Weekly Market Recap $SPX chart below Some people say the selling has become too frantic, the bearishness too extreme, and that we're due for a rebound, if not a resumption of the ever-higher race to infinity. Yet looking at the weekly $SPX chart, one barely notices the selling. The index finished around 7620, with 7600-ish support still standing. Apparently, the weekly chart hasn't been reading the headlines. The pain in parts of the AI trade is real. So far, though, the so-called AI panic remains fairly circumscribed. The Dow and Russell 2000 actually finished the week higher. So is this a bout of nervousness that could subside, perhaps if Anthropic goes ahead with its IPO without a glitch? Or are we in the early innings of a broader, bona fide correction? An orderly IPO could reassure investors that the AI story remains financeable. Whether the returns ultimately justify the spending is a separate question. More immediately, next week's results from Microsoft, Alphabet and Amazon should give us something substantial to chew on. Their spending plans, guidance and, especially, the market's reaction will matter. Good numbers that fail to lift stocks (see $META) would hardly support the argument that the selling has exhausted itself. Technically, $SPX remains below its fast weekly MA but comfortably above its rising 50-week SMA. The shorter-term picture has weakened; the longer-term uptrend remains intact. 7600-ish is still the line. Holding it keeps the consolidation scenario alive. A weekly close below it brings 7400-ish into play. Reclaiming 7800-ish would strengthen the case for a resumption toward 8000-ish. For now, the panic remains louder than the weekly chart. That can change in a New York minute. Or a Silicon Valley nanosecond. Thanks for reading. 🙏🙏👊🍻