Daily Flow Deep Dive — July 17, 2026
Market Pulse
SPY logs its first close below the 21 EMA after a 0.99% drop. Price is sitting right on the 50 SMA at 743.23, the last line of support before the tape gets ugly. The 8 EMA at 748.92 has rolled under the 21 at 746.31. Hold the 50 or this turns into something worse.
QQQ is now three straight closes below the 21 EMA and down 1.50% on the day. Price at 695.33 has lost the 50 SMA at 718.52 by a wide margin. The full stack is inverted: 8 under 21 under 50. This is a downtrend, no debate.
VIX 18.77 (+12.19%)
Opening
Net premium leans bull by $420.1M with $759.5M in bullish opening flow. MU dominates at $151.6M, dwarfing everything else, with SNDK at $48.1M behind it. Semis carry the tape while bearish flow stays scattered and small.
