Daily Flow Deep Dive — July 2, 2026
Market Pulse
SPY holds above the 21 EMA for a 4th straight close. Price sits at 744.78, comfortably over the 8 EMA at 741.72 and 21 EMA at 740.47. The 50 SMA at 735.91 is well below and rising. Every major moving average stacked bullish. This tape is holding structure.
QQQ broke below the 21 EMA on its first close under, down 1.73% to 712.60. Price sliced through both the 8 EMA at 721.13 and 21 EMA at 720.17. It now leans on the 50 SMA at 708.51 as first support. This is a clear divergence from SPY strength.
VIX 16.15 (-2.65%)
Opening
Bullish premium led at $665.7M against $282.2M bearish for a net BULL read of $383.6M. MU dominated the tape at $123.7M followed by SNDK at $84.6M. Bearish flow concentrated in semis with SMH at $39.1M and SPCX at $40.7M.
