SPY looks quiet until you read the macro thesis (Depth4 overlay)State Street SPDR S&P 500 ETFBATS:SPYandersweidemannAdded the Depth4 Macro Signal Overlay to $SPY. The panel doesn't force a trade — it shows how 124 contributing theses lean: ⚖️ Direction: MIXED (21% room) 📊 Fleet: 48 theses lean up · 61 lean down · 15 neutral 🧠 Top cause in view: IWM rises on the direct D1→D2 channel (defense rearm spillover — full chain on Depth4.com) This is why I don't trust single-direction arrows on index charts. The overlay is honest about mixed fleet reads and links to the full cascade: depth4.com/?asset=SPY Free public script: Depth4 Macro Signals: Direction & Cause Overlay (link in my profile scripts).