Scottish Mortgage share price stuck above 200 EMA Ahead of a key SpaceX event

Scottish Mortgage Trust (SMT) remains under pressure after a 14% drop from its YTD high and a 12% decline from its all-time high, largely driven by a sharp selloff in SpaceX, its largest holding at 17% of the portfolio. Investors are now focused on SpaceX’s upcoming earnings report, where analysts expect revenue to exceed $6 billion and see a potential valuation rerating if results beat expectations. Despite the weakness in SpaceX, other major holdings such as TSMC and Amazon have reported strong numbers, supporting the broader portfolio narrative. Technically, SMT is holding above its 200-day EMA and an ascending trendline, which keeps the bullish structure intact for now. If SpaceX earnings impress, the trust could rebound toward 1,500p; a disappointment could trigger a break below support and further downside.