Daily Flow Deep Dive — July 8, 2026
Market Pulse
SPY holds its stack with 7 straight closes above the 21 EMA. Price sits just above the 8 EMA at 744.86 and well clear of the 50 SMA at 738.24. The 200 SMA at 690.16 is a distant floor. Today’s minor red does nothing to break the structure. This remains a clean uptrend.
QQQ logged its 2nd consecutive close below the 21 EMA at 718.69. Price at 711.44 is now under both the 8 and 21 EMA and testing the 50 SMA at 712.02. That 50 is the line in the sand. A close below it puts the short-term bulls on notice. This is the weaker of the two indices right now.
VIX 16.90 (+4.77%)
Opening
Bullish premium led at $489.0M against $228.1M bearish for a net BULL read of $260.9M. Semiconductors carried the tape with MU at $68.0M and SMH at $35.1M topping the list. TSLA drew the largest single bearish print at $23.6M.
