Market Overview
The SPY is holding its 2nd straight close above the 21 EMA at 763.36, so we’re back on the right side of that line after the dip earlier this week. The 8 EMA sits just overhead at 767.04 and price is pinned right underneath it, so that’s the nearer level to watch for the next push. Full stack is still intact with the 50 day at 752 and the 200 day way back at 705. VIX at 15.7 is calm, no fear in the tape. As long as we keep closing above the 21 this is fine, but we want to see the 8 flip back to support to confirm the buyers are stepping in.
Top Setups — 4 Signals
BTG — BULL · MID
Calls Bought · Strike: 7.5 · Exp: Jan28 · 20228 contracts · $2.2M
BTG is running well above the 21 EMA at 4.84 with price at 5.68 and the full stack pointed up, weekly higher highs and higher lows intact. The 8 EMA at 5.30 is the closer level to lean on here since the stock is extended and unlikely to revisit the 21. Someone stepped in for 20K January 2028 calls at the 7.5 strike, over $2M in longer-dated bullish premium looking for continuation.
SLS — BULL · MID
Calls Bought · Strike: 30.0 · Exp: Jan27 · 3930 contracts · $1.6M
SLS is trending hard with price at 14.38 sitting above an 8 EMA at 13.64 and a 21 at 12.67, clean stack and fresh weekly highs. The buyer went out to January 2027 for 30 strike calls, nearly $1.6M, but be aware IV is jacked at 154% so those calls are expensive. Given how extended this is, the 8 EMA is your reference for support, not a pullback all the way to the 21.
LYFT — BULL · MID
Calls Bought · Strike: 20.0 · Exp: Dec26 · 5000 contracts · $640K
LYFT is pushing right up near its 20-day high with price at 17.73 over the 8 EMA at 17.34 and the 21 at 16.78, all stacked and rising. Sector is strong too, XLY leading the market by nearly 5%. The December calls at the 20 strike drew $640K in premium, a clean bullish bet on continuation, and the 8 EMA is the level to watch since this one is already running.
NVDA — BULL · MAG7
Puts Sold · Strike: 190.0 · Exp: Sep27 · 1300 contracts · $2.8M
NVDA is coiled right at the 50 SMA at 207.68 with price at 210, just under an 8 EMA at 216.51 and 21 at 214.72. The flow is put selling in September, someone collecting $2.8M by writing the 190 puts, which is a bet the downside stays contained. Just keep in mind earnings are within 5 sessions and XLK is lagging under its 50 day, so there’s some headwind and event risk baked in here.
