Market Pulse
SPY is holding above all key moving averages with price well clear of the 8 EMA at 772 and the 21 EMA at 767. Four consecutive closes above the 21 EMA puts the tape in a short-term uptrend, though today’s session is slightly red. The spread between price and the 200 SMA at 718 is nearly 59 points, showing how extended this run has become. Bulls need to defend that 8 EMA on any intraday dip.
QQQ is printing 15 consecutive closes above the 21 EMA, which is a clean, sustained trend by any measure. Price at 757 sits well above the 8 EMA at 749 and the 50 SMA at 720, with all major averages stacked in bullish order. The 200 SMA is nearly 88 points below current price. Today’s minor pullback has not broken structure at all.
VIX 15.08 (+0.47%)
Opening
Bullish premium overwhelms bearish flow today at $327M versus $101M, producing a net bull read of $226M. SPCX leads all names at $59.4M followed by MU at $36.9M. Bearish flow is thin and concentrated in AMD and XLF, not enough to move the overall needle.
