Daily Flow Deep Dive — July 22, 2026
Market Pulse
SPY holds above the 21 EMA for a second straight close. Price sits right at the 8 EMA at 747.55 with the 21 EMA underneath at 746.26. The 50 SMA at 744.04 is providing a clean rising support stack. Structure stays bullish as long as buyers defend that 21 EMA.
QQQ is now six closes below the 21 EMA. Price at 705.35 is stacked under the 8, 21, and 50. The 8 EMA at 707.43 rejected today and the 50 SMA at 718.73 is well overhead. This is a downtrend until QQQ reclaims the 21 EMA at 712.73.
VIX 16.64 (-2.40%)
Opening
Net premium leans bull by $277M with $391.7M bullish against $114.7M bearish. Semis and storage carried the tape led by SNDK at $58.7M and MU at $24.5M. Bearish flow was thin and scattered, topped by SPCX at $19.6M.
