Market Pulse
SPY is printing seven consecutive closes above the 21 EMA, a clean streak that keeps the bull structure intact. Price is back below the 8 EMA today at 766.86, which puts near-term pressure on the tape. The 50 SMA at 760.39 is the next meaningful support below. Bulls need a close back above 766.86 to keep the short-term momentum from softening.
QQQ is on eight consecutive closes above the 21 EMA and holding a wide spread between price and that level at 725.34. Today’s 1.07% pullback still leaves price well above all major moving averages. The 8 EMA at 734.98 is sitting below price, which is a mild inversion worth watching into the close. Structure remains bullish but today’s session is the weakest in the streak.
VIX 16.07 (+8.07%)
Opening
Total options premium leans bullish at $191M versus $138.3M bearish, a $52.8M net bull edge. INTC leads all names at $28.7M in bullish premium, with NVDA and MU adding another $25M combined. On the bear side, TSM is the standout at $22.9M, followed by RCL at $17.8M.
