6/11/26 Recap

The SPY faded the move up this morning on that 6.5% PPI print and now approaches the 50 day at 720.83. This is pretty normal downtrend action, instead of every dip being bought now every rip is being sold and we are now on day 5 under the 21 ema. You’ll notice the 8 ema crossed down through the 21 ema on the daily and this is just a small period of weakness. I’d like to see that 50 day hold and hopefully we get a small bounce over the next day or so because at the moment we’re losing the 8 week as well. All in all, nothing too scary, just a weak market until we base and reclaim that 21 ema.

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