Daily Morning Brief; June 22, 2026
Market Overview
The SPY is going for its 2nd straight close above the 21 EMA and the stack is back in order with the 8 sitting just over the 21. We bounced hard off that June 10 flush down to 723 and have been grinding higher since. Today is a little soft off the highs but as long as we hold above 741 the trend is intact. The 8 EMA at 743.61 is your nearer support now, and VIX at 17 is not telling us anything scary. This looks like a market that wants to keep working higher.
Big tech is leading the dark pool tape with a $167M MSFT buy and $65M into AMZN, plus a $77M QQQ print, so the megacap bid is alive. There’s some rotation showing up against it - sellers in ACN at over 15% of ADV and a VTI sale, with parking into BIL and BND short-term paper. Net read is constructive on tech with a little de-risking around the edges.
Top Setups — 5 Signals
USB — BULL · LARGE
Calls Bought · Strike: 62.5 · Exp: Aug26 · 6075 contracts · $638K
USB is stacked clean with price at 58.92 well above the 8 at 57.90 and the 21 at 56.63, and it’s outrunning XLF by 3.5%. The Aug 62.5 calls bought into 31.9% IV is reasonable paper for a name trending this well above all its key levels. Already several closes above the 21 so don’t sit around waiting for a pullback there - the 8 EMA is your closer support if you want to lean in
