Weekend Report for Monday, September 8, 2025
Bottom Line:
No change: Chart updated through Friday. The cumulative NYSE A/D line continues to make ATHS. This isn’t particularly helpful short-term, but it strongly implies that any correction is very likely to be followed by new ATHs in one or more of the primary US stock indices.
This does not preclude short-term and even sharp corrections.
PDF: Weekend Report_2025_09_08
VIDEO:
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SPX Profile
VALUE continues to migrate higher. The rate of change in the third quarter, so far, is considerably lower, as expected.
SPX Daily
Upper KRA: 6532
Lower KRAs: 6442; 6359
RSP
Upper KRAs: 190
Lower KRA: 187; 187-185
NDX:
Upper KRA: 23969
Lower KRA: 23359; 22959
DOW:
Upper KRA: 45774
Lower KRA: 45157; 44955-44789
RUT
Upper KRA: 2466
Lower KRA: 2365; 2329
New York Composite
Upper KRA: 21286
Lower KRAs: 21015: 20893
Internals
No change: There are significant divergences from this perspective. My usual caveats apply.
No big tells in VIX.
US Dollar – Weekly
No change. The US dollar appears to be breaking down in a major way.
US 10-yr Notes – Weekly
Notes have established higher highs and lows within the larger range.
Gold
From last weekend: Gold appears quite bullish. It appears to be breaking out of a muli-month Balance Area.
No change.
Crude – Weekly
Crude put in a wide range outside week. This is bearish.
Bitcoin
