The SPY weekly chart shows a notable shift in short-term momentum, with a fast and pronounced move down from recent highs, as indicated by large bars and a clear swing pivot downtrend. The short-term trend is bearish, confirmed by both the 5- and 10-week moving averages turning down, and the most recent swing pivot forming a lower high at 697.84 and a lower low at 644.37. However, the intermediate-term HiLo trend remains up, suggesting that the broader uptrend is still intact, though currently in a corrective phase. Long-term structure remains bullish, with all major moving averages (20, 55, 100, 200 week) trending upward and providing layered support below. Price is currently within the yearly NTZ, indicating a neutral bias at the macro level, and the market is consolidating after a strong rally. Key support levels to watch are 644.37 and 605.01, while resistance is at 680.24 and 697.84. The chart reflects a classic swing retracement within a larger uptrend, with volatility elevated and potential for further choppy price action as the market digests recent gains. Futures swing traders will note the interplay between short-term corrective action and the resilience of the long-term bullish structure.