Daily Flow Deep Dive — July 23, 2026
Market Pulse
SPY closes below the 21 EMA for the first time after holding above it. Price at 738.18 lost the 8 EMA, 21 EMA, and 50 SMA in one move, all clustered near 744-745. The 200 SMA sits far below at 695. One close does not make a trend, but the loss of all short-term averages puts bulls on notice.
QQQ is now 7 straight closes below the 21 EMA. This is a confirmed downtrend. Price at 691.96 sits under the 8 EMA, 21 EMA, and 50 SMA, with the averages stacked bearishly. QQQ is weaker than SPY on both the streak and the daily percentage loss.
VIX 18.70 (+12.38%)
Opening
Net premium leans bullish by $169.0M on $317.6M bullish against $148.6M bearish. Semis dominate the tape with MU at $38.6M, SNDK at $21.7M, and SMH at $19.0M leading. Bearish flow is scattered and smaller, topping out at TXN and BE near $6.3M each.
