Daily Morning Brief; July 28, 2026
Market Overview
The SPY is going for its 4th straight close below the 21 EMA and it’s still fighting to reclaim that level. Price at 742.28 sits just under the 8 EMA at 742.78, with the 21 at 744.20 and the 50 day right there at 744.00 as overhead resistance. The 8 EMA is about to cross down through the 21, which is not what bulls want to see. VIX at 18 is calm but the tape has been choppy, and today’s low of 735.98 tested Friday’s zone again before bouncing. We need a clean close back above the 21 to flip this back to the bulls, otherwise this stays a short-term downtrend.
