$SPX Has a Gap Below, $IWM Is Oversold, $QQQ Has One Left Too

Last week, I laid out the bullish factors that could support a market bounce.

$S&P 500(.SPX)$

On September 16, we highlighted oversold conditions in $S&P 500(.SPX)$ and the $Dow Jones(.DJI)$ , with a potential rebound developing for the following session.

The weekly setup then started to confirm it:

• The 7,610 gap was filled
• Bollinger Bands pointed to stretched downside conditions
• Oscillators supported the idea of a local bottom

Monday’s rally validated that setup, although it also left another gap underneath.

That brings 7,657 back into focus.

Most gaps eventually get tested, so for me the question is timing rather than direction.

$iShares Russell 2000 ETF(IWM)$

I’ve been bearish on small caps for the past three weeks.

Now the setup is changing.

$IWM is approaching oversold territory, while bullish divergence is developing. The recent indecisive candles also suggest sellers may be losing some control.

The level I’m watching is $280.

Hold it next week, and the current bottoming setup gets stronger.

$Invesco QQQ(QQQ)$

$QQQ opened Monday with a gap that remains unfilled.

The index is now consolidating after pushing through the upper Bollinger Band, but the 720 gap remains an obvious downside reference.

For a stronger final quarter of 2026, I’d rather see that gap resolved sooner than later.

Markets are always moving - and sometimes, the best move is knowing what works for you.

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