Market Pulse
SPY is on just one consecutive close above the 21 EMA after reclaiming it. Price sits above all key moving averages with the 8 EMA at 766.13 and 50 SMA at 762.23 acting as a layered floor below. The 200 SMA at 717.04 is well in the rearview. One close above the 21 EMA is not a trend, it is a retest. Bulls need follow-through to confirm reclaim.
QQQ is on 12 consecutive closes above the 21 EMA and has a clean stack across every major moving average. Price at 749.58 is running well above the 8 EMA at 740.40 and the 50 SMA at 716.23. This is a confirmed uptrend by any definition. The 200 SMA at 667.23 is barely relevant at this distance.
VIX 15.31 (-6.59%)
Opening
Bullish premium came in at $370.6M against $123.3M bearish, a net of $247.3M to the bull side. Semis dominated the buy side with INTC leading at $26.3M, NVDA at $24.1M, and SMH at $14.0M. The bear side was scattered with GLD the only meaningful print at $15.9M.
