Market Pulse
SPY is just one close above the 21 EMA, so this streak is barely established. Price is trading below the 8 EMA at 773.64, which is near-term resistance. The 50 SMA at 767.47 is holding as support below. Bulls need follow-through here or this 21 EMA reclaim fails quickly.
QQQ is two closes below the 21 EMA and the 8 EMA is well above price at 740.08, showing the short-term trend has rolled over. Price is sitting just above the 50 SMA at 726.41, which is the line in the sand. A break there puts QQQ in a structurally weak position with the next meaningful support far below.
VIX 16.46 (-2.43%)
Opening
Bullish premium dominates at $477.4M versus $165.1M bearish, a nearly 3-to-1 ratio. Semis are driving the bull side hard with SMH, MU, and NBIS accounting for over $130M combined. Bearish flow is light and scattered with no single name exceeding $8.5M.
