SPY & QQQ EMAs Converging

January 5‑9, 2026 price action shows both SPY and QQQ pushing above their short‑term EMAs. SPY closed each day above EMA5 (690.55) and EMA9 (689.09), hitting a fresh record high of 694.07 on Jan 9. QQQ rose from 617.99 to 626.69, overtaking EMA5 (622.68) and EMA9 (621.24) by Jan 6‑9, yet still under the 625.52 breakout level from December. The VIX hovered near 15, signaling a calm, low‑volatility backdrop. Market breadth improved as Industrials and Technology led, while defensive sectors lagged. Mixed ISM data (services 54.4, manufacturing 47.9) and modest job figures keep the macro tone cautiously optimistic. With EMAs tightening and momentum building, a near‑term breakout for both indices looks likely—especially if QQQ clears 625.52. Expect continued upside into mid‑February, though short‑term pull‑backs around Jan 15‑17 could test support near the 20‑day EMAs. TICKER: SPY