Franklin Resources Inc

SPY retains a long-term uptrend but has entered a Stage 3 distribution phase marked by a support failure and emerging lower highs/lower lows. Medium-term bias is bearish, with short-term timing unfavorable as price hovers around the 50 DMA and short EMAs remain in decline. The HMOM strategy favors momentum continuation, so execution is deferred and a trim into any rallies toward the 9/20 EMA zone is preferred.

• ↑AUM rose to $1.68T, driven by $16.9B net inflows
• ↑ETF AUM jumped 67% YoY to $61.6B, boosting fee income
• ↓Operating expenses up 10.5% QoQ, squeezing operating margins