Market Update Into September 1st: Tech Momentum Cools

The markets had an eventful yet choppy week as traders digested PCE data, consumer confidence and sentiment data, plus some notable earnings releases. Even with all of this news, the major indexes ended the week flat, but still in a long-term uptrend. Despite strong earnings from Nvidia, shares took a tumble as traders digested a surprise AI chip announcement from Alibaba, suggesting intensifying competition in the semiconductor arms race. With tech leadership fading, momentum cooled into the long weekend.

• Nvidia Beats Earnings
• Marvell Earnings Slump
• Affirm Earnings Rally
• Alibaba’s New Chip

Looking ahead, markets will open to a shortened trading week following the Labor Day holiday, but the calendar remains active. Traders will be focused on the Fed’s Beige Book and a wave of employment data that could shape expectations around the path of monetary policy. With tech momentum fading, let’s take a look at the charts for the week ahead.

Weekly Analysis

SPY (SPDR S&P 500)

The SPY ETF hit a new all-time high again on Thursday but ended up closing the week flat at $645.05 (-0.39%). On the monthly setting, the Multi-Scale VWAP Gradient Cloud Indicator plots anchored VWAPs from the start of the last five months, highlighting dynamic areas of support. Traders will be watching these levels to see if the dip buyers from the August and April selloffs will continue to support the uptrend.

QQQ (Invesco QQQ Trust)

Tech momentum continued to fade last week, with the QQQ ETF closing down at $570.40 (-0.27%) following Nvidia’s earnings. The Trend Strength Candles Indicator remained gray, reflecting ongoing choppy price action. Now sitting on its August VWAP support within the Multi-Scale VWAP Gradient Cloud, the ETF is at a critical level that the bulls will need to defend to keep the broader trend intact.

IWM (iShares Russell 2000)

Small-caps ended the week on a strong note, with the IWM closing green at $235.17 (+0.15%). Unlike its consolidating large-cap counterparts, the IWM Trend Strength Candles are flashing lime and cyan, signaling clear bullish momentum. With price action holding well above the Multi-Scale VWAP Gradient Clouds, the question now is whether small-cap strength has room to run or if overhead resistance will soon test the rally.

Earnings

Notable Results

SNOW (Snowflake)

• EPS: $0.35 vs $(0.07) est
• REV: $1.144B vs $1.088B est

CRWD (CrowdStrike)

• EPS: $0.93 vs $0.42 est
• REV: $1.169B vs $1.150B est

MDB (MongoDB)

• EPS: $1.00 vs $0.14 est
• REV: $591.40M vs $552.56M est

OKTA (Okta)

• EPS: $0.91 vs $0.64 est
• REV: $728.00M vs $711.52M est

ADSK (Autodesk)

• EPS: $2.62 vs $2.16 est
• REV: $1.763B vs $1.727B est

RY (Royal Bank of Canada)

• EPS: $2.79 vs $2.36 est
• REV: $12.362B vs $11.590B est

TCOM (Trip.com Group)

• EPS: $1.01 vs $0.87 est
• REV: $2.075B vs $2.040B est

BMO (Bank of Montreal)

• EPS: $2.35 vs $2.12 est
• REV: $6.542B vs — est

MRVL (Marvell Technology)

• EPS: $0.67 vs $0.61 est
• REV: $2.006B vs $2.010B est

CM (Canadian Imperial Bank of Commerce)

• EPS: $1.57 vs $1.43 est
• REV: $5.280B vs $5.120B est

TD (Toronto-Dominion Bank)

• EPS: $1.60 vs $1.46 est
• REV: $11.134B vs $13.730B est

BNS (Bank of Nova Scotia)

• EPS: $1.37 vs $1.28 est
• REV: $6.904B vs $6.860B est

NVDA (NVIDIA)

• EPS: $1.04 vs $0.98 est
• REV: $46.743B vs $46.143B est

DELL (Dell Technologies)

• EPS: $2.32 vs $2.21 est
• REV: $29.776B vs $29.243B est

A (Agilent Technologies)

• EPS: $1.37 vs $1.36 est
• REV: $1.738B vs $1.664B est

HPQ (HP Inc.)

• EPS: $0.75 vs $0.75 est
• REV: $13.932B vs $13.807B est

BABA (Alibaba Group)

• EPS: $2.06 vs $2.13 est
• REV: $34.571B vs $34.260B est

AFRM (Affirm Holdings)

• EPS: $0.20 vs $0.30 est
• REV: $876.42M vs $838.18M est

What’s Happening Now

QQQ Nasdaq-100
September has been QQQ’s weakest month, closing lower 60% of the time with an average decline of 0.96% over the past 15 years. The pattern reflects seasonal profit-taking and institutional rebalancing after summer rallies, often leading to heightened volatility before October, which marks a period of recovery ahead of the November momentum.

PG Procter & Gamble Company
PG enters September with a history of resilience, posting gains in most years even though a few sharp outliers drag the average return lower. The broader pattern shows steady seasonal strength that often extends through the end of the year. Backed by stable dividends and its defensive profile, PG tends to attract flows when broader markets turn volatile.

Believe it or not, this is just a fraction of what happened in the markets this week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!