Daily Morning Brief; July 21, 2026
Market Overview
The SPY reclaimed the 21 EMA today after two closes below it, bouncing off 744 and back over 747. That’s just 1 close above the 21 so far, so we want to see it hold and stack. The 8 EMA at 747.47 is riding right on price and the 8/21 spread is barely positive, so this is still a coin flip until we get another close or two above. VIX at 17.2 is calm enough. Watch 749 as the near-term line to clear, if we push through that the buyers are back in control.
