September is notorious for volatility on Wall Street, and 2025 has proven no different. The S&P 500 (SPX) faced early-month turbulence but managed to stabilize in the 6,340–6,360 range, creating a strong technical foundation for another push to record highs. Key support also lies at 6,200 and 6,150, ensuring bulls remain confident in the index’s resilience.
Yet while the broader market is finding its footing, Nvidia (NVDA) — once the poster child of the AI rally — is flashing worrying technical and sentiment signals. Investors may need to recalibrate expectations as the semiconductor giant faces valuation pressure, competition, and cooling enthusiasm. At the same time, gold has surged to new records, reaffirming its safe-haven status.
The S&P 500: Still Bullish Despite Mixed Signals
The SPX remains structurally bullish, but investors must tread carefully:
- The McMillan Volatility Band (MVB) sell signal is still active. A close above 6,600 would negate this risk.
- Market breadth continues to struggle, with oscillators stuck on sell signals. This lack of broad participation is a red flag.
- However, NYSE new highs are outpacing new lows, a bullish confirmation of strength across sectors.
Overall, the index is in an upward trend, but selective caution remains prudent.