SPY printed its first close below the 21 EMA today and is sitting just above the 50 SMA at 768.58. Price needs to reclaim 771.25 to stabilize the structure. A second consecutive close below the 21 EMA keeps the bears in control of this tape.
QQQ is down nearly 2% and trading well below both the 8 EMA at 743.53 and the 21 EMA at 739.49. First close below the 21 EMA and today the index is already pressing toward the 50 SMA at 726.18. The gap between current price and both short-term EMAs is wide and getting worse. This is the weaker index on the day by a clear margin.
VIX 16.87 (+10.48%)
Opening
Total bullish premium of $414M swamps the bearish side at $192.1M, giving a net bull read of $221.9M. Semis dominate the buy side with INTC, TSM, AVGO, and SMH all printing large blocks. The bear flow is scattered across credit, crypto mining, and a handful of single names with no single dominant theme.
