SPY Structure Update (Daily)

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SPY experienced a structural reset during the February–April drawdown, followed by a clear trend shift. Since that transition, price has maintained a steady upward trajectory, with all key EMAs remaining in healthy alignment well above the 200 EMA.

Short-term and intermediate EMAs continue to support price, confirming that the broader trend structure remains intact rather than corrective.

Momentum & Participation
RSI: Holding near the neutral 50 level, reflecting balanced conditions with a slight upward bias rather than exhaustion.

On-Balance Volume (OBV): Showing early improvement, suggesting participation remains constructive and supportive of trend continuation.

Summary:
Trend structure remains healthy on the daily timeframe. Momentum is stable, participation is supportive, and no structural degradation is present at this time. This remains a structural read of current conditions, not a prediction.

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