Despite a great many swings this week, the SPX managed a net weekly gain of +111pts (1.7%) to 6664. Weekly momentum is slowly weakening, prone to turning negative by Monday Oct’27th.
Underlying weakness…
The BPI was lower for the ninth day of ten. Equity bulls can argue we’re cyclically on the low side, but we sure aren’t anywhere close to the April low… back when SPX 4835.
Seasonally, bears have until around Halloween, and early November on a stretch. Beyond there… the market will be inclined for net upside into early 2026.
Few will care, but… China, monthly
The Shanghai comp’ has naturally stalled from resistance that extends back to 2007. Any price action >4K would be decisive, and offer a run to 5K by late spring 2026.