Market Pulse
SPY notched its 2nd straight close below the 21 EMA at 765.67. Price is now under both the 8 and 21 EMA, a shift from the prior uptrend structure. The 50 SMA at 758.02 sits just below as the next support line. Bulls need to reclaim 765 or this rolls into something worse.
QQQ is holding better with 4 consecutive closes above the 21 EMA. Price sits right at the 8 EMA at 715.91 after a modest fade. The 50 SMA at 711.17 remains well below as backup support. This is still a constructive tape as long as it stays above 714.
VIX 16.46 (+4.71%)
Opening
Opening directional flow leaned heavily bullish at $195.6M net. Semiconductors dominated with SNDK at $36.7M and MU at $23.2M leading the tape. Bearish premium was thin and scattered across LYFT, KKR, and energy names.
