Stock Market Outlook: Key Levels to Watch Wednesday
The September 30 morning outlook highlights a market showing signs of weakness despite the historically bullish bias often associated with the last day of the month. U.S. futures were slightly lower, while upcoming GDP and other economic data could influence the session. The NASDAQ 100 remains a key area of focus because a breakdown could add further pressure to the broader market. The S&P 500 is still holding its 50-day moving average, while the Russell 2000, financials and U.S. banks are moving around or below their 200-day moving averages.
The technical picture is increasingly risk-off. TLT and XBB made new lows, while emerging-market and junk bonds continued to show a series of lower highs and lower lows. Energy stocks remained on sell signals, and the Magnificent 7 ETF was only about 40 cents away from generating a sell signal. Apple also moved back to a sell signal, while SpaceX generated a sell signal earlier in the week. Investors should closely monitor the NASDAQ 100, big-cap technology stocks, bond markets and key moving-average levels for further confirmation of market weakness.
Stephen Whiteside
Wednesday, September 30, 2026
