Structure is weakening.
On the daily SPY chart, price is now trading beneath the 10 / 20 / 50 EMA stack, with those shorter-term averages beginning to curl lower and reflect increasing downside momentum.
The 200 EMA is still holding steady for now, which means the broader structure has not fully broken, but short-term pressure is clearly building.
What stands out:
• Price is trading below key short-term moving averages
• 10 / 20 / 50 EMA stack is showing downward curvature
• RSI is near 33, keeping sellers in control
• ATR is expanding, signaling increased movement
• OBV continues to show downward pressure
Relative strength is also leaning defensive.
The XLU/SPY ratio continues to show defensives leading the broader market, with RSI holding firm and steady. That is not the type of relationship you want to see if risk appetite is strengthening.
Until SPY can reclaim the short-term EMA stack with improving participation, the structure remains under pressure.
Structure > emotion.
On the daily SPY chart, price is now trading beneath the 10 / 20 / 50 EMA stack, with those shorter-term averages beginning to curl lower and reflect increasing downside momentum.
The 200 EMA is still holding steady for now, which means the broader structure has not fully broken, but short-term pressure is clearly building.
What stands out:
• Price is trading below key short-term moving averages
• 10 / 20 / 50 EMA stack is showing downward curvature
• RSI is near 33, keeping sellers in control
• ATR is expanding, signaling increased movement
• OBV continues to show downward pressure
Relative strength is also leaning defensive.
The XLU/SPY ratio continues to show defensives leading the broader market, with RSI holding firm and steady. That is not the type of relationship you want to see if risk appetite is strengthening.
Until SPY can reclaim the short-term EMA stack with improving participation, the structure remains under pressure.
Structure > emotion.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.