Market Overview
The SPY reclaimed the 21 EMA today after two soft closes, so we’re back to 1 close above it. The stack is still intact with the 8 EMA sitting just overhead at 768.17 and the 21 down at 763.41. Yesterday’s dip to 762 tested the 21 and buyers stepped right back in, which is what you want to see. VIX at 15.3 tells you there’s no panic here. As long as we hold above the 21, the trend from the 50 day at 751.58 is still your friend.
