Daily Flow Deep Dive — July 20, 2026
Market Pulse
SPY logs its 2nd straight close below the 21 EMA at 745.93. Price at 742.09 now sits under the 8 EMA and hangs just below the 50 SMA at 743.44. The short-term EMAs are stacked above price, which is a bearish tell. The 200 SMA at 693.85 remains far below and keeps the bigger picture intact for now.
QQQ is on its 4th consecutive close below the 21 EMA. Price at 696.06 sits under the 8 EMA, 21 EMA, and 50 SMA, all of which are stacked in bearish order. This is weaker action than SPY. The 200 SMA at 640.02 is the last major support well below current levels.
VIX 18.65 (-0.64%)
Opening
Opening directional premium leans bull at $290.3M net on $468.2M bullish versus $178.0M bearish. Semiconductors carried the tape with SMH at $68.9M and SNDK, MU adding to the chip bid. Bearish premium was scattered and small, led by QCOM at $10.0M.
