S&P 500 Nears a Sell Signal as Market Weakness Deepens
The U.S. and Canadian markets remain under pressure as 52-week lows continue to significantly outnumber new highs, highlighting a growing imbalance beneath the surface. Bonds continued to fall Monday while yields moved higher, adding pressure to interest-rate-sensitive areas such as utilities, home improvement and casual dining. The S&P 500 approached a potential sell signal, while the equal-weighted S&P 500, Russell 2000 and U.S. banks remained weak. The NASDAQ 100 remains on a buy signal, supported heavily by semiconductor stocks.
Gold and materials stocks suffered another sharp decline, while energy markets remained mixed. Crude oil is holding near $150 on a short-term sell signal, natural gas remains on a buy signal, and several major technology stocks showed contrasting trends. Tesla rolled over, Apple remains on a buy signal, AMD continues to hold above its upper channel, and Shopify remains on a buy signal. The key takeaway is to watch the S&P 500’s potential sell signal, continued bond weakness, market breadth and individual trend signals closely.
Stephen Whiteside
Tuesday, September 29, 2026
