Market Pulse
SPY is pushing toward a 3rd consecutive close above the 21 EMA, which would begin to confirm a legitimate trend resumption. Price is trading well above the 8, 21, and 50 SMAs, all stacked in clean bullish order. The 200 SMA sits nearly 57 points below current price, showing the longer-term base is solid. Two closes above the 21 EMA is not a streak yet, but the tape is showing follow-through.
QQQ is on 13 consecutive closes above the 21 EMA and that is a dominant trend by any measure. Price is extended above the 8 EMA by roughly 12 points, so some near-term digestion would not be surprising. All key moving averages are stacked bullishly with the 200 SMA nearly 90 points below. The trend is unambiguous.
VIX 15.52 (+1.37%)
Opening
Total bullish premium of $438.2M nearly doubles the bearish side at $219.1M, a clean 2-to-1 bull lean. SPCX leads all tickets at $86.9M on the bull side, with AMD and NVDA adding another $54M combined. NFLX anchors the bear flow at $42.4M, followed by defense ETF XAR at $25.6M.
Options Flow Heat Map
