Currently trading at around 5,505 with what seems like an attempt to move back above its 50-day moving average. The recently released retail sales have cooled some fears over a possible recession, but some analysts on Wall Street are not yet convinced that downside pressure has now faded. With the FOMC minutes lined up for next week, Nvidia earnings the following week, and the Fed Interest Rate Decision on the 18^th of September, the next 4 weeks may experience plenty of volatility. Bulls would like to see a move here above 5,564 for greater confidence in the near term, but the question is, do technicals even matter right now? Towards the downside, a decline back below the 50MA (5,475) would most likely increase the selling pressure and perhaps force a decline back towards the 200MA (5,365) for another support re-test. Looking at the indicators, they are now starting to turn positive once again on the daily chart, but the MACD is still negative on the weekly timeframe. As in last year around the same period, August was a mixed bag followed by a negative September. Hence, it is still too early to say whether the bull market is back on track.