Technical Update: Repeated 9 EMA Rejections Maintain Pressure in Ongoing Correction The S&P 500 remains in a confirmed correction, and the technical story has not changed. In fact, it has become more consistent and more aggressive. This marks the fourth consecutive week of the same pattern. Early strength, rejection at the 9 EMA, and selling

The S&P 500 was downgraded to 50 this week as the current correction continues to develop and price breaks below the first support level we outlined last week. The market remains in the C leg of the ABC correction, with downside momentum still in control as volatility tied to the geopolitical backdrop keeps pressure on risk assets. While the longer-term trend remains intact, the short-term structure has weakened, and the ranking reflects the need to see support hold before a bullish posture can return.

The S&P 500 was downgraded another 5 points this week to +45, shifting the market into a neutral posture as the current correction continues to develop against the backdrop of the longer-term uptrend. The downgrade reflects the deterioration in short-term price structure as multiple indexes have broken support, momentum has continued to slow on the weekly chart, and volatility tied to the geopolitical backdrop has kept pressure on risk assets. A neutral ranking is appropriate in this environment as the market works through a short-term downtrend while still holding the broader bullish trend on the higher timeframe.

The S&P 500 was downgraded this week to a +40 ranking, placing the market in a neutral to slightly bullish posture. The adjustment reflects the growing technical pressure building across the major indexes as several areas of the market lost short-term structure and volatility increased throughout the week. While the market has not yet confirmed a full correction, the deterioration underneath the surface is becoming clearer as leadership trends begin to break and price drifts toward critical support levels.

The S&P 500 maintains its +30 ranking this week, holding the +1 Slightly Bullish posture. From a higher timeframe perspective, the market remains locked in wide-range neutrality, and the last several weeks continue to reflect consolidation rather than expansion. Since breaking out of the ascending triangle above 7,000 earlier this year, price has shifted into digestion mode, rotating inside a defined structure while momentum compresses.

The S&P 500 maintains its +30 ranking this week, holding the +1 Slightly Bullish posture. From a higher timeframe perspective, very little has changed in the structural backdrop. The market remains locked in wide-range neutrality between 6,800 support and 7,000 resistance, continuing what has become a rinse-and-repeat environment on both the weekly and daily charts. While price has oscillated from support to resistance and back again, the broader trend, pattern, and momentum profile remain largely unchanged from last week.