Optionstrategist iconOptionstrategistSep 8, 2026

Free Weekly Stock Market Commentary 9/4/26

McMillan After making new all-time highs on August 14th, $SPX has struggled a bit. There is a very minor downtrend line on the chart right now, after a series of negative days accompanied in general by terrible breadth.

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McMillan After making new all-time highs on August 14th, $SPX has struggled a bit.

There is a very minor downtrend line on the chart right now, after a series of negative days accompanied in general by terrible breadth.

That pullback seems to have culminated with a retest of the 7600-7620 support level this past Tuesday, September 1st.

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The useful part

McMillan After making new all-time highs on August 14th, $SPX has struggled a bit. There is a very minor downtrend line on the chart right now, after a series of negative days accompanied in general by terrible breadth. That pullback seems to have culminated with a retest of the 7600-7620 support level this past Tuesday, September 1st.

How it works

  • That support level is marked with a thick red horizontal line on the $SPX chart in Figure 1.
  • If it gives way, a much more negative picture will emerge, but so far support has held.

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