Daily Flow Deep Dive — July 31, 2026
Apologies this Deep Dive is late. I was travelling yesterday evening.
Market Pulse
SPY reclaimed the 21 EMA with today’s 0.72% push, first close above it after a stretch below. Price at 747.03 now sits over the 8, 21, and 50 all clustered between 741 and 744. The 200 SMA at 697.41 is far below and no threat. One close does not make a trend, but the near-term MAs are stacking bullish.
QQQ is a different picture. This is the 13th straight close below the 21 EMA at 697.12. Price at 687.99 remains under the 21 and well under the 50 SMA at 714.75. The 8 EMA at 685.21 is the only support holding. Tech is lagging the broad tape hard.
VIX 15.99 (-6.44%)
Opening
Opening directional flow leaned heavily bull at $525.5M against $173.4M bearish, net $352.1M positive. Semis dominated the top of the tape with SMH at $32.3M, MU at $27.7M, and INTC at $23.9M. Bearish premium was thin and scattered, led by SOXL at $10.9M.
