Daily Flow Deep Dive — July 24, 2026
Market Pulse
SPY logged its second straight close below the 21 EMA. Price at 738.93 sits under the 8 EMA, 21 EMA, and 50 SMA, all clustered near 744. That MA cluster is now overhead resistance. The 200 SMA down at 695 is the only thing well below price. Bulls need to reclaim 744 fast or this rolls into a confirmed downtrend.
QQQ is now eight closes below the 21 EMA. Price at 684.23 is far under the 8 EMA at 699 and the 50 SMA at 717. This is a clean downtrend with every short MA sloping down. The 200 SMA sits at 641, leaving room below. Tech is the weak side of this tape.
VIX 18.58 (-0.64%)
Opening
Bearish premium led at $489.8M against $362.6M bullish, a net $127.1M bear lean. NBIS drove the bear side with $111.9M in puts, followed by SNDK at $56.3M and BE at $46.7M. Bullish flow was scattered across INTC and semi ETFs but none matched the size of the top bearish names.
Options Flow Heat Map
