Market Pulse
SPY is now nine consecutive closes below the 21 EMA. Price is sandwiched between the 8 EMA at 761.12 and the 21 EMA at 762.84, a tight range that has not resolved to the upside. The 50 SMA at 759.73 is the next line of support below current price. Until SPY reclaims the 21 EMA on a closing basis, this tape remains in a defined downtrend.
QQQ is two closes above the 21 EMA and trading above all four key moving averages. Price at 721.45 is well clear of the 8 EMA at 713.65, showing separation and relative strength versus SPY. The 200 SMA sits at 661.77, a long way down, and the slope of all MAs is constructive. QQQ is the stronger index on this tape.
VIX 14.81 (-4.08%)
Opening
Bullish premium dominates at $299.2M versus $95.2M bearish, a 3-to-1 skew to the upside. SNDK leads all names at $30.5M, followed by NVDA at $21.9M and GOOG at $21.2M. The single largest bearish print belongs to SPCX at $42.7M, which skews the bear side heavily toward one concentrated position.
Options Flow Heat Map
