Market Pulse
SPY is sitting below both the 8 EMA and 21 EMA after three consecutive closes under the 21 EMA. That streak keeps the short-term tape in a weak posture. Price is clinging to the 50 SMA at 761.56 as the nearest structural support. The 200 SMA at 716.56 is well below and not a near-term concern, but the inability to reclaim the 21 EMA is the story right now.
QQQ is on an 11-day streak of closes above the 21 EMA and is trading above all key moving averages. Price at 742.03 is well clear of the 21 EMA at 729.00, showing a clean separation from support. The 8 EMA at 737.77 is the first level to watch on any intraday fade. Tech is carrying the broader tape.
VIX 16.39 (+0.31%)
Opening
Total bullish premium of $355.7M dwarfs the bearish side at $159.3M, a net bull read of $196.4M. TSLA, MU, LITE, FSLR, and TSM lead the buy side with significant conviction. NVDA is the standout bearish name at $11.7M, followed by NBIS and GEV rounding out the bear flow.
