Market Pulse
SPY snapped its run above the 21 EMA yesterday and is now one close into a downtrend. Price is sitting just below both the 8 and 21 EMA, which are starting to converge overhead as resistance. The 50 SMA at 760.87 is nearby support and has not been tested yet. Bears need follow-through here or a one-day shakeout.
QQQ is holding its 9-consecutive-close streak above the 21 EMA and is trading well clear of it at 737.93 versus 726.48. The 8 EMA is below price, which keeps the short-term structure intact. QQQ is outperforming SPY on the session and the gap between the two is widening. Tech is carrying the tape right now.
VIX 16.04 (-0.19%)
Opening
Aggregate flow is heavily skewed bull with $265M in bullish premium against $131M bearish, a $134M net. TSLA leads all names on the bull side at $35M while META dominates the bear side at $36M, making those two the marquee opposing bets of the session. Dark pool activity is also tilted bullish at 70 names versus 49 bearish blocks.
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.
