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ES weakness during the three-day weekend, precipitated by the fallout from "The Great Disruptor," President Trump's "threats" to take Greenland by force, and to engage in battle with NATO et al, has inflicted meaningful technical damage to the dominant post-11/21/25 uptrend. My attached Daily Chart shows ES has sliced beneath key support clustered in and around 6950/60, which includes the 8 Day EMA, the 20 Day SMA, and the dominant up trendline. ES proceeded lower, breaking and sustaining beneath the 50 DMA (6892), but so far, holding just above the 100 DMA, now at 6831, where the current correction off the ATH at 7036.25 nears -3%.
In a market where real estate and REITs are often treated as a single macro trade, nuance tends to get lost. Rising rates, falling rates, growth scares, and inflation narratives frequently sweep entire sectors into broad, undifferentiated moves. And yet, markets rarely behave that cleanly beneath the surface. Over time, they separate — quietly at first — rewarding some structures while leaving others behind.Digital Realty Trust appears to be entering one of those moments.
Today the market opened lower and continued to trend lower throughout the session. As we move into the close, price is trading near the lows of the day while testing a key support zone. How the market responds to this area should provide important clues regarding direction as we move through the rest of the week and beyond.Given how stretched the market has become over the past several months, there is certainly a risk that a larger-degree top may already be in place.
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