Maintain SPG at Hold with $213 stop loss intact, enhanced by a conditional 5-10% tactical scale-in if price holds above the 50 SMA at $219.97 on a closing basis while MACD histogram contracts toward flat. Full reassessment due after August 10 earnings print using tiered playbook: beat-and-raise → Overweight; in-line beat → Hold; miss/soft guide below $219.97 → trim 25-50%; major miss breaking $213 → cut immediately.