Market Pulse
SPY holds its four-day streak above the 21 EMA. Price sits just under the 8 EMA at 766.54 but the stack stays constructive. The 50 SMA at 752.9 and 200 SMA at 706.43 are well below and rising. This is a clean uptrend that keeps grinding.
QQQ logs a fifth straight close below the 21 EMA. Price at 711.37 sits under the 8, 21, and 50 all clustered near 712 to 713. That tight compression shows indecision but the bias is lower. Tech is the laggard here and it is not confirming SPY.
VIX 15.21 (-1.55%)
Opening
Net premium leans bull by $147M with $235.6M bullish against $88.6M bearish. Semis lead the tape with NVDA at $26.2M and MU at $22.2M on the buy side. GLD adds $25.9M in bullish premium.
