SPY logs its first close below the 21 EMA after a 0.99% drop. Price is sitting right on the 50 SMA at 743.23, the last line of support before the tape gets ugly. The 8 EMA at 748.92 has rolled under the 21 at 746.31. Hold the 50 or this turns into something worse.

QQQ is now three straight closes below the 21 EMA and down 1.50% on the day. Price at 695.33 has lost the 50 SMA at 718.52 by a wide margin. The full stack is inverted: 8 under 21 under 50. This is a downtrend, no debate.

VIX 18.77 (+12.19%)

Opening

Net premium leans bull by $420.1M with $759.5M in bullish opening flow. MU dominates at $151.6M, dwarfing everything else, with SNDK at $48.1M behind it. Semis carry the tape while bearish flow stays scattered and small.

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The SPY is still holding the uptrend with 14 straight closes above the 21 EMA, but today’s action is a bit soft. We gapped down to 742 this morning and bounced back to 747, closing right on the 21 at 746.65. The 8 EMA at 749.74 is now capping price and the stack is still positive, just barely. As long as we hold that 21 the trend is fine, but a close below it would be the first crack we’ve seen in almost three weeks. The 50 day at 743 sits just underneath as the next line of defense.

Top Setups — 4 Signals

LLY — BULL · MEGA

Calls Bought · Strike: 1420.0 · Exp: Nov26 · 600 contracts · $2.7M

LLY is running clean above the 21 EMA at 1168 with the full stack in gear and price at 1180. Someone stepped in for the Nov 1420 calls, way out into the future and well above current price, a real conviction bet on continuation. Price is riding above the 8 EMA at 1178, so use that as your nearer support - no need to wait for a deep pullback here with the weekly making higher highs and higher lows.

Note: Ratio - Buy Call/ Sell 1 x Put works well too f-or a small debit

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The above SKHY trades are an example of the real time curated flow that I produce for my Discord members. Not delayed, not missed and a full record. Compare and contrast with noon access to a database and flow like this:

[Calls Bought] SKHY 200C 2026-09-18 35,000

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SPY holds its structure with 13 straight closes above the 21 EMA. Price sits right on the 8 EMA at 750.52 after a modest 0.54% pullback. All moving averages stack bullish with the 21 above the 50 above the 200. The trend stays intact until the 21 EMA breaks.

QQQ logged its 2nd consecutive close below the 21 EMA with a sharp 1.64% drop. Price at 705.94 is now under the 8, 21, and 50 all clustered near 716-718. This is a clear divergence from SPY. Watch for a third close below the 21 to confirm the shift.

VIX 16.73 (+6.76%)

Opening

Net premium leans hard bullish at $533M with $748.6M in calls against $215.6M in puts. MU led the tape at $151M followed by BE at $91.3M. Bearish flow was scattered and small, topped by SMH at $21.2M.

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The SPY is going for its 13th straight close above the 21 EMA and the whole stack is still cleanly aligned. The 8 EMA sits at 750.83 with the 21 down at 746.74, so we’ve got a healthy +4 spread underneath us. We pulled back off the 754.57 high today but this is normal digestion inside an uptrend, not a warning. The 8 EMA is the level to watch for near support here, no reason to wait for a trip back to the 21 with momentum this steady. VIX at 16.4 keeps the tape calm.

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This is the DXYZ flow from the Discord yesterday:

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SPY notches its 12th straight close above the 21 EMA. Price at 754.81 sits clean above all key averages. The 8 EMA at 750.47 stacks over the 21 at 746.2 and the 50 at 742.11. This is a textbook uptrend and it is not wavering. Bulls stay in control until the 21 breaks.

QQQ logs its first close below the 21 EMA after an extended run. Price at 717.74 is now under the 8, 21, and just barely holding the 50 at 717.55. The moving averages are compressed and flat here. This is a stall, not a break, but the leadership has shifted to SPY. Watch the 50 SMA for the next tell.

VIX 15.67 (-5.03%)

Opening

Directional flow leaned heavily bullish at $588.6M against $110.7M bearish for a net BULL read of $477.9M. Semis and software dominated the top of the tape with CRM at $85.2M, MU at $51.1M, and TSM at $41.7M. Bearish premium was thin and scattered with no single name over $13M.

Options Flow Heat Map

Dark Pool Heat Map

Dark Pool Side Accuracy

The prints shown here represent filtered institutional block activity from the raw SIP tape. Extended-hours clearing prints, broker-matched crosses, and post-close settlement noise are removed before scoring. Side direction is classified using execution price relative to the live bid/ask at each print — the AGG% score shows how decisively price crossed the spread: 100% swept the ask, 0% hit the bid.

Prints marked ◆ carry the highest conviction. A corresponding options hedge was detected on the same name within 30 seconds, independently confirming both the block and its direction via Black-Scholes delta matching. Where the options tape and dark pool agree on the same name simultaneously, the signal is institutional across both markets.

For unconfirmed prints, side is a strong inference. Confidence is highest in liquid, tight-spread names. In wide markets or lower-ADV names, treat direction as context rather than conviction until corroborated by the options tape or the technical picture.

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The SPY is stretching this thing out, going for its 12th straight close above the 21 EMA. Full stack intact with the 8 at 749.89 sitting above the 21 at 745.97, and a healthy +3.92 spread. New highs printed today at 755.58 and price is holding up near the top of the range. As long as we stay above the 8 EMA there’s nothing to complain about here, this is a clean uptrend with the VIX parked at 16. The 50 day at 742 is your deeper safety net if anything comes in.

Top Setups — 5 Signals

AMZN — BULL · MAG7

Calls Bought · Strike: 280.0 · Exp: Dec28 · 1748 contracts · $11.1M

AMZN is riding above every key level here at 255.24, well clear of the reclaimed 21 EMA and back above the 50 day. The flow is an institution buying the Dec 280 calls for $11.1M in notional, which is real conviction well out in time. IV rank is pegged at 98% but that’s still reasonable for call buying given the momentum, and the 8 EMA at 247 is your nearer support if you want to lean on something.

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SPY closes at 751.83, up 0.36%, notching its 11th straight close above the 21 EMA. The stack is clean: price over the 8, 21, 50, and 200 in order. Bulls own this tape and every dip is being bought. No reason to fight it until the 21 EMA cracks.

QQQ pops 1.12% to 719.69 and reclaims the 21 EMA for the first close above it. The 8 and 21 are pinned tight at 718 to 719 with price now leading. Still just one close above so the trend here is fresh, not established. Watch whether it holds the 21 into tomorrow.

VIX 16.50 (-3.85%)

Opening

Bullish premium outpaced bearish more than 3 to 1, net $320.8M long. Semis dominated the tape with TSM at $49.5M, SMH at $36.4M, and MU at $28.7M leading the board. Bearish flow was scattered and small by comparison.

Options Flow Heat Map

Dark Pool Heat Map

Dark Pool Side Accuracy

The prints shown here represent filtered institutional block activity from the raw SIP tape. Extended-hours clearing prints, broker-matched crosses, and post-close settlement noise are removed before scoring. Side direction is classified using execution price relative to the live bid/ask at each print — the AGG% score shows how decisively price crossed the spread: 100% swept the ask, 0% hit the bid.

Prints marked ◆ carry the highest conviction. A corresponding options hedge was detected on the same name within 30 seconds, independently confirming both the block and its direction via Black-Scholes delta matching. Where the options tape and dark pool agree on the same name simultaneously, the signal is institutional across both markets.

For unconfirmed prints, side is a strong inference. Confidence is highest in liquid, tight-spread names. In wide markets or lower-ADV names, treat direction as context rather than conviction until corroborated by the options tape or the technical picture.

The SPY is putting in its 11th straight close above the 21 EMA and the stack is still clean with the 8 sitting at 748.93 and the 21 down at 745.22. We got a little wobble on the 13th closing below the prior day but buyers stepped right back in today. As long as we hold the 8 EMA there’s no reason to get cute here, this is a healthy uptrend. VIX at 16.5 tells you nobody is panicking. The 50 day at 741 is the deeper line in the sand if things ever soften.

Note that I only published 2 signals for Top Setups and Rarity Names. I don’t post flow here for the sake of it. Some days you will get 10 names and some days will be like today and you will get four names.

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SPY holds its 21 EMA streak at 10 straight closes above despite today’s 0.77% pullback. Price sits at 749.17, just above the 8 EMA at 748.48. The stack remains bullish with the 8 over 21 over 50 over 200. Trend intact until the 21 EMA at 744.7 breaks.

QQQ dropped 1.90% and posted its first close below the 21 EMA. Price at 711.74 is now under the 8 EMA (718.23), the 21 EMA (718.97), and hovering near the 50 SMA at 715.61. This is the weaker index today. Watch the 50 SMA as the next line of support.

VIX 17.16 (+14.17%)

Opening

Net bullish premium of $315.7M with $580.2M bull against $264.5M bear. Memory and semis led the tape, headlined by MU at $103.2M and TSM at $47.5M. NVDA topped the bearish side at $27.2M, showing some rotation within the chip complex.

Options Flow Heat Map

Dark Pool Heat Map

Dark Pool Side Accuracy

The prints shown here represent filtered institutional block activity from the raw SIP tape. Extended-hours clearing prints, broker-matched crosses, and post-close settlement noise are removed before scoring. Side direction is classified using execution price relative to the live bid/ask at each print — the AGG% score shows how decisively price crossed the spread: 100% swept the ask, 0% hit the bid.

Prints marked ◆ carry the highest conviction. A corresponding options hedge was detected on the same name within 30 seconds, independently confirming both the block and its direction via Black-Scholes delta matching. Where the options tape and dark pool agree on the same name simultaneously, the signal is institutional across both markets.

For unconfirmed prints, side is a strong inference. Confidence is highest in liquid, tight-spread names. In wide markets or lower-ADV names, treat direction as context rather than conviction until corroborated by the options tape or the technical picture.

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The SPY is putting in its 10th straight close above the 21 EMA, so this trend is well established. The full stack is intact with the 8 at 748.9 sitting cleanly above the 21 at 744.87, spread of about 4 points. We pulled back a touch today off yesterday’s 754.95 close but nothing here says trouble. As long as we’re holding the 8 EMA, buyers stay in control and there’s no reason to fight it. VIX at 16.2 keeps things calm.

Top Setups — 3 Signals

SNOW — BULL · LARGE

Calls Bought · Strike: 280.0 · Exp: Jan27 · 500 contracts · $2.5M

SNOW is running well above the stack with the 8 at 262 and price up at 273, so this one has been trending hard and won’t likely revisit the 21 anytime soon. The Jan27 280 calls bought in size point to someone positioning for continuation into next year. Watch the 8 EMA as your nearer support here since a pullback to the 21 would take a real reset.

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Here is QTTB in the Discord flow from Friday.

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SPY closes at 754.95 for its 9th straight close above the 21 EMA. The EMA stack is clean with the 8 above the 21 above the 50. Price sits well over the 200 SMA at 691.09. This is a controlled uptrend and buyers own the tape.

QQQ is up to 725.51 on its 2nd consecutive close above the 21 EMA. The 8 and 21 are nearly stacked together at 720, showing a tight base under price. The 50 SMA at 714.59 sits just below as support. Weaker structure than SPY but the trend is turning up.

VIX 15.03 (-5.11%)

Opening

Net premium leans bullish by $86.4M on $249M bullish against $162.6M bearish. MU led all names at $34M and TSLA followed at $24.2M. The heaviest single bearish print was IREN at $44.9M with META close behind at $36.2M.

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The SPY is going for its 9th straight close above the 21 EMA and this is a clean, healthy uptrend. Price is sitting at 753.13 with the full stack intact, 8 over 21 over 50 over 200, and a +3.80 spread between the 8 and 21. The 8 EMA at 747.88 is your nearer support if you want a reference, no reason to expect a trip all the way back to the 21 at 744 while this thing is running. VIX at 15.4 says nobody is worried. Just let it work.

Top Setups — 5 Signals

MRNA — BULL · LARGE

Puts Sold · Strike: 60.0 · Exp: Jan27 · 2350 contracts · $2.6M

MRNA is extended and strong with 8 over 21 over 50 and price at 68.35 well above the whole stack. Someone sold 2350 of the Jan27 60 puts, a longer dated bullish bet collecting premium far below current price with IV pinned at rank 100%. The 8 EMA at 72.99 is running above price here so this one is due for some consolidation, but the flow is comfortable being long into any dip.

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SPY closed up 0.85% at 751.71 and now has eight straight closes above the 21 EMA. Price sits well above the 8 EMA at 746.38 and the 21 at 743.18. Every major MA is stacked bullish with the 50 at 739 and the 200 far below at 690.63. This is a clean uptrend with no cracks.

QQQ ripped 1.66% to 723.28 and reclaimed the 21 EMA for just one close. The 8 EMA at 718.54 is now below the 21 at 719.11, so short-term structure is still knotted. Price is back above the 50 SMA at 713.22 and towers over the 200 at 636. Follow-through is needed to confirm the reclaim.

VIX 15.84 (-6.27%)

Opening

Bullish premium led at $350.7M against $166.3M bearish for a net BULL read of $184.4M. MU topped the tape at $35.7M with AMD close behind. Semis and memory names carried the flow.

Options Flow Heat Map

Dark Pool Heat Map

Market Pulse

[📊 Insert SPY chart]

SPY closed up 0.85% at 751.71 and now has eight straight closes above the 21 EMA. Price sits well above the 8 EMA at 746.38 and the 21 at 743.18. Every major MA is stacked bullish with the 50 at 739 and the 200 far below at 690.63. This is a clean uptrend with no cracks.

[📊 Insert QQQ chart]

QQQ ripped 1.66% to 723.28 and reclaimed the 21 EMA for just one close. The 8 EMA at 718.54 is now below the 21 at 719.11, so short-term structure is still knotted. Price is back above the 50 SMA at 713.22 and towers over the 200 at 636. Follow-through is needed to confirm the reclaim.

VIX 15.84 (-6.27%)

Opening

Bullish premium led at $350.7M against $166.3M bearish for a net BULL read of $184.4M. MU topped the tape at $35.7M with AMD close behind. Semis and memory names carried the flow.

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The SPY is going for its 8th straight close above the 21 EMA and the whole stack is pointed up. We reclaimed 750 today after a couple of soft closes on the 7th and 8th, and the 8 EMA at 746 held as support on the dip. That’s the level to watch now, not the 21 down at 743. VIX at 16 is calm and there’s nothing here that says the trend is in trouble. As long as we keep printing above the 8 this stays a buyers’ market.

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