Daily Morning Brief; July 22, 2026
Market Overview
The SPY is going for its 2nd straight close above the 21 EMA and the stack is back in order with the 8 sitting above the 21. We had that ugly gap down on the 17th but the market has clawed right back and is now testing the highs of that range again. The 50 day at 744 held as support through the shakeout, which is what you want to see. Price at 749.74 is comfortably above all the key levels and the VIX at 16.8 is telling us there’s no real fear here. As long as we hold over the 21 at 746.47 this stays constructive.
