Trend following The S&P 500 Index (SPX), end of week after the close, closed down on the Week and Up on the Month. (lookbacks). The Index remains in a long term Upward trend. It is trading at or above a 10% annualized rate of growth over a 200 day ma.
We can see on the stock chart below, the The Index has been struggling with S/R (Support and Resistance Price Reversals) at $2,950. The rally momentum has stopped. So this is not a Weekly buy signal. On a Monthly basis, and on a long term Uptrend, sure why not?
S&P 500 Index stock chart, Weekly: