Daily Flow Deep Dive — July 29, 2026
Market Pulse
[📊 Insert SPY chart]
SPY closed down 1.54% and marks its 5th straight close below the 21 EMA. Price sits under the 8, 21, and 50, all stacked bearish. The 50 SMA at 743.82 is the level to reclaim before bulls talk. Still well above the 200 at 696.49, so the longer-term structure holds. This is a downtrend until proven otherwise.
[📊 Insert QQQ chart]
QQQ dropped 2.04% and now sits at 11 consecutive closes below the 21 EMA. This is the weaker index by a wide margin. Price at 661.73 is deep under the 8, 21, and 50, with the 50 SMA all the way up at 715.44. The 200 SMA at 642.91 is the last major support in view. Tech is leading the tape lower.
VIX 20.66 (+13.45%)
Opening
Opening directional flow leaned bullish at $410.9M net on $619.6M bullish versus $208.6M bearish. MU led at $73.2M, followed by MSTR at $43.5M and META at $41.4M. Bearish premium was thin and scattered with BE topping at $17.4M.
