Market Pulse
SPY is pulling back 0.72% but remains above all key moving averages. Four consecutive closes above the 21 EMA keeps the short-term trend intact. Price is sitting above the 8 EMA at 765.70, which is the first level to watch on this dip. Bulls hold the structure as long as 763.67 holds.
QQQ is down 0.84% but the trend is clean. Five straight closes above the 21 EMA and price is running well above it at 741.21 versus 720.30. The gap between price and the 8 EMA at 729.01 is wide, making this pullback look like a natural reset. Structure stays bullish until 720 is threatened.
VIX 15.18 (+2.08%)
Opening
Institutional money is leaning heavily long with $344.9M in bullish premium against $105.3M bearish, a net of $239.6M to the bull side. Semis are dominating the buy side with AMD, MU, NVDA, and SNDK stacking up over $65M combined. The bear side is thin and concentrated in leveraged ETF hedges and a few single names.
Options Flow Heat Map
Dark Pool Heat Map
Dark Pool Side Accuracy
The prints shown here represent filtered institutional block activity from the raw SIP tape. Extended-hours clearing prints, broker-matched crosses, and post-close settlement noise are removed before scoring. Side direction is classified using execution price relative to the live bid/ask at each print — the AGG% score shows how decisively price crossed the spread: 100% swept the ask, 0% hit the bid.
Prints marked ◆ carry the highest conviction. A corresponding options hedge was detected on the same name within 30 seconds, independently confirming both the block and its direction via Black-Scholes delta matching. Where the options tape and dark pool agree on the same name simultaneously, the signal is institutional across both markets.
For unconfirmed prints, side is a strong inference. Confidence is highest in liquid, tight-spread names. In wide markets or lower-ADV names, treat direction as context rather than conviction until corroborated by the options tape or the technical picture.
