Strasmore Research
市場回顧 Matt Connor作者： Matt Connor · 更新於 2026-07-25

2026年7月8日市場回顧：晶片反彈大盤無感

半導體單日反彈，NVDA連二日收紅，MU成交值居冠，但大盤漲跌家數比逾二比一偏空，指數幾乎持平。

2026年7月8日週三，半導體股出現單日反彈，但指數幾乎無感。SNDK收盤+6.8%，AVGO+4.82%，NVDA+3.66%——相對於週二的晶片股重挫是一次劇烈反轉——然而指數ETF文風不動：SPY-0.31%，QQQ+0.25%。大盤漲跌家數比約二比一偏空，較前一日更差：1821家上漲對4260家下跌，上漲佔比29.6%，前一交易時段為33.8%。下方每個數字均來自預存查詢——展開任一區塊即可檢視實際SQL。

記分板

所有變動皆以7月8日最後一分鐘K線與前一個交易日7月7日（週二）比較——即連續兩個交易日。各列依字母排序，因此每檔ETF維持固定位置。

查詢SPY / QQQ / DIA / IWM — 7月8日 對比 7月7日收盤，常規交易時段
每個數據背後的精確 SQL 語法
WITH prior AS (
    SELECT ticker, argMax(close, window_start) AS prior_close
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('SPY', 'QQQ', 'DIA', 'IWM')
      AND window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00'
    GROUP BY ticker
),
sess AS (
    SELECT ticker,
           argMin(open, window_start) AS day_open,
           argMax(close, window_start) AS day_close,
           max(high) AS day_high,
           min(low) AS day_low,
           round(toFloat64(sum(volume)) / 1e6, 1) AS shares_traded_m
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('SPY', 'QQQ', 'DIA', 'IWM')
      AND window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00'
    GROUP BY ticker
)
SELECT
    s.ticker AS ticker,
    round(toFloat64(p.prior_close), 2) AS prior_close,
    round(toFloat64(s.day_open), 2) AS day_open,
    round(toFloat64(s.day_close), 2) AS day_close,
    round((toFloat64(s.day_open) / toFloat64(p.prior_close) - 1) * 100, 2) AS gap_pct,
    round((toFloat64(s.day_close) / toFloat64(s.day_open) - 1) * 100, 2) AS intraday_pct,
    round((toFloat64(s.day_close) / toFloat64(p.prior_close) - 1) * 100, 2) AS pct_change,
    round(toFloat64(s.day_high), 2) AS day_high,
    round(toFloat64(s.day_low), 2) AS day_low,
    s.shares_traded_m
FROM sess s LEFT JOIN prior p ON s.ticker = p.ticker
ORDER BY ticker

這四檔ETF開盤皆跳空下跌，隨後走勢分歧。DIA 開盤價為 -0.97%（相較前日收盤），盤中進一步走弱，最終收在 -1.09%。IWM 開盤價為 -0.73%，全天維持跌勢，收在 -0.92%。SPY 開盤價為 -0.6%，盤中逐步收復失土，最終仍收在 -0.31%——自開盤低點回升的幅度小於跳空缺口。QQQ 開盤價為 -0.64%，隨後反彈走高，收盤來到 +0.25%，是四檔中唯一收在平盤之上的標的。

當天是否異常？

SPY 開盤至收盤的波動幅度為 0.29%，在過去 22 個交易日中排名第 16——對該指數而言屬於中等水準，並非極端值。QQQ 的收盤對收盤變動為 +0.25%，在 22 個交易日中排名第 21——是 QQQ 過去一個月以來最小的波動之一，與該指數平淡的表現一致。

查詢SPY / QQQ 日內走勢於近期脈絡（收盤對收盤，約22個交易日）
每個數據背後的精確 SQL 語法
SELECT
    round(anyIf(cc_pct, ticker = 'QQQ' AND d = toDate('2026-07-08')), 2) AS qqq_close_over_close_pct,
    arrayCount(x -> x > abs(anyIf(cc_pct, ticker = 'QQQ' AND d = toDate('2026-07-08'))), groupArrayIf(abs(cc_pct), ticker = 'QQQ' AND d != toDate('2026-07-08'))) + 1 AS qqq_abs_move_rank,
    countIf(ticker = 'QQQ') AS qqq_sessions_compared,
    round(anyIf(oc_pct, ticker = 'SPY' AND d = toDate('2026-07-08')), 2) AS spy_open_to_close_pct,
    arrayCount(x -> x > abs(anyIf(oc_pct, ticker = 'SPY' AND d = toDate('2026-07-08'))), groupArrayIf(abs(oc_pct), ticker = 'SPY' AND d != toDate('2026-07-08'))) + 1 AS spy_abs_move_rank,
    countIf(ticker = 'SPY') AS spy_sessions_compared,
    toString(min(d)) AS first_session
FROM (
    SELECT ticker, d,
           (close_px / lagInFrame(close_px) OVER (PARTITION BY ticker ORDER BY d) - 1) * 100 AS cc_pct,
           oc_pct
    FROM (
        SELECT ticker, toDate(toTimeZone(window_start, 'America/New_York')) AS d,
               argMax(toFloat64(close), window_start) AS close_px,
               (argMax(toFloat64(close), window_start) / argMin(toFloat64(open), window_start) - 1) * 100 AS oc_pct
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker IN ('SPY', 'QQQ')
          AND window_start >= toDateTime('2026-06-05 13:30:00')
          AND window_start < toDateTime('2026-07-09 00:00:00')
          AND (toHour(window_start) * 60 + toMinute(window_start)) BETWEEN 810 AND 1199
        GROUP BY ticker, d
    )
)

市場廣度：下跌家數對上漲家數的比例，比前一個交易日更接近二比一

查詢流動性廣度：7月8日上漲股數對比7月7日，成交額100萬美元篩選
每個數據背後的精確 SQL 語法
SELECT
    countIf(close_8 > close_7 AND close_7 > 0 AND dv_8 >= 1000000) AS advancers,
    countIf(close_8 < close_7 AND close_7 > 0 AND dv_8 >= 1000000) AS decliners,
    countIf(close_8 = close_7 AND close_7 > 0 AND dv_8 >= 1000000) AS unchanged,
    countIf(close_7 > 0 AND close_8 > 0 AND dv_8 >= 1000000) AS liquid_tickers,
    countIf(close_7 > 0 AND close_8 > 0) AS traded_both_sessions,
    countIf(close_7 > 0 AND close_8 > 0) - countIf(close_7 > 0 AND close_8 > 0 AND dv_8 >= 1000000) AS dropped_by_liquidity_filter,
    round(100.0 * countIf(close_8 > close_7 AND close_7 > 0 AND dv_8 >= 1000000) / countIf(close_7 > 0 AND close_8 > 0 AND dv_8 >= 1000000), 1) AS advancer_pct,
    round(100.0 * countIf(close_7 > close_6 AND close_6 > 0 AND dv_7 >= 1000000) / countIf(close_7 > 0 AND close_6 > 0 AND dv_7 >= 1000000), 1) AS jul7_advancer_pct
FROM (
    SELECT ticker,
           toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-06 13:30:00' AND window_start < '2026-07-06 20:00:00')) AS close_6,
           toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00')) AS close_7,
           toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00')) AS close_8,
           sumIf(toFloat64(close) * toFloat64(volume), window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00') AS dv_8,
           sumIf(toFloat64(close) * toFloat64(volume), window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00') AS dv_7
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE window_start >= '2026-07-06 13:30:00' AND window_start < '2026-07-08 20:00:00'
    GROUP BY ticker
)

上漲家數（1821）與下跌家數（4260）之間的差距，使上漲家數占比來到 29.6%，低於前一交易日的 33.8%——兩者皆採用相同的流動性篩選條件計算。在 11439 檔兩個交易日都有收盤價的標的中，有 5284 檔低於百萬美元成交量的篩選門檻，因此不納入統計。晶片股帶動的反彈與指數漲跌互見的收盤，是建立在整體盤勢更為一面倒偏空的基礎之上。

晶片板塊強勁反彈——成交量放大

各列按字母順序排列，因此每檔股票維持固定位置；週二的比較數據是根據下方收據區塊中 7 月 7 日與 7 月 6 日的收盤價重新計算得出。

查詢十四檔晶片股：前收、日收、日區間、成交金額、日低/日高時間（美東）
每個數據背後的精確 SQL 語法
WITH per_name AS (
    SELECT
        ticker,
        toFloat64(argMaxIf(close, window_start, window_start < '2026-07-08 00:00:00')) AS prior_close,
        toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-08 00:00:00')) AS day_close,
        maxIf(toFloat64(high), window_start >= '2026-07-08 00:00:00') AS day_high,
        minIf(toFloat64(low), window_start >= '2026-07-08 00:00:00') AS day_low,
        argMinIf(window_start, (toFloat64(low), toInt64(toUnixTimestamp(window_start))), window_start >= '2026-07-08 00:00:00') AS low_bar,
        argMaxIf(window_start, (toFloat64(high), -toInt64(toUnixTimestamp(window_start))), window_start >= '2026-07-08 00:00:00') AS high_bar,
        round(sumIf(toFloat64(close) * toFloat64(volume), window_start >= '2026-07-08 00:00:00') / 1e9, 2) AS day_dollar_bn
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('AMD', 'AVGO', 'INTC', 'KLAC', 'LRCX', 'MRVL', 'MU', 'NVDA', 'SNDK', 'SOXL', 'SOXS', 'STX', 'TER', 'WDC')
      AND ((window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00')
        OR (window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00'))
    GROUP BY ticker
)
SELECT
    ticker,
    round(prior_close, 2) AS prior_close,
    round(day_close, 2) AS day_close,
    round((day_close / prior_close - 1) * 100, 2) AS pct_chg,
    round(((day_high - day_low) / prior_close) * 100, 2) AS range_pct,
    round(toFloat64(day_low), 2) AS day_low,
    round(toFloat64(day_high), 2) AS day_high,
    toUInt32(toHour(toTimeZone(low_bar, 'America/New_York')) * 60 + toMinute(toTimeZone(low_bar, 'America/New_York'))) AS low_minute_et,
    toUInt32(toHour(toTimeZone(high_bar, 'America/New_York')) * 60 + toMinute(toTimeZone(high_bar, 'America/New_York'))) AS high_minute_et,
    day_dollar_bn
FROM per_name
ORDER BY ticker

十四檔晶片股中有 12 檔收漲——與週二交易時段相反，當時十四檔中有 12 檔收跌。SNDK 領漲板塊，漲幅達 +6.8%，成交金額為 16.82B 美元，AVGO 緊隨其後，漲幅為 +4.82%；其他儲存類股同步走揚——STX +3.9%，WDC +3.45%。三倍做多 ETF SOXL 上漲 +5.79%，反向 ETF SOXS 則 -6.22%——與基礎板塊的單日反彈走勢一致。MU 漲幅較為溫和，為 +1.11%，但成交金額達 32.02B 美元——是表中美元成交額最高的個股。NVDA 收漲 +3.66%，連續第二個交易日收紅：它是本表中少數在週二暴跌中仍能收漲的 2 檔個股之一（當日漲幅 +0.67%）。

查詢收據：7月8日與7月7日同一十四檔個股漲跌家數統計
每個數據背後的精確 SQL 語法
SELECT
    countIf(close_8 > close_7) AS jul8_green,
    countIf(close_8 < close_7) AS jul8_red,
    countIf(close_7 > close_6) AS jul7_green,
    countIf(close_7 < close_6) AS jul7_red,
    round(anyIf((close_7 / close_6 - 1) * 100, ticker = 'NVDA'), 2) AS nvda_jul7_pct,
    count() AS names_counted
FROM (
    SELECT ticker,
           toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-06 13:30:00' AND window_start < '2026-07-06 20:00:00')) AS close_6,
           toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00')) AS close_7,
           toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00')) AS close_8
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('AMD', 'AVGO', 'INTC', 'KLAC', 'LRCX', 'MRVL', 'MU', 'NVDA', 'SNDK', 'SOXL', 'SOXS', 'STX', 'TER', 'WDC')
      AND window_start >= '2026-07-06 13:30:00' AND window_start < '2026-07-08 20:00:00'
    GROUP BY ticker
)

另一面：防禦型與成長型巨型股並未跟進

查詢輪動檢查：八檔個股 — 防禦型、巨型股、生物科技
每個數據背後的精確 SQL 語法
WITH per_name AS (
    SELECT
        ticker,
        toFloat64(argMaxIf(close, window_start, window_start < '2026-07-08 00:00:00')) AS prior_close_raw,
        toFloat64(argMinIf(open, window_start, window_start >= '2026-07-08 00:00:00')) AS day_open_raw,
        toFloat64(argMaxIf(close, window_start, window_start >= '2026-07-08 00:00:00')) AS day_close_raw,
        round(sumIf(toFloat64(close) * toFloat64(volume), window_start >= '2026-07-08 00:00:00') / 1e9, 2) AS day_dollar_bn
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE ticker IN ('CRNX', 'CVX', 'JNJ', 'LLY', 'META', 'TSLA', 'UNH', 'XOM')
      AND ((window_start >= '2026-07-07 13:30:00' AND window_start < '2026-07-07 20:00:00')
        OR (window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00'))
    GROUP BY ticker
)
SELECT
    ticker,
    round(prior_close_raw, 2) AS prior_close,
    round(day_open_raw, 2) AS day_open,
    round(day_close_raw, 2) AS day_close,
    round((day_open_raw / prior_close_raw - 1) * 100, 2) AS gap_pct,
    round((day_close_raw / day_open_raw - 1) * 100, 2) AS intraday_pct,
    round((day_close_raw / prior_close_raw - 1) * 100, 2) AS pct_chg,
    day_dollar_bn
FROM per_name
ORDER BY ticker

成長型巨型股的走勢與晶片族群相反：TSLA -2.22%、META -2.04%、LLY -1.6%。CVX 是觀察名單中唯一收漲的個股，早盤跳空開高後上漲 +1.12%，而 XOM 開盤漲 +1.26% 後漲勢消退，收盤時僅 -0.49%。週三的盤勢因此一分為二——晶片股上漲，成長型與防禦型個股下跌——指數則夾在中間原地踏步。（排序依字母順序：CRNX、CVX、JNJ、LLY、META、TSLA、UNH、XOM。）

資金流向何處

查詢成交金額前6名、成交量前4名 — 7月8日常規交易時段
每個數據背後的精確 SQL 語法
SELECT leaderboard, ticker, dollar_volume_bn, shares_m,
    round(1000 * dollar_volume_bn / shares_m, 2) AS implied_avg_price,
    round(100 * if(leaderboard = 'by dollars traded', dollar_volume_bn, shares_m)
        / max(if(leaderboard = 'by dollars traded', dollar_volume_bn, shares_m)) OVER (PARTITION BY leaderboard), 1) AS pct_of_board_leader
FROM (
    SELECT
        'by dollars traded' AS leaderboard,
        ticker,
        round(sum(toFloat64(close) * toFloat64(volume)) / 1e9, 2) AS dollar_volume_bn,
        round(sum(toFloat64(volume)) / 1e6, 1) AS shares_m
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00'
      AND ticker NOT IN ('SPCX')
    GROUP BY ticker
    ORDER BY dollar_volume_bn DESC
    LIMIT 6
    UNION ALL
    SELECT
        'by shares traded' AS leaderboard,
        ticker,
        round(sum(toFloat64(close) * toFloat64(volume)) / 1e9, 2) AS dollar_volume_bn,
        round(sum(toFloat64(volume)) / 1e6, 1) AS shares_m
    FROM global_markets.delayed_stocks_minute_aggs
    WHERE window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00'
      AND ticker NOT IN ('SPCX')
    GROUP BY ticker
    ORDER BY shares_m DESC
    LIMIT 4
)
ORDER BY leaderboard, pct_of_board_leader DESC

MU 成交金額高達 32.02B 美元——盤面上最重的個股，也是唯一突破 300 億美元門檻的標的。緊隨其後的是 SPY（26.49B）、NVDA（24.17B）和 QQQ（20.9B），而 SNDK 的 16.82B 與 TSLA 的 11.71B 則補齊了成交金額榜單。成交量榜單則呈現不同面貌：3 倍反向半導體 ETF SOXS 成交了 636.5M 股，隱含均價為 $4.67——這是在晶片股重挫日裡，低價位 3 倍槓桿包裝的機制性現象。

盤中交易量分布形態

查詢每30分鐘美東時段成交量，常規交易時段，含佔當日最大時段百分比
每個數據背後的精確 SQL 語法
SELECT
    formatDateTime(toStartOfInterval(toTimeZone(window_start, 'America/New_York'), INTERVAL 30 MINUTE), '%H:%i') AS et_time,
    round(sum(toFloat64(volume)) / 1e9, 2) AS shares_bn,
    round(100 * sum(toFloat64(volume)) / max(sum(toFloat64(volume))) OVER (), 1) AS pct_of_biggest_bucket
FROM global_markets.delayed_stocks_minute_aggs
WHERE window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00'
GROUP BY et_time
ORDER BY et_time

成交量畫出一條教科書般的U型曲線：開盤時段的成交量占全日最大時段的 89.9%，隨後在上午逐漸萎縮，並在美東時間下午1:00至1:30觸及 34.1% 的低點。收盤前半小時（美東時間15:30）則是全日最大時段，成交量達 2.2B 股——高於開盤時段的 1.98B 股，符合一般交易日的標準模式。

選擇權交易紀錄

查詢選擇權報價帶：成交筆數、合約量、買權佔比、0DTE佔比對比週二、最大合約
每個數據背後的精確 SQL 語法
WITH
    (
        SELECT (groupArray(und), groupArray(strike), groupArray(typ), groupArray(vol), groupArray(avg_px), groupArray(is_0dte))
        FROM (
            SELECT any(underlying_symbol) AS und, any(toFloat64(strike_price)) AS strike, any(option_type) AS typ,
                   sum(size) AS vol, round(avg(toFloat64(price)), 3) AS avg_px,
                   if(substring(ticker, length(ticker) - 14, 6) = '260708', 1, 0) AS is_0dte
            FROM global_markets.options_trades
            WHERE sip_timestamp >= '2026-07-08 00:00:00' AND sip_timestamp < '2026-07-09 00:00:00'
            GROUP BY ticker
            ORDER BY vol DESC
            LIMIT 2
        )
    ) AS top2,
    (
        SELECT round(toFloat64(argMax(close, window_start)), 2)
        FROM global_markets.delayed_stocks_minute_aggs
        WHERE ticker = 'SPY' AND window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00'
    ) AS spy_regular_close,
    (
        SELECT round(toFloat64(sum(size)) / 1e6, 2)
        FROM global_markets.options_trades
        WHERE sip_timestamp >= '2026-07-07 00:00:00' AND sip_timestamp < '2026-07-08 00:00:00'
    ) AS jul7_contracts_m,
    (
        SELECT round(100.0 * sumIf(size, substring(ticker, length(ticker) - 14, 6) = '260707') / sum(size), 1)
        FROM global_markets.options_trades
        WHERE sip_timestamp >= '2026-07-07 00:00:00' AND sip_timestamp < '2026-07-08 00:00:00'
    ) AS jul7_pct_0dte
SELECT
    round(count() / 1e6, 2) AS option_prints_m,
    round(toFloat64(sum(size)) / 1e6, 2) AS contracts_m,
    jul7_contracts_m,
    round(100.0 * sumIf(size, option_type = 'C') / sum(size), 1) AS call_pct_of_volume,
    round(100.0 * sumIf(size, substring(ticker, length(ticker) - 14, 6) = '260708') / sum(size), 1) AS pct_0dte,
    jul7_pct_0dte,
    spy_regular_close,
    top2.1[1] AS top1_und, top2.2[1] AS top1_strike, top2.3[1] AS top1_type, top2.4[1] AS top1_contracts, top2.5[1] AS top1_avg_px, top2.6[1] AS top1_is_0dte,
    round(toFloat64(top2.2[1]) - spy_regular_close, 2) AS top1_moneyness
FROM global_markets.options_trades
WHERE sip_timestamp >= '2026-07-08 00:00:00' AND sip_timestamp < '2026-07-09 00:00:00'

綜合選擇權交易紀錄顯示 10.44M 筆成交與 63.26M 口合約 — 高於週二的 61.13M，該數據係以週二同一時段之相同紀錄計算。買權佔總成交量 55.4%，呈現溫和的買權偏多格局。0DTE 合約（當日到期，260708）佔合約成交量 38.7%，高於週二的 31.2%。最活躍的單一合約為 SPY 745C — 成交量 677981 口，均價 $0.875，此為當日到期合約，對應 SPY 常規收盤價 $745.31，實質上處於價平狀態。

報價紀錄

查詢股票NBBO更新次數：7月8日對比7月7日，含指定個股更新量（百萬次）
每個數據背後的精確 SQL 語法
SELECT
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-08')) / 1e6, 2) AS jul8_updates_m,
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-07')) / 1e6, 2) AS jul7_updates_m,
    round((countIf(toDate(sip_timestamp) = toDate('2026-07-08')) / countIf(toDate(sip_timestamp) = toDate('2026-07-07')) - 1) * 100, 1) AS day_over_day_pct,
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-08') AND ticker = 'SPY') / 1e6, 2) AS jul8_spy_updates_m,
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-08') AND ticker = 'QQQ') / 1e6, 2) AS jul8_qqq_updates_m,
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-08') AND ticker = 'NVDA') / 1e6, 2) AS jul8_nvda_updates_m,
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-08') AND ticker = 'TSLA') / 1e6, 2) AS jul8_tsla_updates_m,
    round(countIf(toDate(sip_timestamp) = toDate('2026-07-08') AND ticker = 'MU') / 1e6, 2) AS jul8_mu_updates_m
FROM global_markets.cache_stocks_quotes
WHERE sip_timestamp >= '2026-07-07 00:00:00' AND sip_timestamp < '2026-07-09 00:00:00'

7月8日個股報價紀錄共承載 530.55M 筆 NBBO 更新 — 較前一交易日 +7.7%。QQQ 的 6.53M 筆更新在具名標的中居首，領先 SPY 的 4.93M 筆。NVDA（1.8M）、TSLA（0.72M）與 MU（0.6M）則補齊了具名標的的更新筆數。

查詢SPY / QQQ / NVDA / TSLA / MU / SNDK / AVGO：常規交易時段中位數報價價差（基點）
每個數據背後的精確 SQL 語法
SELECT
    ticker,
    round(quantileExact(0.5)((toFloat64(ask_price) - toFloat64(bid_price)) / ((toFloat64(ask_price) + toFloat64(bid_price)) / 2) * 10000), 2) AS median_spread_bps
FROM global_markets.cache_stocks_quotes
WHERE ticker IN ('SPY', 'QQQ', 'NVDA', 'TSLA', 'MU', 'SNDK', 'AVGO')
  AND sip_timestamp >= '2026-07-08 13:30:00' AND sip_timestamp < '2026-07-08 20:00:00'
  AND bid_price > 0 AND ask_price > 0 AND ask_price > bid_price
GROUP BY ticker
ORDER BY median_spread_bps ASC

就七檔具名標的而言，SPY 常規交易時段報價價差中位數為 0.27 個基點 — 落在這檔流動性最高美股 ETF 的正常區間下緣。QQQ 報價價差為 0.71 個基點，NVDA 為 1.52 個基點。價差較大的尾部則屬於報價較稀疏的標的：MU 為 5.66 個基點，SNDK 為 12.21 個基點。

查詢SPY 常規交易時段平均報價價差於近月脈絡
每個數據背後的精確 SQL 語法
SELECT
    round(anyIf(avg_spread_cents, d = toDate('2026-07-08')), 3) AS jul8_avg_spread_cents,
    arrayCount(x -> x < anyIf(avg_spread_cents, d = toDate('2026-07-08')), groupArrayIf(avg_spread_cents, d != toDate('2026-07-08'))) + 1 AS tightness_rank,
    count() AS sessions_compared,
    round(min(avg_spread_cents), 3) AS tightest_session_cents,
    round(max(avg_spread_cents), 3) AS widest_session_cents,
    toString(min(d)) AS first_session,
    sum(dropped_invalid) AS dropped_invalid_quotes
FROM (
    SELECT toDate(toTimeZone(sip_timestamp, 'America/New_York')) AS d,
           avgIf(toFloat64(ask_price - bid_price), bid_price > 0 AND ask_price >= bid_price) * 100 AS avg_spread_cents,
           countIf(NOT (bid_price > 0 AND ask_price >= bid_price)) AS dropped_invalid
    FROM global_markets.cache_stocks_quotes
    WHERE ticker = 'SPY'
      AND sip_timestamp >= toDateTime('2026-06-05 00:00:00')
      AND sip_timestamp < toDateTime('2026-07-09 00:00:00')
      AND (toHour(sip_timestamp) * 60 + toMinute(sip_timestamp)) BETWEEN 810 AND 1199
    GROUP BY d
)

SPY 常規交易時段 平均 報價價差 2.202 美分，在過去 22 個交易日中排名第 11 — 就價差緊縮程度而言，這是一個中等水準的交易日，過去一個月的區間介於 1.809 美分（最窄）至 2.865 美分（最寬）之間。沒有流動性真空，也沒有流動性事件 — 對 SPY 的報價價差來說，這是一個平凡的交易日。

查詢選擇權NBBO報價帶：總更新次數對比股票報價帶，加上SPY根代碼部分
每個數據背後的精確 SQL 語法
WITH
    (SELECT count() FROM global_markets.cache_options_quotes WHERE sip_timestamp >= '2026-07-08 00:00:00' AND sip_timestamp < '2026-07-09 00:00:00') AS jul8_options_rows,
    (SELECT count() FROM global_markets.cache_stocks_quotes WHERE sip_timestamp >= '2026-07-08 00:00:00' AND sip_timestamp < '2026-07-09 00:00:00') AS jul8_stock_quote_rows
SELECT
    round(jul8_options_rows / 1e9, 2) AS jul8_options_bn,
    round(jul8_options_rows / jul8_stock_quote_rows, 1) AS options_to_stock_ratio,
    round((SELECT count() FROM global_markets.cache_options_quotes WHERE ticker >= 'O:SPY26' AND ticker < 'O:SPY27' AND sip_timestamp >= '2026-07-08 13:30:00' AND sip_timestamp < '2026-07-08 20:00:00') / 1e6, 0) AS jul8_spy_options_m

選擇權報價紀錄共承載 9.62 億 筆 NBBO 更新 — 為個股報價紀錄筆數的 18.1 倍。光是 SPY 選擇權這一部分，在常規交易時段內就產生了 422 百萬 筆更新。

利率：曲線幾乎紋風不動

查詢公債殖利率：7月8日對比7月7日 — 所列年期 + 2年10年利差
每個數據背後的精確 SQL 語法
SELECT
    t.1 AS curve_point,
    round(t.2, 2) AS jul8_yield_pct,
    round((t.2 - t.3) * 100) AS session_change_bp
FROM (
    SELECT arrayJoin([
        ('1 month',  toFloat64(d.yield_1_month),  toFloat64(p.yield_1_month)),
        ('3 month',  toFloat64(d.yield_3_month),  toFloat64(p.yield_3_month)),
        ('1 year',   toFloat64(d.yield_1_year),   toFloat64(p.yield_1_year)),
        ('2 year',   toFloat64(d.yield_2_year),   toFloat64(p.yield_2_year)),
        ('5 year',   toFloat64(d.yield_5_year),   toFloat64(p.yield_5_year)),
        ('10 year',  toFloat64(d.yield_10_year),  toFloat64(p.yield_10_year)),
        ('30 year',  toFloat64(d.yield_30_year),  toFloat64(p.yield_30_year)),
        ('2s10s spread', toFloat64(d.yield_10_year - d.yield_2_year), toFloat64(p.yield_10_year - p.yield_2_year))
    ]) AS t
    FROM (SELECT * FROM global_markets.treasury_yields WHERE date = '2026-07-08') AS d,
         (SELECT * FROM global_markets.treasury_yields WHERE date = '2026-07-07') AS p
)

5年期帶動當日走勢，變動幅度為 +4 個基點；2年期收高 +2 個基點，其餘各期限雙向波動均未超過 2 個基點。這使得 2s10s 利差 落在 0.35%（當日變動 -1 個基點），仍處於近期區間內。利率的平淡走勢與指數的平淡走勢同步出現。

當日背景行事曆

查詢除息、股票分割、SEC申報、新聞關注度
每個數據背後的精確 SQL 語法
WITH
    (
        SELECT (count(), uniqExact(publisher))
        FROM global_markets.stocks_news
        WHERE toDate(toTimeZone(published_utc, 'America/New_York')) = '2026-07-08'
    ) AS news,
    (
        SELECT (argMax(t, (n, t)), max(n), max(n) - arraySort(x -> -x, groupArray(n))[2])
        FROM (
            SELECT t, count() AS n
            FROM (
                SELECT arrayJoin(tickers) AS t
                FROM global_markets.stocks_news
                WHERE toDate(toTimeZone(published_utc, 'America/New_York')) = '2026-07-08'
            )
            WHERE t != 'SPCX'
            GROUP BY t
        )
    ) AS top_news
SELECT
    (SELECT count() FROM global_markets.stocks_dividends WHERE ex_dividend_date = '2026-07-08') AS ex_dividend_records,
    (SELECT count() FROM global_markets.stocks_splits WHERE execution_date = '2026-07-08') AS splits_executed,
    (SELECT countIf(toFloat64(split_from) > toFloat64(split_to)) FROM global_markets.stocks_splits WHERE execution_date = '2026-07-08') AS reverse_splits,
    (SELECT countIf(toFloat64(split_to) > toFloat64(split_from)) FROM global_markets.stocks_splits WHERE execution_date = '2026-07-08') AS forward_splits,
    (SELECT countIf(form_type = '424B2') FROM global_markets.stocks_sec_edgar_index WHERE filing_date = '2026-07-08') AS fil_424b2,
    (SELECT countIf(form_type = '4') FROM global_markets.stocks_sec_edgar_index WHERE filing_date = '2026-07-08') AS fil_form4,
    (SELECT countIf(form_type = '8-K') FROM global_markets.stocks_sec_edgar_index WHERE filing_date = '2026-07-08') AS fil_8k,
    (SELECT count() FROM global_markets.stocks_sec_edgar_index WHERE filing_date = '2026-07-08') AS fil_total,
    news.1 AS news_articles, news.2 AS news_publishers,
    top_news.1 AS top_news_ticker, top_news.2 AS top_news_n, top_news.3 AS top_news_lead_over_next

當日行事曆相當清淡：81 筆除息紀錄、1 筆股票分割執行，以及總計 3722 份 SEC 申報文件（其中包含 775 份 Form 4 內部人交易、527 份 424B2 公開說明書，以及 163 份 8-K 重大事項報告）。新聞報導共計 192 篇，來自 3 家發布機構，其中 MU 為最常被提及的股票代碼之一，共 17 篇報導。當日盤面並無特別引人注目的知名企業行動——市場的主旋律就是晶片板塊本身。

交易時段，已驗證

查詢交易時段驗證：SPY首根/末根K棒美東時間、常規K棒數、假日收據、下個收盤
每個數據背後的精確 SQL 語法
SELECT
    formatDateTime(min(toTimeZone(window_start, 'America/New_York')), '%H:%i') AS first_spy_bar_et,
    formatDateTime(max(toTimeZone(window_start, 'America/New_York')), '%H:%i') AS last_spy_bar_et,
    count() AS spy_minute_bars,
    countIf(window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00') AS regular_session_bars,
    uniqExactIf(toDate(toTimeZone(window_start, 'America/New_York')), window_start >= '2026-07-08 13:30:00' AND window_start < '2026-07-08 20:00:00') AS day_sessions,
    (SELECT count() FROM global_markets.stocks_market_holidays WHERE date = '2026-07-08') AS jul8_holiday_rows,
    (SELECT toString(min(date)) FROM global_markets.stocks_market_holidays WHERE date > '2026-07-08' AND status = 'closed') AS next_closure_date,
    (SELECT argMin(name, date) FROM global_markets.stocks_market_holidays WHERE date > '2026-07-08' AND status = 'closed') AS next_closure_name
FROM global_markets.delayed_stocks_minute_aggs
WHERE ticker = 'SPY' AND window_start >= '2026-07-08 00:00:00' AND window_start < '2026-07-09 00:00:00'

該時段涵蓋完整的延長交易窗口——第一根SPY K線於04:00（美東時間），最後一根於19:59（美東時間）——包含390根常規交易時段分鐘K線，且窗口內有1個交易日（非半日市；假期表在該日期無記錄）。下一個預定休市日為Labor Day的2026-09-07。

資料說明

所有時間戳記皆以 UTC 儲存；2026 年 7 月 8 日的一般交易時段經過篩選，範圍為 sip_timestamp / window_start 介於 2026-07-08 13:30:00 與 2026-07-08 20:00:00 之間，對應紐約時間上午 9:30 至下午 4:00。小數價格在進行任何除法運算前，一律先轉換為 Float64。以個股代碼命名的面板（計分板、晶片組合、輪動）依代碼字母順序排列，以確保每段文字引用對應到固定列；排行榜（成交量、報價快照）則按數值排序，其中所有關於排名的陳述，皆以該排名位置的合理性界限來編碼。本頁所有週二比較數據——廣度佔比、晶片漲跌家數、選擇權合約數與零日期權佔比、報價更新筆數——均由同一查詢區塊根據 7 月 7 日（需要前一收盤價時則再加入 7 月 6 日）重新計算，絕不引用先前文章的數據。

完整資料說明

廣度面板統計的是在兩個交易日均於一般交易時段有收盤價、且在衡量當日交易金額至少達 $1M 的證券家數；被剔除的家數（5284 佔 11439）讓排除掉的尾端規模清晰可見。晶片組合的 day_low/day_high 時間欄位採用 argMin/argMaxIf(..., (value, timestamp)) 模式，以便平手時能確定性地解決先後順序。成交量微笑曲線的時間區間標籤為美東時間（%H:%i），此計算僅在 SELECT 清單中使用 toTimeZone。選擇權報價面板透過 OCC 代碼子字串比對（substring(ticker, length(ticker) - 14, 6)）來偵測當日到期的合約，而非使用 options_trades.expiration_date（根據既有的檢查前註記，該欄位資料有誤）。在成交量領先榜與新聞關注度 SQL 查詢中，已排除 KNOWN_AMBIGUOUS_TICKERS 中的代碼，因此「最…」的標註會落在可驗證的名稱上。頭條新聞代碼使用確定性的平手規則（argMax(t, (n, t))）；top_news_lead_over_next = 0 標示出現平手，這就是內文使用「名列前茅」的原因。公債面板聯結兩筆每日快照列；若任一日期缺少快照，將產生零列結果，而列數界限會確保此則貼文能成立。股票報價與選擇權報價筆數是對當日分割區進行全市場掃描的結果；具名個股的報價筆數以百萬為單位呈報，以符合其欄位單位。價差中位數使用 quantileExact（確定性規則）；尾隨價差面板則是平均值（avgIf），並已標明為平均值。

方法論

  • 市場數據來源：整合式報價帶 — 指數與個股價格及成交量使用 delayed_stocks_minute_aggs，NBBO 計數與報價價差使用 cache_stocks_quotes，選擇權報價帶使用 cache_options_quotes 與 options_trades。
  • 時區處理：所有儲存的時間戳記均為 UTC；ET 時鐘標籤僅在 SELECT 清單中以 toTimeZone(..., 'America/New_York') 計算；WHERE 子句使用原始 UTC 字面值。
  • 常規交易時段：13:30–20:00 UTC，依據觀察到的 SPY 分鐘 K 線（交易時段驗證面板）確認，而非日曆計算。
  • 價差定義：針對快照中有效的雙邊報價，以基點計算的 (ask - bid) / midpoint × 10,000；尾月面板則是以美分為單位的平均寬度，並標示為平均值。
  • 前交易時段比較：於查詢中根據 7 月 7 日（以及週二自身日比日的 7 月 6 日）計算 — 絕非沿用前次文章數據。
  • 確定性彙總：quantileExact，以元組為鍵的 argMin/argMax，以及用於穩定重新生成的確定性新聞決勝規則。
  • 資料倉儲截至日期：2026 年 7 月 10 日（該期間的 T+2）；兩個交易時段的報價帶均已在此深度完整匯入。

交叉連結：2026 年 7 月 7 日回顧、選擇權交易成本、買賣價差基礎、0DTE 選擇權，以及相對成交量。

#recap#daily#spy#qqq#semiconductors#market structure