Market Pulse
SPY is sitting on 3 consecutive closes above the 21 EMA with price stretched nearly 9 points above it. All key moving averages are stacked bullishly below price. The 8 EMA held as support and is curling higher. Short-term tape is clean.
QQQ has 14 straight closes above the 21 EMA and price is more than 24 points clear of it. The spread between price and the 50 SMA is over 40 points, showing the strength of this run. Every major moving average is in bullish alignment. Tech tape has not shown any cracks.
VIX 15.01 (-3.29%)
Opening
Bullish premium overwhelms bearish at nearly 3-to-1, with $387.2M hitting the bull side against $130.0M on the bear side. TSM leads all names with $39.7M in bullish flow, and semis dominate the top of the buy list. Bearish flow is scattered across utilities, gold, credit, and rates with no single name generating outsized conviction.
