Daily Morning Brief; July 29, 2026
Market Overview
The SPY is going for its 5th straight close below the 21 EMA and today’s action is ugly, closing right on the lows at 733.44. We broke through the recent floor around 735 and there was no bounce to speak of. The 8 EMA at 740.46 is now below the 21 at 743.11 and the 50 day at 743.90 is sitting right up there as overhead resistance too. This is a downtrend until price reclaims the 21, and the VIX at 19.9 is starting to wake up. No reason to be a hero on the long side here until we see buyers step in.
