reducing footwear demand push Nike toward multi-year lowsNIKE, Inc. Class BBATS:NKEinkicho_exnessNKE | 1D Technical Analysis — Aug 26, 2026 The Conference Board consumer confidence index slipped from 90.2 in July to 89.4 in August, missing the 90.2 consensus for the second consecutive month, with respondents increasingly pessimistic about the six-month outlook for the economy, labor market, food prices, and trade conditions. Dick's Sporting Goods compounded the consumer concern, falling 30.75% after reporting EPS of $3.53 against last year's $4.38, citing a market that is "becoming increasingly promotional" in certain athletic footwear and apparel segments, and cutting its annual footwear guidance citing difficult market conditions. Dick's commentary on footwear weakness directly weighed on Nike, which fell 3.12% in sympathy, following a week that already saw misses from Walmart, TJX, Lowe's, and JD Sports. NKE has been in a prolonged multi-year downtrend since the 2023 peak near 123, with the descending trendline containing every recovery attempt over the past three years. Price is currently trading around 40, with EMA21 (41.12) below EMA78 (43.76) in a confirmed bearish configuration, both EMAs trending lower and acting as overhead resistance on any bounce. The decline from 122 has been relentless, breaking through 96, 80, 60, 53, and 47.50 in sequence without establishing any durable base. The most recent leg lower has pushed price toward the 38 zone, approaching levels last seen during the 2020 COVID low. RSI at 40.47 is below neutral but not yet oversold, suggesting the downtrend has room to extend before a technically meaningful reset. Key levels to watch: Resistance: 43.76 (EMA78) / 47.50 / 53 (descending trendline) / 60 Support: 38 / 32 / 28 (long-term structural floor) Bear case: Continued consumer confidence deterioration and promotional pricing dynamics in footwear provide no fundamental catalyst for reversal. A close below 38 opens the path toward 32 and potentially the 28 long-term structural floor, representing a full round-trip to pre-2020 levels. Bull case: RSI approaching the 30–35 zone that previously marked meaningful bounces could trigger a technical relief rally toward EMA78 at 43.76. However, the descending trendline and both EMAs as overhead resistance make any recovery a counter-trend move rather than a structural reversal without a fundamental catalyst. Bias is bearish — the multi-year descending channel is intact, both EMAs are declining overhead resistance, and the consumer backdrop of weakening confidence and promotional footwear markets provides no near-term fundamental support for a trend change.