Daily Morning Brief; June 24, 2026
Market Overview
The SPY is working on its 2nd straight close below the 21 EMA and that’s not what bulls want to see. We bounced today off the 50 day at 731.34, which held as support, but price is still pinned under both the 8 and 21 EMAs sitting right on top of each other at 740. The 8 and 21 have converged and are about to give us a clearer signal one way or the other. Until we reclaim that 740 zone on a close, treat this as a market trying to find footing rather than one ready to run. Hold the 50 day and we stay in the game, lose it and the next leg lower opens up.
Dark pool tape is heavy on the sell side for index names with multiple SPY blocks plus a QQQ print hitting the offer, so the whales are leaning defensive at these levels. The standout is rotation into cyclicals and credit, with big buys in XLI, XLC, and loan/short-duration credit ETFs (BKLN, VCSH) signaling money moving toward industrials and safer carry. Single-name selling in PPG and NVS rounds it out, so the theme is index de-risking paired with selective sector buying.
Top Setups — 5 Signals
INTC — BULL · MEGA
Calls Bought · Strike: 195.0 · Exp: Jan27 · 1100 contracts · $2.2M
INTC is in a clean uptrend with the full stack pointed up, 8 over 21 over 50, and price at 134.65 well above all of them. Someone reached out to Jan27 195 calls for $2.2M, a long-dated bet on continuation way up the chain. It’s extended above the 21 so don’t wait for that pullback - the 8 EMA at 128.90 is your nearer support if you want a spot to lean on. Just know IV is maxed out here, so the calls are expensive.
