Market Pulse
SPY reclaimed the 21 EMA with one close above at 763.29. Price sits at 765.72, still under the 8 EMA at 767.88. The 50 and 200 SMAs remain well below at 751.56 and 704.98. Structure is intact and pointing up. Watch whether it can stack a second close and take back the 8.
QQQ is on its 2nd straight close below the 21 EMA at 714.19. Price at 713.44 is capped by the 8 EMA at 717.
45. The 50 SMA at 713.35 is right underneath and acting as the line to hold. This is the laggard versus SPY here. Lose the 50 and the picture turns.
VIX 15.13 (-5.50%)
Opening
Net premium leaned bullish by $229.2M on $329.1M bullish against $99.8M bearish. MU led at $42.7M with GLD close behind at $37.6M. Semis and metals carried the tape while healthcare and select tech names drew the bearish side.
