Market Overview
The SPY ripped today, gapping up and pushing to 770.61 - the highest print we’ve seen in the last 10 sessions. After spending most of September chopping below and around the 21 EMA, we now have 2 consecutive closes above it and today’s move looks like it has some conviction behind it. The 8 EMA and 21 EMA are nearly converged at 762, so price is now sitting a clean 8-plus points above both, with the 50 day at 758 adding another layer of support underneath. VIX at 14.9 is calm and not flashing any warning signs. This is a bullish setup and the trend is pointing higher as long as we hold above that 762 zone.
