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Subscribers to CappThesis receive dependable, thoughtful and succinct analysis throughout each week.
Opening Look

Week of 9/15/25
Key Points The S&P 500 logged its second straight weekly gain last week and hit 6,600 for the first...
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Never Forget
Key Points The S&P 500 logged its third straight advance on Wednesday, producing yet another all-time...
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Breadth & Breakouts
Key Points The S&P 500 logged its second straight advance on Tuesday with another minor gain — just...
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Two Simple Trend Gauges
Key Points The S&P 500 started the week with a small gain, but it was enough to sustain the upward-sloping...
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Week of 9/8/25
Key Points The S&P 500 finished the week on a negative note, wasting the early strength after the...
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Impending Pattern Breakouts
Key Points The SPX logged its second straight advance on Thursday, with the 83-basis point gain marking...
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The Five Month Rally
Key Points The S&P 500 snapped its modest two-day losing streak yesterday, finishing near the highs...
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The Shallow Dips Persist
Key Points The S&P logged its worst decline since August 1 on September’s first day. However, it...
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September’25
SPX – Monthly Winning Streaks The S&P 500 finished August with its fourth straight monthly advance,...
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August’s Grand Finale
Key Points The SPX’s 41 basis point advance yesterday pulled it right back near last week’s highs, essentially...
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Breadth, Bitcoin & Chart Trades
Key Points The S&P 500 pulled back on Monday as it continued to ease off the Jackson Hole–induced...
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Week of 8/25/25
Key Points The dovish Jackson Hole event helped produce the SPX’s third straight weekly gain, marking...
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Key Charts before THE Speech
Key Points The S&P 500 comes into Jackson Hole speech day with a five-day losing streak — the first...
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Battling Near the Highs
Key Points The S&P 500 logged a fourth straight decline on Wednesday, with each move coming in below...
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Tech Hit Hard, as the Field Holds
Key Points The S&P 500 finally broke its tight multi-day trading range yesterday with its biggest...
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The Last 8 Weeks
Key Points The S&P 500 dipped slightly to start the week yesterday, barely losing one basis point....
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Week of 8/18/25
Key Points The S&P 500 finished last week with a slight loss, but the index logged its fourth...
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Ebb & Flow
Key Points The S&P 500 just barely squeaked out a third straight advance on Thursday. This now is...
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Back-to-Back 80% Breadth Days
Key Points The S&P 500 squeaked out a 32-basis point gain on Wednesday, securing its first winning...
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Another Bullish Pattern Triggered
Key Points The S&P 500 shot back yesterday, logging its second-biggest advance since May 27—once...
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CPI, SPX & Bonds
Key Points The S&P 500 logged another small loss to start the week on Monday, dropping 30 basis points....
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Week of 8/11/25
Key Points The S&P 500 concluded a back-and-forth week with a strong finish on Friday, marking the...
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Indicator Checkup & AAPL
Key Points The back-and-forth price action continued on Wednesday, with the S&P 500 bouncing back...
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Watching SPX Breadth Closely
Key Points The SPX failed to follow through upon Monday’s big 1.5% and fell approximately 0.5% yesterday....
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The Dog Days
Key Points The S&P 500 wrapped up another solid—but mostly one-sided—month with a negative reversal...
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Yet Another Epic Month
Key Points The latest FOMC meeting did not disappoint—at least in terms of the volatility we saw from...
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The Next 10%
Key Points The SPX snapped its tepid six-day winning streak on Tuesday with – what else – an innocuous...
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Six Tiny Steps
Key Points The S&P 500 just barely squeaked out its sixth straight advance to start the week on Monday...
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Week of 7/28/25
Key Points The S&P 500 finished last week with a five-day winning streak, spending the last four...
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MACD and Two QQQ Upside Targets
Key Points The SPX logged its fourth straight gain on Thursday, albeit three of them have been 10 bps...
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Trading Box Breakouts & New 52-Week Highs
Key Points The S&P 500 logged its third straight advance on Wednesday, marking its first three-day...
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Non-Growth Stocks Make a Stand
Key Points The SPX logged a tiny gain on Tuesday, marking its fourth two-day winning streak of July....
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The Missing July Volatility
Key Points The S&P 500 starts Tuesday after logging a second straight small move — a minor gain....
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SPX, NDX and NASDAQ Breadth
Key Points The S&P 500 followed through on its strong comeback from Wednesday and logged a respectable...
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A Lot Happening Under the Surface
Key Points The S&P 500 snapped back on Wednesday, preventing the first losing streak in the last...
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Bears Looking for Downside Follow Through
Key Points The S&P 500 logged its second loss in the last three days on Tuesday post-CPI numbers....
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Pausing Near the Highs
Key Points With the CPI data, big bank earnings and continued geopolitical news hitting the tape this...
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Week of 7/14/25
Key Points It may not have felt like it, but last week the S&P 500 was down three of the five trading...
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Daily vs. Short-Term Momentum
Key Points The SPX ended yesterday near its highs, continuing the upswing that began late Wednesday morning....
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Market Strength Indicator
Key Points The SPX snapped another short-term, innocuous losing streak yesterday with a 61-bps advance....
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Low Two-Way Vol Persists
Key Points The SPX lost ground for the second straight day on Tuesday, but the move was small once again. ...
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Same News, Better Reaction
Key Points The SPX broke its two-day winning streak with its biggest decline since 6/17 yesterday, with...
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Week of 7/7/25
Key Points The S&P 500 was up three out of four days last week and has now posted gains in seven...
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SPX vs. 20-Day Moving Avg.
Key Points The S&P 500 logged another 50–basis point gain on Wednesday — its third ~0.5% advance...
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No Drawdowns
Key Points The SPX started July quietly, slipping 0.11%, despite many areas outside of growth performing...
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July and Q3 2025
SPX – Key June Stats -5.0% monthly gain -Up 13/20 trading days -Positive breadth 12/20 trading days...
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Officially Overbought… Again
Key Points The SPX had a noteworthy five days last week – it hit two upside targets (6,120 & 6,125),...
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Two More SPX Targets Hit
Key Points The SPX got back to its uptrending ways on Thursday after Wednesday’s historically small decline,...
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Bullish Patterns Continue to Build
Key Points According to Ryan Detrick of Carson Group, the S&P 500 logged its smallest decline in...
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Two Straight 1% Gains
Key Points The SPX picked up right where it left off on Tuesday, logging its second straight 1% gain. ...
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A New Upside Target
Key Points The S&P 500 ended its three-day losing streak in resounding fashion on Monday, gaining...
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SPX, Crude Oil, USD & the VIX
Key Points Before this weekend’s events, SPX logged its third straight decline on Friday, which now is...
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Week of 6/23/2025
Key Points Before this weekend’s events, SPX logged its third straight decline on Friday, which now is...
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Three Key SPX Charts
Key PointsThe SPX bounced back from Friday’s 1% decline with a near 1% gain on Monday. As the 5-day...
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Week of 6/16/25
Key Points The SPX logged its first 1% decline of June on Friday, which was enough to snap the index’s...
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Key Levels
Key Points The SPX bounced back yesterday, preventing a downside follow through. Today’s focus...
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Now vs. the February Top
Key Points The SPX’s small moves continued on Wednesday, but the index couldn’t hold the early CPI-induced...
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Grinding Higher
Key Points After last Thursday’s fireworks, the SPX has gotten back to its staircase-like advance the...
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Two Key Breadth Indicators
Key Points The final stats were bullish yesterday – The SPX logged its second straight gain, closed above...
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Bullish Patterns Continue
Key Points The SPX logged its first 1% gain of June to conclude a strong weekly showing. It was the second...
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Week of 6/9/25
Key Points The SPX logged its first 1% gain of June to conclude a strong weekly showing. It was the second...
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A Few Fireworks
Key Points Notwithstanding the entertaining social media fireworks yesterday, the SPX managed to hold...
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Complacency
Key Points The SPX’s winning streak extended to five yesterday with a whopping one basis point advance. ...
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Small Moves Continue to Help
Key Points The two-day chart below says it all – there’s been an underlying bid since 10:30 Monday morning,...
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Constructive Digestion
Key Points The SPX responded well to early weakness yesterday, pivoted at 10:00 and rode a persistent...
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After the May Follow Through
Key Points The SPX snapped back on Thursday after Wednesday’s sub-par performance. It wasn’t a great...
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SPX, SIL, USO & NVDA
Key Points The SPX failed to follow through on Tuesday’s 1.4% gain, spending the first three hours and...
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Gap & Extend
Key Points Tuesday’s trading session couldn’t have gone much better for the bulls – as the early positive...
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Comparing the Dips
Key Points Friday and last week’s performance in a nutshell: 🔴 4th straight decline🔴 4th straight negative...
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Week of 5/27/25
Key Points Friday and last week’s performance in a nutshell: 🔴 4th straight decline🔴 4th straight negative...
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Friday Fireworks
Intra-Day The response to the SPX’s first 1% decline in a month was a non-event yesterday. When this...
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MACD Hits Highest Level Ever
Intra-Day The SPX’s latest winning streak ended yesterday, but it wasn’t exactly shattered, with the...
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SPX Overbought & Bullish Patterns Under the Surface
Intra-Day Despite the down open and fret over the Moody’s downgrade, the SPX’s recent trends continued...
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Week of 5/19/25
Intra-Day Friday For the fifth straight session, the SPX logged a gain and closed near its highs on Friday....
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Streaks & Bullish Patterns
Key Points The SPX rallied back from early weakness to log its fourth straight advance on Thursday —...
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After the Next Pause
Intra-Day While yesterday’s price action was a lot quieter than Monday’s, the intra-day path was similar...
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After the Gap
Intra-Day The intra-day chart says it all — Monday was a classic gap, hold, and extend session. The only...
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The Extension Continues
Intra-Day Friday The SPX logged its smallest net move since February 11 on Friday, as the streak of no...
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Week of 5/12/25
Intra-Day Friday The SPX logged its smallest net move since February 11 on Friday, as the streak of no...
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SPX, Crypto and Trade Ideas
Key Points Despite the late-day rollover yesterday, the SPX notched its second straight gain and extended...
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Mirror Image
Key Points It felt like a classic FOMC day on Wednesday, and the SPX responded much as we’d expect. Despite...
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The Set Up & FOMC
Key Points The SPX slipped for the second straight day on Tuesday, as selective profit-taking and cautious...
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The One Streak That's Still Alive
Key Points The SPX’s impressive nine-session winning streak ended Monday after the midday rally fizzled,...
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Long Winning Streaks
SPX Weekly Track The SPX was five-for-five last week, with its winning streak now at nine entering...
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Week of 5/5/25
SPX Weekly Track The SPX was five-for-five last week, with its winning streak now at nine entering...
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Monthly Chart Rundown
Key Points The SPX’s streak of no 1% moves continued on April’s last day thanks to the market fighting...
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Another Epic Month
Key Points The SPX logged another gain Tuesday in front of the month’s final trading day and right before...
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The String of Good Closes
Key Points The SPX leaned on a late-day bid to notch its fifth straight gain on Monday — the longest...
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Weekly Bullish Engulfing Pattern
SPX Weekly Track The SPX is riding a four-day winning streak to start another busy earnings week....
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Week of 4/28/25
SPX Weekly Track The SPX is riding a four-day winning streak to start another busy earnings week. The...
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Three Straight 1.5% Gains
Key Points The SPX logged its third straight gain on Thursday—and its third consecutive advance of at...
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Buy Signals, Waves and MAGS
Key Points The breather on Tuesday was exactly that—a pause in the action before things turned volatile...
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A Breather
Key Points The SPX’s streak of five straight 1%+ moves ended yesterday with a modest 20 bps decline—its...
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A Familiar Setup
Key Points The SPX logged its second straight 1.8% gain on Monday – its third huge advance in the...
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One for the Ages
SPX Weekly Track It was one for the ages last week. The SPX’s total net percentage move...
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Week of 4/14/25
SPX Weekly Track It was one for the ages last week. The SPX’s total net percentage move...
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When to Use Short-Term Charts… Now
Key Points The massive daily swings continued yesterday—which wasn’t all that surprising after we just...
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Ultimate Face Ripping
Key Points Well… we’d been waiting for the first real bid after the SPX logged six declines of at least...
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41% Move in Two Days
Key Points The rollercoaster continued on Tuesday, with the SPX suffering one of the biggest intraday...
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The First Bounce Attempt
Key Points The epic moves continue, with the difference yesterday being that demand finally surfaced....
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Week of 4/7/25
SPX Weekly Track Weekly Key Levels This is the true definition of price and support discovery—which...
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The Reaction
Let’s jump right into it. With S&P 500 futures testing the March lows, the SPX cash index will open...
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Key Levels
Key Points The SPX kicked off April much like it closed out March — with a muted gain ahead of today’s...
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April & 2Q 2025
SPX – Key March Stats -5.8% monthly loss -Down 12/21 trading days -Negative breadth 13/21 trading days...
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Epic Month
Key Points The SPX logged its 12th absolute 1% move of March on Friday; its eighth 1% decline and its...
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Running in Place
Key Points It was a quiet session on Thursday, with the SPX trading in a tight range, ping-ponging between...
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Another 2022 Comparison
The SPX’s streak of tight, muted moves ended abruptly on Wednesday, with the index opened slightly higher...
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This Now has Happened 3 Times Since 2023
Key Points The SPX logged its third gain in four days on Monday—also marking its second 1% advance in...
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Another Rally Attempt
Steep Downtrend Line BreaksSimply by moving sideways over the past few days, the SPX finally broke through...
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Week of 3/24/25
Steep Downtrend Line BreaksSimply by moving sideways over the past few days, the SPX finally broke...
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Volatile Bounce
Key Points The SPX responded well to the FOMC’s non-decision on rates and the relatively uneventful...
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SPX & FOMC
Key Points The two-day winning streak is over. The last time the SPX logged more than two consecutive...
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Breadth Surge
Key Points The SPX logged its second straight gain on Monday, marking the first back-to-back advance...
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After Four-Week Losing Streaks
SPX Weekly Track After 4-Week Losing Streaks The SPX just recorded its fourth consecutive weekly loss,...
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Week of 3/17/25
SPX Weekly Track After 4-Week Losing Streaks The SPX just recorded its fourth consecutive weekly loss,...
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The Consistent Trend
Key Points The familiar intra-day pattern played out once again on Thursday, with the S&P 500 (SPX)...
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Tepid Buy Interest
Key Points For the second straight day, midday demand appeared—but once again, it lacked the follow-through...
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SPX vs. 20-Day Moving Average
Key Points The good news: the SPX staged a strong intraday comeback yesterday, avoided another 1% decline,...
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Oversold, Patterns & Divergences
Key Points The first-quarter sell-off intensified on Monday, with the S&P 500 dropping 2.7%—its biggest...
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Weekly Charts, Sentiment & a Key Comparison
SPX Weekly Track Weekly Channel The SPX just logged its third straight weekly loss, its longest...
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Week of 3/10/25
SPX Weekly Track Weekly Channel The SPX just logged its third straight weekly loss, its longest losing...
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Support and Stock Screens
Key Points Downside pressure continued on Thursday, with the SPX logging its fourth 1% decline in the...
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March’25 vs. Aug’24
Key Points Two-way volatility remains the defining theme of 2025, and Wednesday was no exception. A flat...
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Six SPX Charts
Broadening Formation Tuesday’s weak open pushed the SPX below its January low, marking the first true...
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Two Oversold Indicators
Key Points Volatility surged on Tuesday, with a gap lower, a sharp +2.3% intraday rally that briefly...
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Another Bearish Engulfing Pattern
Key Points Volatility remained elevated on Monday, with the SPX recording its third consecutive absolute...
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