Daily Morning Brief; June 17, 2026
Market Overview
The SPY is going for its 4th straight close above the 21 EMA and the stack is back in order with the 8 sitting at 746.3 over the 21 at 743.21. After that ugly mid-month flush down toward 725, buyers stepped right back in and pushed us back over everything. We’re holding a tight range up here, just consolidating the move off the lows. As long as price stays above the 8 we stay in good shape, and VIX at 16.9 tells you there’s no panic in the tape right now.
The biggest tape print is a near $400M MSFT buy at 386, with a smaller 300k share sell against it, so call it net accumulation in the name. SPY dark pool is mostly buying at the 749-750 area with one offsetting sell, lining up with price holding over the 21. The tells in the inverse and hedge products stand out, big sells in IEUR and buys in SCHR and SH, which reads as some folks rotating out of Europe and tucking in downside hedges even as the index sits near highs.
