Market Pulse
SPY logs its 3rd straight close below the 21 EMA. Price is now pinned to the 50 SMA at 758.25 and sitting right on it. The 8 and 21 EMA are stacked overhead at 764 and rolling flat. This is a clear short-term downtrend until price reclaims the 21 EMA.
QQQ prints its 1st close below the 21 EMA after leading strength. Down over 1% and losing the 8 EMA cleanly. The 50 SMA at 710.61 is the immediate line in the sand, and price closed just below it at 708.69. Weaker structure than SPY but not yet a confirmed downtrend.
VIX 17.84 (+8.38%)
Opening
Bullish premium dominated at $304.1M against $102.8M bearish, a net bull read of $201.3M. MU led the tape at $54.4M with AAPL close behind at $28.8M. Bearish flow was scattered and light, topped by GOOG at $10.9M.
