Market Overview
SPY is sitting at 762.74, back below both the 8 EMA (764.14) and the 21 EMA (764.70) for a 5th straight session now. That’s a real trend change signal, not just noise, and the 8/21 spread is converging bearish which confirms the short-term momentum has flipped. The 50 day at 758.98 is the next real test, and price is only a few points above it after today’s dip to 757.93 intraday. VIX at 16.7 is still calm, so this reads more like a controlled pullback than panic selling, but bulls need to reclaim the 21 EMA soon to keep the bigger uptrend credible.
