NYSE · ETF · ENHANCED MARKET DYNAMICS

ETX

Eaton Vance Municipal Income 2028 Term Trust

EMD SCORE38/100

CURRENT COMPLETED-WEEK READ

Cautious

The balance of evidence is weakening and risk control deserves more attention. Conditions are cautious and have weakened over the latest four completed weeks.

Deterioration33% directional agreement79/100 evidence quality6/6 sources available

Completed week: 9 Oct 2026
Latest close: USD 17.48
Evidence: 156 weeks

Four-week EMD change-2.8 pts

signed chart scale −100 to +100

Four-week price-3.2%

completed closing prices

Current directional run13 weeks

on the same side of EMD zero

Recent consistency0/13

recent readings above zero

COMPLETED-WEEK OVERVIEW

Price and market conditions over time

2 supportive · 4 cautious

Enhanced Market Dynamics and the price cycle156 completed weeks · bars use the left EMD axis; price uses the right axis.

20 Oct 2023–9 Oct 2026

Constructive EMDCautious EMDCompleted-week priceUp-cycle confirmationDown-cycle confirmation

Confirmation markers describe price-zone departures within this saved history. Earlier markers can change as the history changes; they are not a record of signals available in real time.

Cycle position 47%Current EMD -24.64-week EMD change -2.8Full saved history price range USD 14.49–19.02

View chart values · 156 observations

Week	Close · USD	EMD −100 to +100	Score /100	Agreement %	Coverage %
2023-10-20	14.49	-31.33	34	50	83
2023-10-27	14.55	-20.33	40	20	83
2023-11-03	15.04	-14.14	43	20	83
2023-11-10	14.72	-19.21	40	33	100
2023-11-17	15.18	5.8	53	20	100
2023-11-24	15.37	7.24	54	20	100
2023-12-01	15.60	15.78	58	60	100
2023-12-08	15.23	2.83	51	0	100
2023-12-15	15.58	16.77	58	60	100
2023-12-22	15.42	5.71	53	0	100
2023-12-29	15.28	5.1	53	33	100
2024-01-05	15.49	29.57	65	67	100
2024-01-12	15.92	37.32	69	67	100
2024-01-19	15.69	25.78	63	60	100
2024-01-26	15.54	20.04	60	33	100
2024-02-02	15.68	24.56	62	60	100
2024-02-09	15.78	26.43	63	60	100
2024-02-16	15.86	28.03	64	60	100
2024-02-23	15.95	29.86	65	60	100
2024-03-01	16.09	35.43	68	67	100
2024-03-08	16.11	34.71	67	67	100
2024-03-15	16.37	39.82	70	67	100
2024-03-22	16.35	27.4	64	33	100
2024-03-29	15.92	17.66	59	33	100
2024-04-05	15.76	12.35	56	33	100
2024-04-12	16.06	29.03	65	67	100
2024-04-19	16.05	31.15	66	67	100
2024-04-26	16.19	25.09	63	60	100
2024-05-03	16.47	37.32	69	67	100
2024-05-10	16.43	33.78	67	67	100
2024-05-17	16.62	34.47	67	60	100
2024-05-24	16.80	36.66	68	60	100
2024-05-31	16.51	25.26	63	33	100
2024-06-07	16.61	27.98	64	60	100
2024-06-14	16.87	33.26	67	67	100
2024-06-21	16.94	33.23	67	67	100
2024-06-28	16.90	32.21	66	60	100
2024-07-05	16.92	31.35	66	60	100
2024-07-12	17.01	37.74	69	67	100
2024-07-19	16.94	31.39	66	60	100
2024-07-26	16.88	20.39	60	33	100
2024-08-02	16.95	37.92	69	67	100
2024-08-09	16.99	33.71	67	60	100
2024-08-16	16.97	25.5	63	60	100
2024-08-23	17.05	25.46	63	60	100
2024-08-30	17.20	27.98	64	67	100
2024-09-06	17.09	21.99	61	33	100
2024-09-13	17.28	31.47	66	67	100
2024-09-20	17.32	21.12	61	33	100
2024-09-27	17.13	15.64	58	33	100
2024-10-04	17.10	12.76	56	33	100
2024-10-11	17.08	9.07	55	20	100
2024-10-18	17.21	17.83	59	60	100
2024-10-25	17.03	4.9	52	0	100
2024-11-01	17.17	13.95	57	33	100
2024-11-08	17.16	10.72	55	33	100
2024-11-15	16.91	-1.91	49	0	100
2024-11-22	16.74	-3.06	48	0	100
2024-11-29	17.00	-2.76	49	0	100
2024-12-06	16.93	-13.18	43	33	100
2024-12-13	16.77	-17.42	41	33	100
2024-12-20	16.63	-20.3	40	60	100
2024-12-27	16.40	-21.38	39	60	100
2025-01-03	16.48	-10.28	45	20	100
2025-01-10	16.51	-12.72	44	20	100
2025-01-17	16.71	-10.55	45	20	100
2025-01-24	16.92	-9.78	45	0	100
2025-01-31	16.93	-12.83	44	20	100
2025-02-07	16.95	-11.1	44	20	100
2025-02-14	17.02	-8.31	46	20	100
2025-02-21	17.13	-1.61	49	0	100
2025-02-28	17.17	6.45	53	33	100
2025-03-07	17.13	6.0	53	20	100
2025-03-14	17.23	15.91	58	60	100
2025-03-21	17.07	9.15	55	20	100
2025-03-28	17.13	15.62	58	60	100
2025-04-04	16.90	18.19	59	33	100
2025-04-11	16.63	1.87	51	33	100
2025-04-18	16.79	8.23	54	20	100
2025-04-25	16.98	12.4	56	50	100
2025-05-02	17.03	2.41	51	0	100
2025-05-09	17.13	25.54	63	100	100
2025-05-16	17.27	22.18	61	50	100
2025-05-23	17.35	34.46	67	100	100
2025-05-30	17.36	29.22	65	60	100
2025-06-06	17.16	16.51	58	33	100
2025-06-13	17.26	30.25	65	67	100
2025-06-20	17.15	12.86	56	33	100
2025-06-27	17.16	17.96	59	60	100
2025-07-04	17.29	23.88	62	67	100
2025-07-11	17.18	13.32	57	33	100
2025-07-18	17.22	14.48	57	33	100
2025-07-25	17.30	20.87	60	60	100
2025-08-01	17.37	24.45	62	60	100
2025-08-08	17.42	25.69	63	60	100
2025-08-15	17.91	37.6	69	67	100
2025-08-22	17.92	25.24	63	33	100
2025-08-29	18.21	45.6	73	67	100
2025-09-05	18.16	43.03	72	67	100
2025-09-12	18.31	35.77	68	60	100
2025-09-19	18.75	44.75	72	67	100
2025-09-26	18.68	39.14	70	60	100
2025-10-03	18.46	31.95	66	33	100
2025-10-10	18.45	37.63	69	60	100
2025-10-17	18.50	34.01	67	60	100
2025-10-24	18.56	27.29	64	33	100
2025-10-31	18.60	28.12	64	33	100
2025-11-07	18.66	37.13	69	60	100
2025-11-14	18.64	33.08	67	60	100
2025-11-21	18.53	26.14	63	33	100
2025-11-28	18.93	36.52	68	67	100
2025-12-05	18.60	15.65	58	33	100
2025-12-12	18.65	22.5	61	60	100
2025-12-19	18.30	9.65	55	33	100
2025-12-26	18.17	2.4	51	0	100
2026-01-02	18.32	9.11	55	20	100
2026-01-09	18.19	4.57	52	20	100
2026-01-16	18.34	7.86	54	33	100
2026-01-23	18.40	7.35	54	20	100
2026-01-30	18.48	5.91	53	20	100
2026-02-06	18.48	7.23	54	20	100
2026-02-13	18.43	5.16	53	20	100
2026-02-20	18.46	6.58	53	20	100
2026-02-27	18.53	5.3	53	20	100
2026-03-06	18.86	21.43	61	60	100
2026-03-13	18.53	11.89	56	50	100
2026-03-20	18.71	26.79	63	100	100
2026-03-27	18.28	2.23	51	20	100
2026-04-03	18.24	-3.96	48	33	100
2026-04-10	18.39	-2.67	49	33	100
2026-04-17	18.42	-8.42	46	33	100
2026-04-24	18.64	4.31	52	0	100
2026-05-01	18.60	3.86	52	20	100
2026-05-08	18.69	0.53	50	0	100
2026-05-15	18.92	27.01	64	67	100
2026-05-22	19.02	27.25	64	67	100
2026-05-29	18.83	17.73	59	33	100
2026-06-05	18.81	18.21	59	33	100
2026-06-12	18.96	26.55	63	67	100
2026-06-19	18.51	9.1	55	33	100
2026-06-26	18.56	10.4	55	50	100
2026-07-03	18.56	4.51	52	0	100
2026-07-10	18.55	7.96	54	33	100
2026-07-17	18.50	-6.49	47	33	100
2026-07-24	18.45	-8.75	46	33	100
2026-07-31	18.12	-18.07	41	60	100
2026-08-07	18.20	-12.49	44	20	100
2026-08-14	18.21	-17.22	41	50	100
2026-08-21	17.96	-35.43	32	60	100
2026-08-28	18.07	-11.79	44	20	100
2026-09-04	18.07	-22.09	39	50	100
2026-09-11	18.05	-21.76	39	50	100
2026-09-18	17.43	-42.6	29	67	100
2026-09-25	17.53	-30.12	35	60	100
2026-10-02	17.49	-25.12	37	33	100
2026-10-09	17.48	-24.57	38	33	100

SIX SOURCES · LAST 26 OBSERVATIONS

Is support broadening or thinning?

Green is supportive, rose is cautious.
Grey means the reading is unavailable.

Reading	17 Apr	24 Apr	1 May	8 May	15 May	22 May	29 May	5 Jun	12 Jun	19 Jun	26 Jun	3 Jul	10 Jul	17 Jul	24 Jul	31 Jul	7 Aug	14 Aug	21 Aug	28 Aug	4 Sep	11 Sep	18 Sep	25 Sep	2 Oct	9 Oct
Trend	31	36	35	36	76	78	74	73	76	67	68	68	68	32	30	23	25	25	21	23	23	23	13	15	15	15
Momentum	59	66	65	65	68	67	64	62	64	57	61	62	60	63	60	55	55	54	49	52	50	48	42	42	41	40
Underlying pressure	38	42	46	54	70	79	83	84	79	66	50	41	38	35	32	26	20	17	17	17	17	17	17	16	15	16
Price & volume	40	70	65	45	70	60	41	38	57	40	45	42	60	39	38	34	58	53	4	74	45	50	9	50	61	65
Relative strength	23	25	23	19	23	22	17	24	25	18	25	20	17	21	22	16	11	12	12	13	13	15	10	10	10	9
Modeled Trend	78	79	81	82	84	84	85	85	86	87	87	86	87	87	85	84	82	80	78	76	74	71	68	66	64	63

Each cell is a finished component score from 0–100. Components can disagree even when the combined reading stays positive.

STRONGEST CURRENT SOURCE

Price & volume

65/100

LEAST SUPPORTIVE SOURCE

Relative strength

9/100

WHAT WOULD CHANGE THE READ?

Three paths to keep in view

Conditional research scenarios.
No assumed price target or timing.

Continuation

Price and evidence stay together

Further price weakness alongside cautious trend, pressure and relative strength would support the current defensive read.

Change of direction

Repair needs follow-through

Improving EMD while price still falls is an early observation. A turn in price and broader agreement would strengthen a repair case.

Cycle context

A range extreme is a location

An upper zone can persist during a strong advance; a lower zone can persist during a decline. Use departures, EMD direction and the related price charts together.

EARLIER COMPARABLE READINGS

What followed similar conditions?

Same ticker · similar score and direction of change.
Returns exclude costs and dividends.

4 WEEKS LATER-0.7%

Median price return · 7 non-overlapping examples

Observed range: -3.2% to +1.9%
Positive returns: 43%
All-period comparison: +0.3% median

13 WEEKS LATER

Too few comparisons

2 non-overlapping examples. At least three are needed to display a summary.

How these comparisons are selected

Earlier observations must have the same constructive/fading/repair/deterioration condition, a score within ten points of today’s score and at least the same component coverage. The first 30 observations are omitted for warm-up; examples are spaced by the forward horizon to avoid overlap. Gapped return windows are excluded. The all-period comparison uses the same available history and spacing, without matching the current state. These are reconstructed observations, not a point-in-time strategy backtest or a forecast.

RECENT CYCLE HISTORY

How the current reading developed

24 Jul 2026Down-cycle confirmedUSD 18.45

3 Apr 2026Down-cycle confirmedUSD 18.24

11 Apr 2025Down-cycle confirmedUSD 16.63

15 Nov 2024Down-cycle confirmedUSD 16.91

19 Apr 2024Upper cycle zone confirmedUSD 16.05

THE FULL PRICE CYCLE

Follow the journey from one zone to the other

Cycle states use trailing completed-week observations.

Lower zone

Price establishes residence near the bottom of its long-cycle range. Improving EMD separates early repair from continued deterioration.

Upward journey

Price leaves the lower zone while EMD confirms improving participation. The objective is the broader move toward the upper zone, not a short weekly trade.

Upper zone

Price establishes residence near the top of its long-cycle range. A high range position can persist. Watch EMD for exhaustion and loss of support before interpreting it as a turn.

Downward journey

Price leaves the upper zone while EMD weakens. The reverse cycle remains active until lower-zone residence is confirmed again.

CURRENT READINGS