Market Pulse
SPY closed below the 21 EMA for the first time in this streak. Price at 761.78 sits under both the 8 and 21 EMA now. The 50 SMA at 754.71 is the next support to watch. Still well above the 200 SMA at 708.29, so the larger structure holds. One close does not make a trend, but the short-term momentum has flipped down.
QQQ took the harder hit, down 1.27% and closing below the 21 EMA. Price at 707.64 is stacked under the 8, 21, and 50 SMA cluster near 711. That is a clean loss of short-term structure. The 50 SMA at 710.98 is now resistance overhead. Bulls need to reclaim that zone fast to avoid extending lower.
VIX 16.34 (+9.52%)
