Daily Morning Brief; July 24, 2026
Market Overview
The SPY is going for its 2nd straight close below the 21 EMA and that is not what bulls want to see. We bounced off the 735 lows yesterday and clawed back to 742.78 but we’re still stuck under both the 8 and the 21. The 8 EMA at 744.87 and the 21 at 745.27 are converging with a bearish tilt, and the 50 day at 744.19 is right in that same cluster. Until we can close back above that 745 zone this stays defensive. The 200 day way down at 695 is not in play, so the real fight is right here at the 21.
