5/29/25 Recap

The SPY continues to be in a clean uptrend for now, we remain over the 8 ema even after the selloff this morning which filled the gap up. As long as we’re over that 8 ema we’re ok, below that opens us to a move to that 21 just below 580. The 21 ema is rapidly catching up as we’re now in the same spot we were 9 sessions back. This has been a healthy consolidation within an uptrend and it takes time for the moving averages to catch up if you want a sustained move higher. Last night we got the news of judges blocking Trump’s tariffs and that gave us a large gap up, there are still ways for him to circumvent that ruling and I imagine he will. For the most part though the tariff stuff is all nonsense and we’ve been in a very defined uptrend since mid April. From here we’re going to ride the 21 ema higher until that breaks and that’s where we lighten the load at the start of your next downtrend.

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