Finance Analyst Report: 2026-07-10 09:02:54 ET
Signal Alignment
SPY Direction: SPY +1.0% (3d) | Alignment: 100% (6 aligned, 0 divergent) Status: STRONG ALIGNMENT β Strong alignment β structural signals confirm price direction
| Category | Signal Says | vs SPY | Key Driver |
|---|---|---|---|
| Dark Pool | βͺ NEUTRAL | β | DIX 0.446 moderate, 0DTE PCR 1.00 balanced |
| Gamma | βͺ NEUTRAL | β | live dealer gamma -0.2B near the gamma flip / balanced, GEX +6.8B strong suppression |
| Breadth | π’ BULLISH | β ALIGNED | Breadth 65% β broad participation supports rally |
| Energy | π’ BULLISH | β ALIGNED | Energy STABLE β no macro headwind from oil |
| growth_expectations | βͺ NEUTRAL | β | Copper/Gold -0.9% neutral Β· real yield 2.30% restrictive |
| Correlations | π’ BULLISH | β ALIGNED | SPY/VIX -0.84 normal, SPY/DXY -0.42 elevated, SPY/TNX -0.20 elevated, SPY/Oil -0.18 normal |
| Volatility | βͺ NEUTRAL | β | VIX 15.8 sub-20 in contango Β· SKEW 145 firm Β· VVIX/VIX 5.63 dealer stress |
| Inflation | π’ BULLISH | β ALIGNED | Stagflation score 20 β low inflation risk |
| carry_risk | π’ BULLISH | β ALIGNED | USD/JPY 5d +0.2% stable, MOVE 65 calm |
| Liquidity | βͺ NEUTRAL | β | Liquidity Adequate, cut prob 11% β hawkish lean but no BS drain |
| Credit | π’ BULLISH | β ALIGNED | HY OAS 2.70% benign, NFCI -0.515 loose |
Divergence read: Structural signals confirm the rally β breadth, energy, and correlations align with SPY's uptrend (100% of directional signals in agreement).
Market Status
Regime: TRANSITIONAL | Score: 84/100 (Favorable, with caution) | Score reads 84 (Favorable) but regime is TRANSITIONAL β DIX below threshold (0.446) keeps full risk-on classification at bay.
Leading indicators show DIX stable at 0.446; live dealer gamma negative at -0.2B (vol-amplifying). Lagging confirmation: VIX at 15.8 (low-fear environment); seasonal pattern historically bullish.
What Changed
- No signal changes detected.
Key Levels
- SPY: $751.86 | 50 SMA $740.37 | 200 SMA $694.04 | +0.0% from 50d | ZGL $749.43
- QQQ: $720.32 | 50 SMA $713.80 | 200 SMA $637.39 | +0.0% from 50d | ZGL $719.6
- IWM: $297.71 | 50 SMA $288.18 | 200 SMA $261.85 | +0.0% from 50d | ZGL $296.64
- VIX: 15.76 β sub-20 (low vol)
- 10Y Yield: 4.545%
Equity & Derivatives Board
| Ticker | Price | RSI(14) | IVR | ZGL | Ξ³-Sent | PCR |
|---|---|---|---|---|---|---|
| SPY | $751.86 | 58.38 | 68.2 | $749.43 | Neutral | 0.67 |
| QQQ | $720.32 | 50.25 | 84.2 | $719.60 | Neutral | 0.83 |
| IWM | $297.71 | 61.73 | 30.6 | $296.64 | Neutral | 0.95 |
Macro Board
| Ticker | Price | RSI(14) | IVR | ZGL | Ξ³-Sent | PCR |
|---|---|---|---|---|---|---|
| VIX | 15.76 | 45.21 | 46.0 | $10.50 | Neutral | 1.30 |
| TNX | 45.45 | 58.52 | 42.4 | - | - | - |
| GLD | $376.60 | 41.43 | 40.9 | $360.99 | Neutral | 1.48 |
| DXY | 100.89 | 50.67 | 23.6 | - | - | - |
| SLV | $54.03 | 32.93 | 23.6 | $38.00 | Neutral | 1.38 |
Dark Pool Activity
- DIX (Dark Index): 0.446
- DIX Signal: Neutral
- GEX (Gamma Exposure): 6.81B
Credit Conditions
- HY OAS Spread: 2.70% (Normal)
- BBB Spread: 0.94%
- 2s10s Spread: 0.38% (Flat-ish)
Market Breadth
- Stocks Above 50-Day SMA: 64.8%
- Stocks Above 200-Day SMA: 65.3%
- Breadth Signal: Strong Bullish
- Total Stocks Analyzed: 497
- Mag 7 Concentration: 31.1%
- Top 10 Concentration: 41.2%
Sector Breadth
| Sector | % > 50d SMA | Stocks |
|---|---|---|
| Health Care | 94.3% | 0/0 |
| Financials | 88.1% | 0/0 |
| Utilities | 80.0% | 0/0 |
| Real Estate | 67.9% | 0/0 |
| Industrials | 64.2% | 0/0 |
| Consumer Staples | 55.9% | 0/0 |
| Technology | 53.8% | 0/0 |
| Consumer Discretionary | 47.5% | 0/0 |
| Materials | 45.8% | 0/0 |
| Communication Services | 40.0% | 0/0 |
| Energy | 36.8% | 0/0 |
Energy & Commodities
- Energy Regime: STABLE
- WTI Crude: $72.13 (5d: +5.2%)
- Brent Crude: $76.55 | Spread: $4.42
- RBOB Gasoline: $2.8300/gal
- Heating Oil: $3.6100/gal
- 3-2-1 Crack Spread: $57.65/bbl (Very wide)
- XLE (Energy Sector): $54.82
- UNG (Nat Gas): $10.83
Correlations
| Pair | 20d Corr | Signal |
|---|---|---|
| SPY / VIX | -0.837 | normal |
| SPY / DXY | -0.418 | elevated |
| SPY / TNX | -0.201 | elevated |
| SPY / Oil | -0.18 | normal |
Volatility & Options
- Volatility Regime: Contango (Normal)
- MOVE Index (Bond Vol): 65.40
- VIX/MOVE Ratio: 0.24 (Normal Relationship)
- 0DTE Call Volume: 0.0
- 0DTE Put Volume: 0.0
- 0DTE Put/Call Ratio: 1.00 (No 0DTE Flow Yet)
- 0DTE Notional Dollar Volume: $626.1B
- Gamma Call Wall: $755 | Put Wall: $745 (Spot: $751.86)
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: -0.9% (as of 2026-07-08)
- Squeeze Setup: none (0/4 triggers Β· no triggers active)
Macro Fundamentals
- 10Y Yield: 4.54%
- Yield Curve (10Y-3M): 0.87 (Normal)
- DXY: 100.89
- Growth vs Value: 0.96
- Fed Funds Rate: 3.50-3.75% | Next FOMC: 2026-07-29
- Rate Probabilities: Hold 84.0% | Cut 11.0%
Inflation Expectations
- 5Y Breakeven: 2.31% (Near Target)
- 10Y Breakeven: 2.25%
- 5Y5Y Forward: 2.19%
- Stagflation Risk Score: 20/100
Fed & Global Liquidity
- Fed Balance Sheet (WALCL): $6735.6B
- Treasury General Account (TGA): $774.1B
- Reverse Repo (RRP): $5.8B
- US Net Liquidity (WALCL - TGA - RRP): $5,956B
- Liquidity Regime: Adequate
- ECB Balance Sheet: ~$6,839B
- BOJ Balance Sheet: ~$3,938B
- Global Net Liquidity: $16,733B
- BTC-USD (Liquidity Proxy): $64,290 (Neutral)
Active Alerts
- [WARNING] SPY near gamma wall β expect increased resistance/support and potential pinning at key strike.
- [WARNING] SKEW at 145 β elevated tail-risk hedging activity.
- [WARNING] 10Y real yield at 2.30% β restrictive monetary conditions weighing on growth assets.
- [WARNING] 3-2-1 crack spread at $57.65/bbl β refining margins extremely elevated, consumer fuel price pressure.
- [WARNING] Oil spike alert: USO at $109.01 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).
- [WARNING] Pack size threshold breach (refresh #3): max=159186B avg=114668B
- [INFO] SPY (747.76) reclaimed ZGL (745.10) β volatility dampening resumes.
- [WARNING] SPY (741.37) dropped below ZGL (747.62) β expect amplified downside moves.
- [WARNING] Pack size threshold breach (refresh #2): max=159186B avg=113404B
Seasonality
- Current Month: July
- Average Return: +2.57%
- Median Return: +2.28%
- Hit Rate: 80%
- Signal: Historically Bullish
Today's Events
Economic Releases:
- 30-Year Bond Auction: 5.058% | Prev: 5.050%
- Existing Home Sales(Jun): 4.09 vs Est. 4.19 (MISS) | Prev: 4.19
- Initial Jobless Claims: 215 vs Est. 218 (MISS) | Prev: 217
- Continuing Jobless Claims: 1,814 vs Est. 1,820 (MISS) | Prev: 1,806
- Existing Home Sales(MoM)(Jun): -2.4% | Prev: 3.7%
- Fed's Balance Sheet: 6,736 | Prev: 6,725
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
- 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)
- GOOGL (2026-07-22): EPS Est. $2.87 (β0.0% vs 30d)
- TSLA (2026-07-22): EPS Est. $0.49 (β7.1% 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] Equities: AI Boom risks and resilience - Commerzbank URL: https://www.fxstreet.com/news/equities-ai-boom-risks-and-resilience-commerzbank-202607101234 Published: Fri, 10 Jul 2026 12:34:43 Z
[2] Breaking: Canada's Unemployment Rate came in at 6.5% in June URL: https://www.fxstreet.com/news/canada-unemployment-rate-expected-to-remain-at-66-in-june-202607100600 Published: Fri, 10 Jul 2026 12:32:04 Z
[3] Canada Net Change in Employment came in at 18.2K, above forecasts (10K) in June URL: https://www.fxstreet.com/news/canada-net-change-in-employment-came-in-at-182k-above-forecasts-10k-in-june-202607101230 Published: Fri, 10 Jul 2026 12:30:03 Z
[4] Canada Unemployment Rate came in at 6.5%, below expectations (6.6%) in June URL: https://www.fxstreet.com/news/canada-unemployment-rate-came-in-at-65-below-expectations-66-in-june-202607101230 Published: Fri, 10 Jul 2026 12:30:02 Z
[5] Canada Participation Rate remains unchanged at 65% in June URL: https://www.fxstreet.com/news/canada-participation-rate-remains-unchanged-at-65-in-june-202607101230 Published: Fri, 10 Jul 2026 12:30:01 Z
[6] Canada Building Permits (MoM) climbed from previous -7.6% to -1.7% in May URL: https://www.fxstreet.com/news/canada-building-permits-mom-climbed-from-previous-76-to-17-in-may-202607101230 Published: Fri, 10 Jul 2026 12:30:01 Z
[7] United States: New methodology trims Core PCE inflation - Wells Fargo URL: https://www.fxstreet.com/news/united-states-new-methodology-trims-core-pce-inflation-wells-fargo-202607101217 Published: Fri, 10 Jul 2026 12:17:09 Z
[8] Brazil IPCA Inflation registered at 0.16%, below expectations (0.31%) in June URL: https://www.fxstreet.com/news/brazil-ipca-inflation-registered-at-016-below-expectations-031-in-june-202607101200 Published: Fri, 10 Jul 2026 12:00:09 Z
[9] Mexico Industrial Output (YoY) came in at -0.7%, below expectations (-0.1%) in May URL: https://www.fxstreet.com/news/mexico-industrial-output-yoy-came-in-at-07-below-expectations-01-in-may-202607101200 Published: Fri, 10 Jul 2026 12:00:04 Z
[10] Indian Rupee: Stabilisation but recovery hurdles against US Dollar - OCBC URL: https://www.fxstreet.com/news/indian-rupee-stabilisation-but-recovery-hurdles-against-us-dollar-ocbc-202607101156 Published: Fri, 10 Jul 2026 11:56:45 Z
[11] Canadian Dollar: Labour data seen softening - TD Securities URL: https://www.fxstreet.com/news/canadian-dollar-labour-data-seen-softening-td-securities-202607101149 Published: Fri, 10 Jul 2026 11:49:41 Z
Iran War News
No new Iran International updates since last report.
Hormuz Strait Status
Hormuz Strait: no change since last report.
Strait of Hormuz Dashboard:
- Strait Status: RESTRICTED (since 2026-02-28, 132 days ago)
- Ships Transiting: 15 of 60 normal daily β 13.3% of normal
- Throughput: 13.0% of normal (0.0M / 10.3M DWT)
- Stranded Vessels: 280
- Oil Prices: Brent $69.56 (+1.28%)
- War Risk Insurance: EXTREME β 20.0x normal
- Tanker Rates: WS185 (+270% vs pre-crisis)
- Global Impact: 21% of world oil supply at risk; est. $2.8 billion/day economic cost