Week ending October 2, 2026
Market stance: Uptrend under pressure
The S&P 500 has logged 7 distribution days and only 1 accumulation day in the last 20 sessions. Price is holding up (SPY is 1.1% off its high and above its 50-day line), but institutions have been selling into strength. New buys should be small and only in the strongest names.
- Distribution days (SPY): Sep 8, Sep 10, Sep 14, Sep 16, Sep 23, Sep 28, Sep 30
- Accumulation day: Sep 21 (+1.6% on higher volume)
- Rolling off soon: the Sep 8 and Sep 10 days age out of the 20-day window in the next two weeks, so the count should ease unless new selling shows up.
- Leadership is narrow: the Nasdaq 100 closed at a new high Friday while the Dow and small caps sit below their 50-day lines.
Major indexes
Tech is carrying the market; the Dow and small caps have slipped below their 50-day lines but remain above their 200-day lines.
| Index (ETF) | Close Oct 2 | Week | 1 month | YTD | vs. 50-day | vs. 200-day | Off high |
|---|---|---|---|---|---|---|---|
| Nasdaq 100 (QQQ) | 749.58 | +0.7% | +5.7% | +22.0% | +4.6% | +12.1% | New high |
| S&P 500 (SPY) | 769.64 | −0.2% | +0.6% | +12.9% | +0.8% | +6.8% | −1.1% |
| Russell 2000 (IWM) | 281.52 | −0.2% | −4.2% | +14.4% | −3.8% | +1.9% | −7.7% |
| Dow (DIA) | 511.10 | −1.2% | −3.7% | +6.4% | −3.0% | +1.7% | −5.8% |
Daily closes. “Off high” = 52-week closing high.
Next week
- Distribution count: two of the seven days roll off; a new high on SPY with fewer than 5 distribution days would upgrade the stance to “confirmed uptrend.”
- Breadth: watch for the Dow and Russell 2000 to reclaim their 50-day lines. Until they do, favor Nasdaq-type leaders.
- Earnings season starts mid-October; avoid new positions in names reporting within a week.
- Plan: no new buys unless a screen leader breaks out on heavy volume; keep losses on any new position to 7–8%.
The Growth Stock Report is published for educational purposes only. It is not investment advice or a recommendation to buy or sell any security. The author may hold positions in securities mentioned and may trade them at any time. Do your own research.