7/9/25 Recap

The SPY continues to flag over the 8 ema, this is healthy action, four days of consolidation after that big move up is what you want to see. Now the 21 ema is just 1.5% lower and we’re normalizing a bit. On the weekly we’re still very extended but we do remain in a firm uptrend for now. It’s early in the session and we still get FOMC minutes so things can change but keep your eye on that 8 ema below, we haven’t broken that in a couple weeks. Until we do, the coast is clear for longs. 618.63 is the level to watch there today.

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