Market Pulse
SPY holds a third straight close above the 21 EMA. Price sits at 765.91, just under the 8 EMA at 766.68. The 21 EMA at 763.54 stacks above the 50 and 200. This is a clean uptrend structure with price hugging the fast bands.
QQQ logs a fourth consecutive close below the 21 EMA. Price at 710.72 sits under the 8, 21, and 50, which are all clustered near 713. That compression above price shows sellers still control the shorter timeframes. QQQ is lagging SPY here.
VIX 15.45 (-2.52%)
Opening
Bullish premium dominated at $266.9M against $77.2M bearish, a net $189.7M bull lean. Semis carried the tape with MU at $37.9M, SOXX at $31.0M, and SMH at $16.4M. GLD led the bear side at $20.2M.
