Daily Morning Brief; July 31, 2026
Market Overview
The SPY got back above the 21 EMA today after that ugly flush on the 29th where we tagged 729. This is only the 1st close above the 21 so we’re not out of the woods yet, and the 8 EMA is still sitting under the 21 which tells you the momentum hasn’t fully turned. The 50 day at 744.15 is right overhead and price is bumping against it, so that’s the level to clear if bulls want to take control. VIX at 17.4 is calm enough. Watch for a second and third close above the 21 to confirm this bounce is real and not just another shakeout candle.
