Daily Morning Brief; July 07, 2026
Market Overview
The SPY is working on its 6th straight close above the 21 EMA and the stack is clean with the 8 sitting at 744.68 and the 21 at 742.01. Price pulled back a touch today off the 750 area but we’re still holding well above both fast lines. The 8 EMA is the level to watch here for near support, and as long as we stay above it this trend keeps running. VIX at 16.2 tells you there’s no panic in the tape. This is a healthy uptrend, no reason to fight it.
Top Setups — 4 Signals
ABVX — BULL · MID
Puts Sold · Strike: 125.0 · Exp: Jan28 · 1961 contracts · $5.1M
Someone sold nearly 2,000 of the Jan28 125 puts here, collecting big premium and betting this stays well bid into next year. Price is running at 143 with the 8 EMA at 128 and the 21 way down at 116, so this is extended and moving. The 8 EMA is your closer dynamic level to lean on, no need to wait for a pullback all the way to the 21 with this kind of momentum.
