The SPI 200 futures are currently experiencing a short- and intermediate-term downtrend, as indicated by both the swing pivot structure and the direction of the 5, 10, and 20-day moving averages, all of which are trending lower. The most recent swing pivot is a low at 8705, with the next potential reversal at the swing high of 8921. Resistance is layered above at 8875, 8921, and the recent high at 9018, while support is found at 8705, 8643, and further below at 8400 and 8274. Despite the current pullback, the longer-term trend remains bullish, with the 55, 100, and 200-day moving averages still pointing upward, suggesting that the broader uptrend is intact. Volatility, as measured by ATR, is moderate, and volume remains healthy. The market appears to be in a corrective phase within a larger uptrend, with price consolidating near key support levels. This environment is typical of a market digesting recent gains, with potential for either a continuation of the pullback or a resumption of the primary uptrend if support holds and momentum shifts. No clear breakout or breakdown is evident at this stage, and the overall structure suggests a wait-and-see approach for confirmation of the next directional move.