Market Overview
Hopefully the SPY is pushing into its 3rd consecutive close above the 21 EMA and the tape looks good here. Price is sitting at 773.11 with the 8 EMA at 767.68 and the 21 EMA at 765.67, so the stack is clean and the spread between those two levels is tight enough to stay constructive. We came off a soft patch in late September where price was grinding right along the 21 EMA, and the last two sessions have decisively reclaimed that level. VIX at 15.6 is calm, no panic flags here, and as long as we hold the 8 EMA on any intraday dips this trend has room to extend.
