Market Overview
The SPY is now three consecutive closes above the 21 EMA and today looks like it wants to extend further, trading around 773. Yesterday’s gap and run through 774 was the real tell, the bulls showed up hard after a week of choppy action below the 21. The 8 EMA is sitting at 765 and the 21 at 763, both well below current price, so the stack is clean and the trend is intact. VIX at 14.4 is not flashing any fear, which keeps the backdrop constructive. As long as we hold above the 8 EMA on any intraday dips, the path of least resistance stays higher.
