5/9/25 Recap

The SPY continues its sideways drift. This can be interpreted however you want, we’re either building a base here to eventually push higher through that 200 day or we’re stalling out and buyers have no interest in pushing it higher. The way I look at it, we’re over the 8 ema and the 21 ema is almost $10 lower, we’re just consolidating and letting the 21 catch up. As long as we’re over the 21 ema, we’re in an uptrend and that currently sits at 552.67 and we’re over 564 right now. So we just continue to be in wait and see mode with no clear direction for the moment. Next week will be a big one, we need to push over that 200 day(green line) and then we can officially say the tariff chaos is over otherwise we’re just in one big deadcat bounce if we can’t clear that. If we do not clear that soon we likely will turn around and head lower with the first natural landing spot being that open gap at 530.

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