
The SPI 200 Index Futures weekly chart shows a market in transition. Recent price action has shifted to the downside, with both short-term and intermediate-term swing pivot trends turning bearish. The last price sits just above the 20-week moving average, which has now turned down, confirming a loss of upward momentum in the medium term. Both the 5-week and 10-week moving averages are also trending lower, reinforcing the short-term and intermediate-term bearish tone. However, the longer-term moving averages (55, 100, and 200 week) remain in uptrends, suggesting the broader bull market structure is still intact. Support is clustered at 8305 and 7216, with resistance at the recent swing high of 9225. The market is currently consolidating within the yearly NTZ, with no clear directional bias from the Fib grids, indicating a neutral stance from a sessional perspective. The chart reflects a corrective phase within a larger uptrend, with the potential for further downside tests before any resumption of the primary bullish trend. Volatility has increased, and the market is exhibiting choppy, range-bound behavior after a significant rally and subsequent pullback. Swing traders will note the importance of the 8305 support level and the 9225 resistance for defining the next directional move.