Market Overview
SPY is riding a 6-day streak above the 21 EMA and the stack is fully intact, 8 EMA at 768.35 over 21 EMA at 765.05 with price out front at 771.14. This is clean trend behavior, no reason to be hunting for a pullback to the 21 here, the 8 EMA is your nearer guide for pace of the move. The 50 day at 753.99 and 200 day at 707.43 are both well below price and rising, so the longer-term structure backs up the short-term action. VIX sitting at 14.3 tells you there’s no stress in this tape at all. As long as we keep closing over the 8 EMA this stays a buy-the-dip market.
Morning flow skewed bullish across mega cap tech and a handful of names catching fresh attention after long absences from the tape. Call buyers showed up in MSFT and PLTR with size, while put sellers leaned into MRNA and MRVL as a way to get long premium-rich names. A couple of overlooked tickers, CCI and SONY, also picked up notable single-day flow worth watching.
