Daily Morning Brief; July 23, 2026

Market Overview

First close below the 21 EMA after riding above it all month, and it’s an ugly one. We broke through the 8, the 21, and the 50 day all in one shot down to 737.84. The 8 and 21 are basically pinned together at 745 and getting ready to cross down. VIX still pretty tame at 19.9, so this isn’t panic yet, but you want to see if buyers step in near this level or if we keep leaking. One close doesn’t make a downtrend, but two or three below the 21 changes the tone.