Market Pulse
SPY closed below the 21 EMA for the sixth straight session. Price is under both the 8 and 21 EMA, and now sits below the 50 SMA at 759.06. The 8/21 have flattened and rolled over. This is a confirmed downtrend until we reclaim 763. The 200 SMA at 712.99 remains far below and untested.
QQQ logged its second close below the 21 EMA. Price at 704.54 is under the 8 and 21 EMA but holding just above the 50 SMA at 709.97. Weaker than the recent range but not broken like SPY. Reclaiming 712 flips this back to neutral. Watch the 50 SMA as the line to hold.
VIX 17.20 (+0.58%)
Opening
Opening directional flow leaned heavily bullish at $231.8M net on $320M bullish premium. META led at $32.5M, followed by MU at $26.5M and semis via SMH at $21.1M. Bearish premium was light and scattered across MSFT, AMD, and ADBE.
