After yesterday’s sharp selloff, it’s a good time to zoom out, check the weekly structure, and see where things really stand.
Momentum cooled, volatility rose — but the bigger picture still matters.
Let’s dig into the 📈Weekly Charts📉 for some perspective.
$SPX with a big outside reversal candle taking it from new highs to down nearly to the 10-week MA -- a level we haven't been close to for about 60 days, and haven't traded below since April.
Yesterday's volume was nearly double the 20-day average, but weekly volume is in line.
RSI is lower but still firmly in the upper half at ~61, for now.
$QQQ with similar action on heavier volume, closing near the AVWAP🟠 from its earlier test of the 10-week MA - which price actually hit in after-hours trading yesterday.
Time for the 📈Weekly Charts📉 - stepping back to see the bigger picture.
Markets wrapped a choppy but constructive week. Let’s run through the indexes, bonds, commodities, crypto, and key internals to see where things stand heading into October.
🧵👇
$SPX with an inside week near the highs on good volume while bringing RSI back below 70.
With two trading days left in the month, it's looking to finish September strongly.
📈Weekly Charts📉are back! With Strength💪across the board.
✔️New highs. Broad participation. Even bonds are breaking out.
❔While some seasonality concerns linger, the weight of the evidence remains bullish — for now.
Let’s zoom out and break it down.👇
$SPX
📈Another new weekly closing high, up ~3.5% from last week’s low.
📊Volume? Above average.
😎RSI? Rising, but not overbought (68.22).
💪Momentum and structure both remain strong.
$QQQ
✅ New all-time closing high
📈 Up ~4.75% from last week’s dip below the 10-week MA
🔊 Volume firm, RSI climbing but still reasonable
📏 Bollinger Bands still tightening — watch for expansion
Big tech leading again, with clean trend continuation.