Market Overview
SPY is pulling back slightly today, trading just under the 8 EMA at 768.05 after tagging 770.19 highs last week. This is the 4th straight close above the 21 EMA at 766.12, so the stack is still fully intact and the uptrend is doing exactly what it should. The 50 day at 757.62 and 200 day at 710.43 are both far below and rising, so there’s no structural threat here, just normal digestion after a strong run off the Sept 1 dip. VIX at 15.3 shows no stress at all. As long as we hold above the 21 EMA this stays a buy-the-dip tape.
Morning flow leaned bullish across financials and tech, with large call buyers stepping into HOOD, HPE, and a handful of smaller names showing size relative to their normal volume. Notional skewed toward longer-dated calls and call spreads rather than short-term bets.
