SPY continues to trend strongly higher overall, but momentum is clearly beginning to cool after an extended rally. Price remains above a rising Parabolic SAR, keeping the primary trend bullish for now, though the recent tightening candles and slight rollover in PPO suggest upside acceleration is slowing.

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The PPO remains positive, which supports the broader uptrend, but the histogram has been fading for several sessions — often an early sign that buyers are losing some short-term control. Bulls still have the advantage unless SPY starts breaking below recent support levels and triggers a SAR flip, but traders should be alert for either consolidation or a short-term pullback after such a sharp move off the April lows.

Whishing you the best,

Wendy