Market Overview
SPY ripped back above the 21 EMA after that one-day dip below it on 9/1, and today’s gap-up to 773.12 could make it 2 straight closes above the level. The stack is fully intact, 8 EMA over 21 EMA over 50 over 200, and the 50 day at 756.14 keeps climbing under everything. VIX sitting at 14.9 tells you there’s no fear in this tape at all. With the 8 EMA at 767.7 sitting just under price, that’s your nearest support now, no need to look for a pullback all the way to the 21 after a breakout candle like today’s.
Top Setups — 1 Signal
SNDK — BULL · MEGA
Puts Sold · Strike: 1400.0 · Exp: Nov26 · 119 contracts · $1.6M
Someone sold the 1400 puts out to November for $1.6M in premium, a clean bet that SNDK holds well above 1400 into year end. The stock is running well above both the 8 EMA at 1532 and 21 EMA at 1510, with the weekly chart confirming higher highs and higher lows, so this isn’t a pullback entry, it’s a continuation trade with the 8 EMA as your nearest dynamic support. IV rank is sitting at just 4%, which makes premium selling here look attractive relative to how cheap options are pricing the stock’s actual move.
