Market Overview
The SPY is holding its uptrend with 14 straight closes above the 21 EMA, and that’s a stretch that keeps things firmly bullish. Price is sitting right on the 8 EMA at 770.27 after a couple of softer days, so the 8 is the level to watch for near-term momentum. The 21 EMA down at 763 is your real trend line and we’re still well above it with the stack intact. VIX at 15 keeps the tape calm. As long as we stay above the 8 this thing wants higher, and even a dip to the 21 would just be normal breathing.
