Market Pulse
SPY is printing its 6th consecutive close above the 21 EMA, a clean trend by any measure. Price sits above all key moving averages with the 8 EMA at 773.80 acting as the nearest support level to watch. The spread between the 50 SMA and current price is over 12 points, showing the bull run has legs. No cracks in the structure today.
QQQ is on a 17-session streak above the 21 EMA, which is a dominant trend by any standard. Price at 751.27 is well above the 8 EMA at 749.68, keeping the short-term structure tight and healthy. The 50 SMA sits 27 points below current price, and the 200 SMA is nearly 81 points beneath. This tape is not arguing with the bulls.
VIX 14.84 (-3.70%)
Opening
Bullish premium is running more than 2.4 to 1 over bearish, with $234.6M versus $96.9M on the bear side. EWZ leads all flow at $23.0M bullish, followed by NVDA at $17.7M and BEKE at $15.0M. The overall dollar lean is firmly bullish with no single bearish name matching the top bullish prints.
Dark Pool Heat Map
Dark Pool Side Accuracy
The prints shown here represent filtered institutional block activity from the raw SIP tape. Extended-hours clearing prints, broker-matched crosses, and post-close settlement noise are removed before scoring. Side direction is classified using execution price relative to the live bid/ask at each print — the AGG% score shows how decisively price crossed the spread: 100% swept the ask, 0% hit the bid.
Prints marked ◆ carry the highest conviction. A corresponding options hedge was detected on the same name within 30 seconds, independently confirming both the block and its direction via Black-Scholes delta matching. Where the options tape and dark pool agree on the same name simultaneously, the signal is institutional across both markets.
For unconfirmed prints, side is a strong inference. Confidence is highest in liquid, tight-spread names. In wide markets or lower-ADV names, treat direction as context rather than conviction until corroborated by the options tape or the technical picture.
