Daily Morning Brief; June 18, 2026

Market Overview

The SPY reclaimed the 21 EMA today after a one-day dip below it yesterday, so we’re back inside the stack with the 8 sitting just above the 21 at +2.02. That choppy action over the last two weeks has kept us pinned in a 725 to 756 range, but the structure never really broke. As long as we hold above 742.75 the bulls stay in control, and a close back toward last Monday’s 754 high puts new highs back in play. VIX at 17.2 is calm enough to keep momentum names working. Watch the 8 EMA at 744.77 as your near-term line in the sand.

The big prints lean toward a rotation into value and broad large cap, with a $101M IVV buy and a chunky VTV buy on the tape while RSP and IJR saw size sold, so money is favoring cap-weight large over equal-weight and small caps. The LQD buy and sell roughly offset, more of a wash on the credit side. Silver got a $48M SLV buy and ROKU drew a $41M buy, both standing out against the index flow.

Top Setups — 5 Signals

CRDO — BULL · LARGE

Puts Sold · Strike: 260.0 · Exp: Jan27 · 531 contracts · $4.1M

CRDO is running hard and well extended above the 21 EMA at 229.88, with price up at 264.42 and the 8 way up at 247.99. Someone sold the Jan27 260 puts for over $4M in premium, a clear willingness to own this name on any dip. Don’t wait for a pullback all the way to the 21 here, the 8 EMA is your closer reference and this trend has plenty of room while it holds higher highs and higher lows.

BNY — BULL · LARGE

Calls Bought · Strike: 155.0 · Exp: Mar27 · 715 contracts · $1.0M

BNY is stacked clean with the 8 over the 21 over the 50 and price riding at 145.35. The Mar27 155 calls getting bought reach out for continuation well above current price. It’s holding above the 8 at 143.86, so you can lean on that as the near support rather than waiting for the 21.