Market Pulse
SPY is grinding through its 7th consecutive close below the 21 EMA at 762.99, and the tape has not offered any relief. Price is also below the 8 EMA at 760.48 and the 50 SMA at 759.19, meaning every short-term average is acting as resistance. The only support story left is the 200 SMA at 713.39, which is still a long way down. This is a confirmed downtrend across every meaningful timeframe.
QQQ is three sessions into its run below the 21 EMA at 712.17 and has yet to reclaim it. Price is sitting under both the 8 EMA at 709.86 and the 50 SMA at 709.88, which are converging right above current price. That cluster of resistance is a problem for any intraday bounce attempt. The 200 SMA at 660.74 remains the only meaningful support below.
VIX 17.71 (+2.97%)
Opening
Gross bullish premium dwarfs bearish at $346.9M versus $76.0M, producing a $270.8M net bull read. GLD alone accounts for $121.1M of that bullish total, skewing the headline number heavily toward a single defensive trade. Strip out GLD and the picture is far more balanced.
