Market Pulse
SPY sits on 7 consecutive closes above the 21 EMA, and price is holding the stack cleanly with the 8 EMA, 21 EMA, 50 SMA, and 200 SMA all aligned below. The spread between price and the 200 SMA is nearly 58 points, which reflects a sustained trend with no meaningful compression yet. Today’s print is essentially flat at -0.06%, so bulls are defending without giving anything back. The structure remains intact.
QQQ is on 18 consecutive closes above the 21 EMA and every key moving average is stacked in order below price. The 8 EMA at 748.87 is the only level above current price, so today’s -0.70% close puts QQQ back below the short-term ribbon. That is a minor crack in an otherwise clean trend. Bears need follow-through to make anything of it.
VIX 15.21 (+2.49%)
Opening
Total bullish premium crushed bearish by nearly 4-to-1, with $259.4M flowing to the upside against $66.6M on the bear side. META and NVDA led bulls with $35.1M and $23.9M respectively. Bearish flow was concentrated in semiconductors with MU and SMH topping that side.
