Atmos Energy Corp

SPY is entrenched in a Stage 4 declining phase, with sequential lower highs and lows confirming bearish continuation. The medium- and long-term directional bias is bearish, reinforced by declining EMAs and a lack of recovery rallies. Short-term conditions show rejection at the 9/20 EMAs and downward momentum, favoring immediate sell-side participation. Target failed retests of the 166–168 EMA area for continued breakdown execution. A decisive reclaim above the 20 EMA would invalidate this stance.

• ↑Q3 2026 EPS $1.43 beats $1.35 estimate, up from $1.16 Y/Y.
• ↑Pursuing $26 billion capex plan aiming to double rate base by 2030.
• ↓Q3 2026 revenue $879.1 M misses $900.8 M forecast, down Y/Y.