Market Overview
SPY is putting in its 5th straight close above the 21 EMA and today’s gap up to 771.8 just extends the trend. The 8/21 stack is fully intact with a +3.21 spread, and the 50 day at 753 and 200 day at 707 are both trailing well below price, confirming this is a clean uptrend. VIX sitting at 14.6 tells you there’s no fear in this tape at all. With price running well clear of the 21 EMA, the 8 EMA at 767.71 is your nearer level to watch on any pullback rather than looking all the way back down to the 21.
Call buyers were active across energy, mining, and tech names today, with size prints in DVN, NEM, APA, DINO, and LITE all leaning bullish. Most of this flow is stacking on top of names already trending above their key moving averages, which fits the broader risk-on tone in the tape.
