Sep E-mini S&Ps (ESU14 -0.22%) this morning are down -0.20% as pressure builds for more sanctions against Russia, thus causing today's -0.3%sell-off in the Euro Stoxx 50 index and a further -1.4% decline in the Russian stock market.

In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas...

Stocks continue to hold up like troopers even though bulls have lost some traction, perhaps due to a combination of the summer doldrums and overbought technical conditions that have them biding time until the next setup for a run at new highs.