Weekend Report for Tuesday, September 2, 2025
Bottom Line:
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_08_31
VIDEO: https://youtu.be/2QVAbypAfZU
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SPX Intermediate-term Profile
From last weekend’s update:
There are several very viable paths of development. The most bullish one is that Wednesday’s low is the low of another distribution (range) to the upside. If this is correct we will see strong upward price action into at least mid-week.
Update:
SPX Daily
Upper KRA: 6492; 6508
Lower KRAs: 6428
RSP
Upper KRAs: 190
Lower KRA: 187; 187-185
NDX:
Upper KRA: 23969; 23726
Lower KRA: 22959; 22767-22573
DOW:
Upper KRA: 45774
Lower KRA: 45186; 44955-44789
RUT Weekly
Upper KRA: 2385; 2466
Lower KRA: 2338; 2285-2272
New York Composite
Upper KRA: 21198
Lower KRAs: 20975; 20746
Internals
There are significant divergences in this perspective. My usual caveats apply.
No big tells in VIX.
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US Dollar – Weekly
No change. The US dollar appears to be breaking down in a major way.
US 10-yr Notes – Weekly
Notes are stuck in a range.
Gold
Gold appears quite bullish. It appears to be breaking out of a muli-month Balance Area.
Crude – Weekly
Bitcoin
