7/28/25 Recap

The SPY got a nice pop overnight on the European trade deal news but has faded to red now. For the moment nothing notable technically, we’re still just drifting well over the 8 ema but this price action today is not the most bullish. We’re really running on fumes here having gone straight up for 3 months, it is hard to see what catalyst we have after this week once the majority of the remaining megacaps report. The fade intraday makes sense, the trade deal yesterday was just a stealth consumption tax on us in America and while it is being championed as a tariff win, it is nothing more than a tax on the people here who consume things made in Europe. Still, nothing really notable thus far today in terms of price action, keep your eye on that 8 ema which sits at 632.5 today. You don’t want to see a close below that and if we do get that later in the afternoon you’d want to lighten up.

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