Today's technical analysis: The market has entered a weekly level correction, still belonging to a healthy pullback in the bull market 1. Volatility (VIX): The high volatility cycle in August and September may have just begun The daily volatility futures line has confirmed a bottom divergence, indicating that the market's risk aversion sentiment is continuing to rise. There is also the weekly MACD. If the weekly trend starts to turn upwards, historical experience shows that market volatility will significantly increase in the coming weeks, and the index will enter a phase of adjustment, which will not end in just one or two days. 2. SPY: Weekly retracement confirmed The SPY weekly MACD has officially become a dead cross, indicating that the level adjustment of the weekly chart has begun. However, currently it is a healthy correction within a bull market, not a bear market like 2008 or 2022. In the short term, it has fallen below the key support of 748, and the rebound near 741 is clearly insufficient. The next stage of support should focus on 725-731. If the weekly adjustment continues to expand, the maximum support area in the medium term will still be around $700, which corresponds to both the previous high retracement and the Fair Value Gap. If the correction is completed and the market strengthens again in the future, the medium and long-term target for this year will still remain around $796. Failure condition: If the daily MACD crosses again near the zero axis and stabilizes at 748, this round of adjustment may end prematurely, and the index has the opportunity to directly challenge a new high. 3. QQ: Still in the repair stage after breaking through On the technical structure of QQ, it has fallen below the lower track of the symmetrical triangle Dead Cat Jump rebounded to the 21st EMA and downtrend line before falling again, currently testing the 21 week moving average If unable to hold onto weekly support, the next important goal is to first look at EMA 200 646 and then at $637 Failure condition: Only by regaining a foothold of $696 or even $700 can the current breaking structure be resolved. 4. IWM: Daily quadruple RSI top divergence, weekly triple RSI top divergence Russell 2000 shows a clear top divergence. The technical aspect shows a clear need for weekly level correction. If the adjustment continues, focus on the $260-265 range below. 5. US Dollar Index (DXY): The US dollar is strengthening again, putting pressure on risk assets The daily chart of the US dollar index has shown a bottom reversal signal. In the past period, there has been an abnormal phenomenon in the market where the US dollar has risen and the stock market has also risen, but this situation may be coming to an end. If the US dollar continues to strengthen, funds are more likely to flow back into cash and US dollar assets, and US stocks will continue to be under pressure in the short term. 6. Bitcoin (BTC): Short Short Long Long Long Bitcoin weekly levels are forming a potential bottom divergence. There is still a possibility of short-term market consolidation and a second dip, and market sentiment may once again fall into panic. But I think the bear market will end in August October, with a minimum of 50000, and this round of BTC bull market in 2027 and 2028 is expected to see 150000. But if the weekly bottom deviates from the final confirmation, then that decline may actually form a very important stage bottom in the medium to long term.