The SPI 200 futures have staged a sharp recovery from the early April lows, with price action characterized by large, fast-moving bars and a strong upward momentum. Both short-term and intermediate-term swing pivot trends have shifted to uptrends, confirmed by the most recent pivot high at 9048 and a next potential pivot low at 8620. Resistance levels are stacked above, with the nearest at 9048 and 9241, while support is well-defined at 8620 and lower. All short- and intermediate-term moving averages are in uptrends, supporting the bullish momentum, though the 100-day and 200-day long-term averages remain in downtrends, indicating the longer-term structure is still neutral and not fully reversed. The ATR remains elevated, reflecting ongoing volatility, while volume is moderate. The market is currently in a recovery phase, with price consolidating above key moving averages and testing prior resistance. The overall technical structure suggests a bullish bias in the short- and intermediate-term, but the long-term trend remains neutral until the major moving averages turn up decisively. No clear breakout or breakdown from the current range is evident, and the market may be in the process of establishing a new higher base after a significant V-shaped recovery.