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Brian Shannon, founder and full-time trader at AlphaTrends, observes that recent selling was merely a short-term pullback within a larger uptrend.
He highlights that ES_F, SPY, NQ_F, and QQQ have moved back above the weekly to-date anchored VWAP after dropping below the rising 5-period simple moving average. According to Shannon, the indexes did not reach their month-to-date anchored VWAP before rebounding.
In previous coverage, Shannon tracked CAR as it tested its 5-period simple moving average for a second time, indicating trader attention to this technical level, according to a recent analysis. He has also provided notes for a weekly review of major indexes and select stocks for the week ending May 1, 2026. These observations reflect his ongoing focus on technical signals in both individual equities and broader market indexes.