Apologies the report is late today - I have been travelling.
Market Overview
SPY is at at 761.29, snapping its stretch above the 21 EMA with its first move below that level at 764.74. The 8 EMA at 766.32 is still stacked above the 21, so the short-term trend hasn’t broken down, this looks more like a pause after the run from 754.7 on the 50 day. Volatility is still calm with VIX at 16.1, which tells you this isn’t panic selling, just some give-back after five straight closes above the 21. The Iranian situation is heating up though and oil is up over 5% today. Watch whether we get a second close below 764.74 tomorrow, that would start to matter. Longer term the 50 day at 754.7 and 200 day at 708.29 keep the bigger trend intact.
