Market Pulse
SPY closed below the 21 EMA for the first time after a stretch of strength. Price sits at 762.60, under the 8 EMA at 768.49 and just below the 21 EMA at 763.05. The 50 SMA at 750.72 and 200 SMA at 704.54 remain well below, so the broader structure is intact. One close under does not make a downtrend. Watch whether this becomes a streak or a one-day dip.
QQQ printed its first close below the 21 EMA at 714.27, settling at 710.93. It also lost the 8 EMA at 718.59 and now sits just above the 50 SMA at 712.94. That 50 SMA is the line to hold. Below it the picture gets softer. Above it this stays a shallow pullback.
VIX 16.01 (+7.52%)
Opening
Opening directional flow leaned bull with $253.3M against $77.4M bearish, net $175.9M long. Semis carried the tape with AMD at $23.7M and AVGO at $18.5M, plus NBIS at $20.7M and NVDA at $12.3M. Bearish premium was thin and scattered.
