Daily Flow Deep Dive — July 16, 2026
Market Pulse
SPY holds its structure with 13 straight closes above the 21 EMA. Price sits right on the 8 EMA at 750.52 after a modest 0.54% pullback. All moving averages stack bullish with the 21 above the 50 above the 200. The trend stays intact until the 21 EMA breaks.
QQQ logged its 2nd consecutive close below the 21 EMA with a sharp 1.64% drop. Price at 705.94 is now under the 8, 21, and 50 all clustered near 716-718. This is a clear divergence from SPY. Watch for a third close below the 21 to confirm the shift.
VIX 16.73 (+6.76%)
Opening
Net premium leans hard bullish at $533M with $748.6M in calls against $215.6M in puts. MU led the tape at $151M followed by BE at $91.3M. Bearish flow was scattered and small, topped by SMH at $21.2M.
