SPX's Consolidation from Early August Is Ongoing - Weakness into Friday Near the Mid-7550's Should Set Up a Buyable Dip ahead of a "Fed Drift" Next Week

In this mid-week technical video, Mark L. Newton, CMT reviews the S&P 500 Index (SPX) outlook for September 2026, focusing on the ongoing consolidation that began in early August and the potential trading implications into Friday and the following week’s Federal Reserve meeting. He walks through recent breadth deterioration, key SPX price zones being tested, and how Fibonacci retracements and wave structure are being used to frame near-term risk and opportunity around a possible “Fed drift” into the FOMC decision.

Newton also analyzes cross-asset drivers, including the latest spike in U.S. 10-year Treasury yields (^TNX) following the Treasury buyback announcement, and the parallel move in WTI crude oil, using DeMark indicators to highlight where both may be approaching important inflection areas. Within technology, he examines the VanEck Semiconductor ETF (SMH), the relative rotation between semiconductors and software (SMH vs. IGV), and the strength in memory/DRAM stocks (including references to DRAM and iShares MSCI South Korea ETF, EWY). The full 8-minute video and accompanying charts detail his technical levels, indicator signals, and how these sector and macro dynamics could shape SPX behavior into and after the Fed meeting.

In this mid-week technical video, Mark L. Newton, CMT reviews the S&P 500 Index (SPX) outlook for September 2026, focusing on the ongoing consolidation that began in early August and the potential trading implications into Friday and the following week’s Federal Reserve meeting. He walks through recent breadth deterioration, key SPX price zones being tested, and how Fibonacci retracements and wave structure are being used to frame near-term risk and opportunity around a possible “Fed drift” into the FOMC decision.

Newton also analyzes cross-asset drivers, including the latest spike in U.S. 10-year Treasury yields (^TNX) following the Treasury buyback announcement, and the parallel move in WTI crude oil, using DeMark indicators to highlight where both may be approaching important inflection areas. Within technology, he examines the VanEck Semiconductor ETF (SMH), the relative rotation between semiconductors and software (SMH vs. IGV), and the strength in memory/DRAM stocks (including references to DRAM and iShares MSCI South Korea ETF, EWY). The full 8-minute video and accompanying charts detail his technical levels, indicator signals, and how these sector and macro dynamics could shape SPX behavior into and after the Fed meeting.

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