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.
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Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.