Finance Analyst Report: 2026-07-08 22:01:08 ET
Signal Alignment
SPY Direction: SPY -0.8% (3d) | Alignment: 29% (2 aligned, 5 divergent) Status: MODERATE DIVERGENCE β Moderate divergence β several structural signals disagree with price
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | π΄ BEARISH | β ALIGNED | DIX 0.442 moderate, 0DTE PCR 1.16 put-heavy |
| Gamma | βͺ NEUTRAL | β | live dealer gamma -0.2B near the gamma flip / balanced, GEX +4.7B strong suppression |
| Breadth | π’ BULLISH | β DIVERGENT | Breadth 64% β broad participation supports rally |
| Energy | π΄ BEARISH | β ALIGNED | Energy RISING β oil climbing, margin pressure building |
| growth_expectations | βͺ NEUTRAL | β | Copper/Gold +1.3% stable Β· real yield 2.24% restrictive |
| Correlations | π’ BULLISH | β DIVERGENT | SPY/VIX -0.82 normal, SPY/DXY -0.40 elevated, SPY/TNX -0.13 normal, SPY/Oil -0.09 normal |
| Volatility | βͺ NEUTRAL | β | VIX 16.9 sub-20 in contango Β· SKEW 150 firm Β· VVIX/VIX 5.41 dealer stress |
| Inflation | π’ BULLISH | β DIVERGENT | Stagflation score 18 β low inflation risk |
| carry_risk | π’ BULLISH | β DIVERGENT | USD/JPY 5d +0.0% stable, MOVE 72 calm |
| Liquidity | βͺ NEUTRAL | β | Liquidity Adequate, cut prob 11% β hawkish lean but no BS drain |
| Credit | π’ BULLISH | β DIVERGENT | HY OAS 2.67% benign, NFCI -0.515 loose |
Divergence read: Moderate divergence β breadth, correlations, and inflation flash bullish while SPY tracks bearish. 5 of 7 signals disagree with price.
Market Status
Regime: TRANSITIONAL | Score: 74/100 (Favorable, with caution) | Score reads 74 (Favorable) but regime is TRANSITIONAL β energy regime RISING and DIX below threshold (0.442) keeps full risk-on classification at bay. Signal-price divergence detected: 5 signals disagree with SPY's 5d trend.
Leading indicators show energy RISING (WTI at $75, watch for margin compression); DIX rising to 0.442 (institutional accumulation increasing); live dealer gamma negative at -0.2B (vol-amplifying). Lagging confirmation: VIX at 16.9 (low-fear environment); seasonal pattern historically bullish.
What Changed
- No signal changes detected.
Key Levels
- SPY: $744.56 | 50 SMA $739.01 | 200 SMA $693.19 | +0.0% from 50d | ZGL $747.68
- QQQ: $710.50 | 50 SMA $711.66 | 200 SMA $636.18 | -0.0% from 50d | ZGL $710.98
- IWM: $292.95 | 50 SMA $287.44 | 200 SMA $261.33 | +0.0% from 50d | ZGL $297.44
- VIX: 16.90 β sub-20 (low vol)
- 10Y Yield: 4.569%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | Ξ³-Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $744.56 | 44.87 | 84.1 | $747.68 | Neutral | 1.28 |
| QQQ | $710.50 | 39.36 | 100.0 | $710.98 | Neutral | 1.49 |
| IWM | $292.95 | 52.61 | 61.7 | $297.44 | Bearish | 4.81 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | Ξ³-Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 16.90 | 38.90 | 52.1 | $10.50 | Neutral | 0.95 |
| TNX | 45.69 | 56.64 | 44.5 | - | - | - |
| GLD | $374.22 | 35.14 | 45.1 | $370.97 | Bearish | 3.01 |
| DXY | 101.05 | 70.05 | 23.7 | - | - | - |
| SLV | $52.78 | 26.13 | 27.2 | $40.20 | Bearish | 2.52 |
Dark Pool Activity
- DIX (Dark Index): 0.442
- DIX Signal: Neutral
- GEX (Gamma Exposure): 4.73B
Credit Conditions
- HY OAS Spread: 2.67% (Normal)
- BBB Spread: 0.94%
- 2s10s Spread: 0.35% (Flat-ish)
Market Breadth
- Stocks Above 50-Day SMA: 64.1%
- Stocks Above 200-Day SMA: 64.2%
- Breadth Signal: Strong Bullish
- Total Stocks Analyzed: 498
- Mag 7 Concentration: 31.1%
- Top 10 Concentration: 41.2%
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Health Care | 92.6% | 0/0 |
| Utilities | 83.3% | 0/0 |
| Financials | 79.1% | 0/0 |
| Real Estate | 67.9% | 0/0 |
| Industrials | 65.7% | 0/0 |
| Consumer Staples | 64.7% | 0/0 |
| Technology | 50.8% | 0/0 |
| Consumer Discretionary | 45.8% | 0/0 |
| Materials | 45.8% | 0/0 |
| Energy | 42.1% | 0/0 |
| Communication Services | 40.0% | 0/0 |
Energy & Commodities
- Energy Regime: RISING
- WTI Crude: $74.76 (5d: +9.0%)
- Brent Crude: $79.25 | Spread: $4.49
- RBOB Gasoline: $2.9600/gal
- Heating Oil: $3.7300/gal
- 3-2-1 Crack Spread: $60.34/bbl (Very wide)
- XLE (Energy Sector): $55.60
- UNG (Nat Gas): $11.60
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.816 | normal |
| SPY / DXY | -0.402 | elevated |
| SPY / TNX | -0.129 | normal |
| SPY / Oil | -0.09 | normal |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 72.41
- VIX/MOVE Ratio: 0.23 (Normal Relationship)
- 0DTE Call Volume: 4,068,106.0
- 0DTE Put Volume: 4,699,735.0
- 0DTE Put/Call Ratio: 1.16 (Balanced 0DTE Flow)
- 0DTE Notional Dollar Volume: $653.5B
- Gamma Call Wall: $750 | Put Wall: $740 (Spot: $744.56)
CTA Trend Stack
- SMA Stack Score: 4/4 above
- Position: Above all 4 SMAs (full-stack long)
Positioning & Sentiment
- CFTC E-mini Specs Net: -37,592 contracts (Z +2.26, as of 2026-06-30)
- AAII Bull-Bear Spread: -10.9% (as of 2026-07-01)
- Squeeze Setup: none (0/4 triggers Β· no triggers active)
Macro Fundamentals
- 10Y Yield: 4.57%
- Yield Curve (10Y-3M): 0.85 (Normal)
- DXY: 101.05
- Growth vs Value: 0.95
- Fed Funds Rate: 3.50-3.75% | Next FOMC: 2026-07-29
- Rate Probabilities: Hold 84.0% | Cut 11.0%
Inflation Expectations
- 5Y Breakeven: 2.28% (Near Target)
- 10Y Breakeven: 2.25%
- 5Y5Y Forward: 2.22%
- Stagflation Risk Score: 18/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6724.6B
- Treasury General Account (TGA): $880.2B
- Reverse Repo (RRP): $3.3B
- US Net Liquidity (WALCL - TGA - RRP): $5,841B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$6,835B
- BOJ Balance Sheet: ~$3,935B
- Global Net Liquidity: $16,611B
- BTC-USD (Liquidity Proxy): $61,868 (Neutral)
Active Alerts
- [WARNING] SKEW at 150 β elevated tail-risk hedging activity.
- [WARNING] 10Y real yield at 2.24% β restrictive monetary conditions weighing on growth assets.
- [WARNING] 3-2-1 crack spread at $60.34/bbl β refining margins extremely elevated, consumer fuel price pressure.
- [WARNING] Oil spike alert: USO at $112.21 β potential geopolitical disruption or supply shock.
- [WARNING] CTA SMA stack now 4.0/4 β systematic trend trigger fired. Above all 4 SMAs (full-stack long).
- [INFO] Screener: USFD β new HIGH-conviction candidate (conviction 73/100, regime breakout_pullback, calibrated oversold_sympathy hit-rate 50% (n=770)). Worth a look.
- [INFO] Screener: VRTX β new HIGH-conviction candidate (conviction 77/100, regime breakout_pullback, calibrated oversold_sympathy hit-rate 50% (n=770)). Worth a look.
- [INFO] Screener: TEX β promotion-ready (36d on list, HIGH conviction 68/100, regime breakout_pullback, calibrated oversold_sympathy hit-rate 50% (n=770)).
- [WARNING] SPY (741.37) dropped below ZGL (747.62) β expect amplified downside moves.
- [INFO] SPY (740.96) reclaimed ZGL (730.66) β volatility dampening resumes.
Seasonality
- Current Month: July
- Average Return: +2.53%
- Median Return: +2.28%
- Hit Rate: 75%
- Signal: Historically Bullish
Today's Events
Economic Releases:
- 10-Year Note Auction: 4.580% | Prev: 4.538%
- Crude Oil Inventories: 2.998 vs Est. -1.900 (BEAT) | Prev: -3.775
- Atlanta Fed GDPNow(Q2): 1.3% vs Est. 1.4% (MISS) | Prev: 1.4%
- Consumer Credit(May): -0.18 vs Est. 16.90 (MISS) | Prev: 20.82
- Cushing Crude Oil Inventories: -0.052 | Prev: 0.709
Upcoming Calendar (30 Days)
Economic Releases:
- Consumer Price Index (CPI): 2026-07-14
- Producer Price Index (PPI): 2026-07-15
- Retail Sales: 2026-07-16
- Industrial Production: 2026-07-17
- Philadelphia Fed Mfg Index: 2026-07-28
- Gross Domestic Product (GDP): 2026-07-30
Earnings & EPS Estimates:
- JPM (2026-07-14): EPS Est. $5.67 (β5.1% vs 30d)
- GS (2026-07-14): EPS Est. $14.37 (β4.6% vs 30d)
- TSLA (2026-07-22): EPS Est. $0.49 (β7.1% vs 30d)
- GOOGL (2026-07-23): EPS Est. $2.87 (β0.0% vs 30d)
- MSFT (2026-07-29): EPS Est. $4.24
- META (2026-07-29): EPS Est. $7.20 (β0.0% vs 30d)
- AAPL (2026-07-30): EPS Est. $1.89 (β0.0% vs 30d)
- AMZN (2026-07-30): EPS Est. $1.81 (β0.1% vs 30d)
- WMT (2026-08-20): EPS Est. $0.74
- NVDA (2026-08-26): EPS Est. $2.08 (β6.5% vs 30d)
FX News Wire
Unread articles (11):
[1] China's CPI inflation falls to 1.0% YoY in June, vs 1.1% expected URL: https://www.fxstreet.com/news/chinas-cpi-inflation-falls-to-10-yoy-in-june-vs-11-expected-202607090131 Published: Thu, 09 Jul 2026 01:31:09 Z
[2] China Consumer Price Index (MoM) below expectations (-0.2%) in June: Actual (-0.3%) URL: https://www.fxstreet.com/news/china-consumer-price-index-mom-below-expectations-02-in-june-actual-03-202607090130 Published: Thu, 09 Jul 2026 01:30:17 Z
[3] China Consumer Price Index (YoY) came in at 1% below forecasts (1.1%) in June URL: https://www.fxstreet.com/news/china-consumer-price-index-yoy-came-in-at-1-below-forecasts-11-in-june-202607090130 Published: Thu, 09 Jul 2026 01:30:16 Z
[4] China Producer Price Index (YoY) meets expectations (4.1%) in June URL: https://www.fxstreet.com/news/china-producer-price-index-yoy-meets-expectations-41-in-june-202607090130 Published: Thu, 09 Jul 2026 01:30:16 Z
[5] British Pound strengthens to near 1.3400 as UK political risk fades
URL: https://www.fxstreet.com/news/british-pound-strengthens-to-near-13400-as-uk-political-risk-fades-202607090130
Published: Thu, 09 Jul 2026 01:30:05 Z
[6] WTI holds above $74.00, close to two-week top as bears hesitate on US-Iran/Hormuz risks URL: https://www.fxstreet.com/news/wti-holds-above-7400-close-to-two-week-top-as-bears-hesitate-on-us-iran-hormuz-risks-202607090121 Published: Thu, 09 Jul 2026 01:21:24 Z
[7] PBOC sets USD/CNY reference rate at 6.8036 vs. 6.8077 previous URL: https://www.fxstreet.com/news/pboc-sets-usd-cny-reference-rate-at-68036-vs-68077-previous-202607090115 Published: Thu, 09 Jul 2026 01:15:37 Z
[8] Australian Dollar rises amid Chinese CPI preview URL: https://www.fxstreet.com/news/australian-dollar-rises-amid-chinese-cpi-preview-202607090103 Published: Thu, 09 Jul 2026 01:03:40 Z
[9] Japanese Yen gains ground on intervention risks
URL: https://www.fxstreet.com/news/japanese-yen-gains-ground-on-intervention-risks-202607090021
Published: Thu, 09 Jul 2026 00:21:45 Z
[10] Japan Money Supply M2+CD (YoY) declined to 2.2% in June from previous 2.5% URL: https://www.fxstreet.com/news/japan-money-supply-m2cd-yoy-declined-to-22-in-june-from-previous-25-202607082351 Published: Wed, 08 Jul 2026 23:51:32 Z
[11] Japan Foreign Investment in Japan Stocks down to Β₯-22.2B in July 3 from previous Β₯-1B URL: https://www.fxstreet.com/news/japan-foreign-investment-in-japan-stocks-down-to-y-222b-in-july-3-from-previous-y-1b-202607082350 Published: Wed, 08 Jul 2026 23:50:02 Z
Iran War News
Updates (10):
[1] Ghalibaf says Strait of Hormuz will reopen only on Iran's terms Time: 2026-07-09T01:57:50.626Z
[2] Iran parliament commission spokesman vows 'hard slap' over US attacks Time: 2026-07-09T01:43:06.279Z
[3] US strikes hit two railway bridges in northern Iran - Axios Time: 2026-07-09T01:15:33.429Z
[4] Iran says US projectiles hit military base near Bushehr Time: 2026-07-09T01:10:24.761Z
[5] Qatar raises security threat level, urges residents to stay indoors Time: 2026-07-09T00:52:03.978Z
[6] Kuwait says air defenses intercepting missile and drone attacks Time: 2026-07-09T00:46:05.074Z
[7] IRGC-linked channel reports missile attack on US bases in region Time: 2026-07-09T00:42:25.974Z
[8] Bahrain activates alarm sirens, urges residents to seek shelter Time: 2026-07-09T00:32:43.220Z
[9] Trump shares a post of US strike on Iranshahr airport Time: 2026-07-09T00:26:12.772Z
[10] Trump questions Iran's commitment to any deal Time: 2026-07-09T00:02:14.050Z
Hormuz Strait Status
Strait of Hormuz Dashboard:
- Strait Status: CLOSED (since 2026-02-28, 130 days ago)
- Ships Transiting: 34 of 60 normal daily β 56.7% of normal
- Throughput: 17.0% of normal (1.8M / 10.3M DWT)
- Stranded Vessels: 0
- Oil Prices: Brent $71.59 (+2.04%)
- War Risk Insurance: EXTREME β 53.3x normal
- Tanker Rates: WS480 (+860% vs pre-crisis)
- Global Impact: 21% of world oil supply at risk; est. $4.2 billion/day economic cost