Market Pulse
SPY holds its second straight close above the 21 EMA at 763.31. Price sits right on that level and slipped 0.29% on the day. The 8 EMA at 766.9 is above price, so short-term momentum is stalling. The 50 and 200 SMA remain stacked well below. Structure is intact but the tape is going flat here.
QQQ logs its third straight close below the 21 EMA and lost 1.00%. Price at 706.32 now sits under the 8, 21, and 50 all clustered near 713. That cluster is now resistance overhead. The 200 SMA at 652.19 is the only clear support left below. This is the weaker index right now.
VIX 15.85 (+4.76%)
Opening
Directional flow leaned heavily bullish at $324.6M against $68.6M bearish, a $256M net long. Semis and memory dominated with MU at $43.2M, SNDK at $37.3M, and NVDA at $29.2M leading. Broad semi exposure showed up through SOXL and SMH.
