Market Pulse
SPY has strung together 6 consecutive closes above the 21 EMA and is pushing higher again today. Price is trading well clear of all major moving averages, with the 8 EMA at 767.21 providing the nearest support. The 50 SMA at 759.91 and 200 SMA at 714.84 are not in the conversation right now. Bulls are firmly in control of this tape.
QQQ is on a 7-day streak of closes above the 21 EMA and added another 0.46% today. The spread between price and the 21 EMA is over 20 points, which shows how extended this move has become. The 50 SMA at 711.99 is far below and irrelevant near-term. Tech bulls have not let up.
VIX 14.87 (-5.11%)
Opening
Total bullish premium of $334.3M dwarfs the bearish side at $132.2M, producing a $202.1M net bull read. AMD and INTC are driving the bullish side hard with a combined $116.7M. MU and VLO are absorbing the bulk of bearish conviction.
