The SPI 200 futures are currently experiencing a short-term downtrend, as indicated by the most recent swing pivot low at 8733 and a series of lower highs and lower lows. Price action is characterized by medium-sized bars and slow momentum, suggesting a lack of strong directional conviction. All short- and intermediate-term moving averages (5, 10, 20, 55, 100-day) are trending down, reinforcing the bearish short-term outlook. However, the 200-day moving average remains in an uptrend, providing a longer-term support base around 8508. Swing pivot analysis shows the next resistance at 8918 and 9138, with support levels at 8733, 8705, and a major level at 8400. The intermediate-term HiLo trend remains up, indicating that the broader structure is still holding higher lows, but the immediate pressure is to the downside. Both the weekly and monthly session fib grids are neutral, with price currently within the neutral trading zones, suggesting a lack of clear directional bias from a session grid perspective. ATR and volume metrics indicate moderate volatility and average participation. The market appears to be in a corrective phase within a larger uptrend, with potential for further consolidation or a test of lower support levels before any significant reversal or continuation move. No strong breakout or reversal signals are present, and the environment is more conducive to range-bound or mean-reverting strategies in the near term.