Market Pulse
SPY is holding above all key moving averages with price sitting comfortably above the 8 EMA at 766.03 and the 21 EMA at 763.99. Five consecutive closes above the 21 EMA keeps the short-term trend clean and intact. The 50 SMA at 759.46 is acting as a rising floor with 200 SMA at 714.36 well below. Flat tape today at -0.08% but structure remains constructive.
QQQ is six sessions straight above the 21 EMA and price at 741.10 is running well clear of that level at 722.19. The spread between price and the 8 EMA at 731.70 shows the recent move has been sharp. 50 SMA at 711.20 and 200 SMA at 663.53 are distant support levels. Essentially unchanged on the day but the trend line is not in question.
VIX 15.67 (+3.23%)
Opening
Bullish premium is swamping the bearish side at $253.2M versus $75.3M, a net of $177.9M to the bull. META is the headline print at $63.2M, dwarfing everything else on either side of the ledger. Bearish flow is thin and scattered with no single name generating meaningful conviction.
