Market Pulse
SPY closed below the 21 EMA for the first time after a stretch above. Price sits at 765.96, right on the 21 EMA at 765.99, with the 8 EMA rolling over at 767.75. This is the first crack in the trend, not a break yet. The 50 SMA at 757.60 is the line that matters if sellers press.
QQQ holds its ground with a 3rd straight close above the 21 EMA. Price at 718.36 stays stacked over the 8, 21, and 50. The moving averages are aligned bullish and the 50 SMA at 711.32 is holding as support. Tech is the relative leader here while SPY wobbles.
VIX 15.72 (+2.75%)
Opening
Bullish premium dominated at $489.3M versus $130.0M bearish, a net bull read of $359.3M. Semis led the tape with AMD at $84.4M, SMH at $56.7M, and INTC at $24.1M. Bearish flow was scattered and small by comparison.
