Market Pulse
SPY prints its 5th straight close below the 21 EMA. Price at 760.88 sits under both the 8 and 21 EMA, confirming the short-term downtrend. The 50 SMA at 758.94 is now the line in the sand and price is hugging it. Bulls need to reclaim 764.53 to change the character. Until then this tape stays heavy.
QQQ notches its 1st close below the 21 EMA after a -0.80% day. Price at 709.18 lost the 8 and 21 EMA and is testing the 50 SMA at 710.34. This is weaker than SPY on the day. Losing 710.34 opens the door lower. The 200 SMA at 659.79 remains far below.
VIX 17.10 (+7.95%)
Opening
Net premium leans bullish by $189.0M with $281.9M bullish against $92.9M bearish. Semis dominate the tape led by MU at $41.8M, TSM at $18.4M, and SMH at $14.0M. TSLA drove the bearish side at $17.1M.
