Market Overview
The SPY closed above the 21 EMA yesterday for the first time in a few sessions and is holding that level today, trading at 768.62 with the 8 EMA at 766.79 and the 21 EMA at 765.05. The stack is intact and the spread between the two is thin, so this is still early-stage recovery territory, not a confirmed trend resumption. VIX at 15.9 is calm, which supports the bulls here. Watch how we close today on the last day of the quarter, because a strong close keeps the momentum going into October.
