhaustion, but the NDX defended its 5/6 upside gap at 28,208-28,065, which remains intact as support, prior to a sharp rebound on improving geopolitical headlines. Yesterday’s (6/15) upside gap put in 6-day bullish island and offers first support at 30,285-29,733. The 6/3 peak at 30,762 provides initial resistance. Reclaiming the rising 26- and 40-DMAs at 29,612 and 28,838, respectively, suggests that the tactical uptrend bent but did not definitively break.

Gold and silver defend key supports

Gold futures defended key support at 4100-4093 (late-March spike low and the 61.8% extension of the early-to-late March decline projected from the mid-April peak) and the psychologically important 4000 level. Silver futures defended key support from 63.90 (early-February low) to 61.52-61.21 (61.8% extension of the late-January to early-February decline projected from the early-March and late-March lows). While encouraging, upside follow-through is needed to confirm a sustained low off the 4100-4000 range on gold and the 63.90 to 61.52-61.21 zone on silver. Charts and key levels inside this report.

Three bullish setups within Latin America: Argentina, Colombia, and Mexico

Latin American equity ETFs continue to display constructive technical setups. The Global X MSCI Argentina ETF (ARGT) remains in a bullish consolidation supported by rising weekly moving averages, with upside targets at 103.97-106.23 and potentially 120.94. The Global X MSCI Colombia ETF (COLO) broke out from a bullish ascending triangle, reinforcing its longer-term double bottom pattern and pointing to upside targets at 46.04-46.60, 49.50, and 53.00. Meanwhile, the iShares MSCI Mexico ETF (EWW) is building on a major base breakout with a potential bullish triangle pattern that would target 92.25 and 95.50 upon confirmation. Across all three ETFs, rising moving averages and well-defined support zones continue to support a favorable intermediate-term outlook. Charts and key levels inside this report.

S&P 500 (SPX)

SPX: Tactical uptrend did not break; Monday’s gap at 7516-7456 first support

The S&P 500 (SPX) has consolidated since trading into the 7450-7490 to 7650 target zone. This took the index down to the 5/6 upside gap at 7294-7273, which bent but did not decisively break as tactical risk management support (Jun. 12 The Chart Check). Since then, a bullish reversal on 6/11, upward follow-through on 6/12, and yesterday’s (6/15) upside gap accompanied improving geopolitical headlines. This upside gap offers first support at 7516-7456 and coincides with the 13- and 26-day moving averages (DMAs) at 7486-7462. In addition, the SPX has managed three closes above its rising 40-DMA at 7366 after closing below it on June 10. The 6/2 record high near 7621 provides initial resistance, with the upside count for the April breakout near 7650-7685.

Chart notes

• The May 6 gap at 7294-7273 bent but did not decisively break, establishing support at the 6/9 and 6/11 lows at 7257-7237.

• Rising 26- and 40-DMAs reflect a bullish tactical trend. Recent closes back these DMAs after briefly closing below them reasserts the tactical uptrend on the SPX.

Chart 1: S&P 500 (SPX): Daily chart

Source: Optuma, Suttmeier Technical Strategies

S&P 1500 breadth

New highs for S&P 1500 advance-decline lines point to a broad-based market

A key theme remains that stability in market breadth points to a rotational consolidation rather than a broad-based correction (Jun. 12 The Chart Check). Breadth remains strong among the broadest U.S. equity indices, such as the Russell 3000 and the S&P 1500. Similar to the advance-decline (A-D) and A-D volume lines on the Russell 3000 (Jun. 15 Straight from the Chart), the S&P 1500 A-D lines have reached new highs, suggesting strong participation across market caps. In addition, these new highs provide a potential leading indicator for new highs in the S&P 1500.

Chart notes

The S&P 1500 A-D line showed a bearish divergence as the S&P 1500 reached higher highs into early June, which preceded the early-June dip. However, the A-D line held firm with a higher low, providing a positive breadth divergence into last week's low.

Chart 2: S&P 1500 (SPX) (top) and S&P 1500 advance-decline line (bottom): Daily chart

Source: Optuma, Suttmeier Technical Strategies

S&P 1500 A-D volume line remains strong

The S&P 1500 A-D volume line confirmed the equity market rally into early June. A higher high as of 6/10 versus 5/19 sets up a bullish divergence relative to the lower lows on the S&P 1500. Similar to the higher highs on the A-D line, higher highs on the A-D volume line provide a leading indicator for higher highs in the index.

Chart 3: S&P 1500 (SPX) (top) and S&P 1500 advance-decline volume line: Daily chart

Source: Optuma, Suttmeier Technical Strategies

NASDAQ 100 (NDX)

NDX: Defended the 5/6 upside gap; Monday’s gap at 30,285-29,733 first support

The NASDAQ 100 (NDX) has consolidated since late May. Filling the 5/26 upside gap suggested tactical exhaustion, but the NDX defended its 5/6 upside gap at 28,208-28,065, which remains intact as support, prior to a sharp rebound on improving geopolitical headlines. Yesterday’s (6/15) upside gap put in 6-day bullish island and offers first support at 30,285-29,733. The 6/3 peak at 30,762 provides initial resistance. Reclaiming the rising 26- and 40-DMAs at 29,612 and 28,838, respectively, suggests that the tactical uptrend bent but did not definitively break.

Chart 4: NASDAQ 100 (NDX): Daily chart

Source: Optuma, Suttmeier Technical Strategies

NASDAQ 100 breadth

NDX breadth solid: A-D line to a new high as A-D volume line firms up

Breadth on the NDX remains solid. The NDX A-D line has hit a new high, which is a potential leading indicator for new highs on the index. After a pause, the NDX A-D volume line shows an uptick from its 6/10 low.

Chart 5: NASDAQ 100 advance-decline line (top) and NASDAQ 100 advance-decline volume line (bottom): Daily chart

Source: Optuma, Suttmeier Technical Strategies

Gold

Gold futures defend 4100-4000 support

Gold futures defended key support at 4100-4093 (late-March spike low and the 61.8% extension of the early-to-late March decline projected from the mid-April peak) and the psychologically important 4000 level. While encouraging, upside follow-through is needed to confirm a sustained low off the 4100-4000 range. We would view a close this week above last week’s high at 4388.60 as positive, but reclaiming the rising 40-week moving average (WMA) near 4490 after closing below it for the first time since November 2023 over the last two weeks is key to reasserting gold’s longer-term uptrend. The declining 13-WMA and flattening 26-WMA at 4585 and 4710, respectively, provide additional upside levels to watch.

Chart notes

• If gold fails to follow through after last week’s test of 4100-4000 support, the next projected support zone comes in at 3583 (100% extension of the early-to-late March decline projected from the mid-April peak) to 3486 (161.8% extension of the late-January to early-February decline projected from the early-March peak).

Chart 6: Gold futures: Weekly chart

Source: Optuma, Suttmeier Technical Strategies

Silver

Silver futures defend 63.90 to 61.52-61.21 support

Silver futures defended key support from 63.90 (early-February low) to 61.52-61.21 (61.8% extension of the late-January to early-February decline projected from the early-March and late-March lows). While encouraging, upside follow-through is needed to confirm a sustained low off this support. There are two key levels to watch: the rising 40-WMA at 69.00 and the midpoint of the weekly black candle from 6/5 at 72.34. A close this week above the 40-WMA could reassert silver’s long-term bullish trend, and a close this week above 72.34 would put in a bullish weekly doji star candlestick pattern. The declining 13-WMA and still-rising 26-WMA at 74.77 and 78.22, respectively, provide additional upside levels to watch.

Chart notes

• If silver fails to follow through after last week’s test of 63.90 to 61.52-61.21 support, the next projected support level comes in near 54 (100% extension of the early-to-late March decline projected from the mid-May peak).

Chart 7: Silver futures: Weekly chart

Source: Optuma, Suttmeier Technical Strategies

Argentina

Argentina (ARGT): Bullish consolidation with targets at 103.97-106.62 and 120.94

The Global X MSCI Argentina ETF (ARGT) is consolidating within a bullish trend, reinforced by rising 13-, 26-, and 40-WMAs at 92.52-88.80. Continuing to hold these WMAs, along with chart support levels at 90.42 and 86.20, would keep the setup constructive with upside potential to 103.97-106.23 (late-January spike high and 61.8% extension of the October 2025-January 2026 rally projected from the early-March low) and then toward 120.94 (100% extension).

Chart notes

• The consolidation in ARGT since late October has held the upper end of a high-volume weekly upside gap from 86.55 down to 75.50.

Chart 8: Global X MSCI Argentina ETF (ARGT) (top) and volume (bottom): Weekly chart

Source: Optuma, Suttmeier Technical Strategies

Colombia

Colombia (COLO): Bullish consolidation with targets at 103.97-106.62 and 120.94

The Global X MSCI Colombia ETF (COLO) broke out from a bullish ascending triangle last week to reassert the uptrend and bullish implications for its double bottom off the 2023 and 2020 lows (Jan. 16 Straight from the Chart). These bullish patterns favor more upside with target levels at 46.04-46.60 (April 2018 peak and 38.2% retracement of the 2010-2020 decline), 49.50 (triangle target), and 53.00 (double bottom target). The prior late-January and mid-April peaks from 43.74 to 42.30 offer tactical risk management supports. Rising 13-, 26-, and 40-WMAs at 39.78-38.02 underpin the bullish backdrop for COLO.

Chart 9: Global X MSCI Colombia ETF (COLO) (top) and volume (bottom): Weekly chart

Source: Optuma, Suttmeier Technical Strategies

Mexico

Mexico (EWW): Forming a potential bullish triangle after a big base breakout

The iShares MSCI Mexico Index Fund ETF (EWW) has a bullish breakout and retest from an early-2024 into early-2026 as well as a potential bullish consolidation triangle pattern from mid-February. These bullish setups project upside to 92.25 (triangle target) and 95.50 (big base target). Rising 13-, 26-, and 40-WMAs from 77.46 down to 73.07 reinforce the bullish triangle and shield the big base breakout/retest zone at 71.12-69.39. A decisive rally above 81.07-81.65 (triangle neckline and recent highs) would confirm the triangle, refreshing the bullish trend for EWW.

Chart 10: iShares MSCI Mexico Index Fund ETF (EWW) (top) and volume (bottom): Weekly chart

Source: Optuma, Suttmeier Technical Strategies

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