Market Overview
The SPY is below the 21 EMA and today it’s trading below the 50 day, which sits at 768.53. That’s a key level to watch into the close. The 8 EMA at 772.25 and 21 EMA at 770.57 are still in a bullish stack above price, but the bears have short-term momentum. VIX at 19.24 isn’t screaming panic, so this looks more like a big shakeout than a total breakdown, but we need a reclaim of the 50 EMA and the 21 EMA soon.
On a day like to day I am not going to post much flow. Really this is a day to sit on your hands as we are seeing a continued aggressive unwind in semis and oil is red.
Notwithstanding this people are buying the dip aggressively in semis
Top Setups — 1 Signal
PBR — BULL · LARGE
Calls Bought · Strike: 26.0 · Exp: Dec26 · 40000 contracts · $6.9M
Someone put $6.9M into 40,000 December 26 calls on PBR, and that’s the kind of size you don’t ignore. This is just one data point - the flow today has been relentless (see below). The stock is already extended well above the 21 EMA at 23.38, with the 8 EMA at 24.98 acting as the closer support level, and price sitting at 25.58 just under the 20-day high of 25.96. XLE is outperforming SPY by 4% and the weekly structure is clean, so if PBR can push through that 25.96 level, this call flow looks well-positioned for a run.
