Market Overview
The SPY is holding above the 21 EMA for a 3rd straight close and the stack is still intact with the 8 sitting at 766.6 and the 21 down at 763.51. Price has been chopping in a tight range the last week after that push to 779, so we’re digesting more than breaking down. As long as we keep closing above the 21 this remains a buy-the-dips tape. The 8 EMA is the nearer level to watch now, and losing the 21 would be the first real crack. VIX at 15.6 tells you there’s no fear here.
Top Setups — 3 Signals
PAAS — BULL · LARGE
Puts Sold · Strike: 45.0 · Exp: Jun27 17th · 1500 contracts · $752K
PAAS is running well above the 21 EMA at 49.11 with price up at 53.66 and the full stack pointing higher, this one has been trending clean off the 8. The flow is institutional selling the Jun27 45 puts, 1500 contracts for $752K, a longer-dated bet that gets paid to be long from a much lower level. Weekly structure shows higher highs and higher lows above both the 50W and 200W, so this is real momentum in a strong metals sector
