The Machine Read.
A dated recap of what the data said each session — breadth and regime, dealer gamma, sector rotation. No predictions, no advice.
Decisive rotation: Semiconductors is +11.4% vs SPY over three months while Communication Services trails at -13.4%.
SPY's dealer book reads short gamma at −$2.6M. Meanwhile, 66% of S&P names hold their 200-day.
Decisive rotation: Semiconductors is +16.9% vs SPY over three months while Communication Services trails at -14.1%.
Beyond the lead, SPY's dealer book reads short gamma at −$326.7M; 65% of S&P names hold their 200-day.
Gamma flipped short at −$28.2M — dealers now chase moves, not dampen them.
Elsewhere, Semiconductors led three-month relative strength at +18.7% with Communication Services at -12.4%, while 66% of S&P names hold their 200-day.
Dealers are long gamma again: net SPY GEX swung to $689.1M.
Elsewhere, Semiconductors led three-month relative strength at +18.9% with Communication Services at -12.5%, while 65% of S&P names hold their 200-day.
Decisive rotation: Semiconductors is +14.9% vs SPY over three months while Communication Services trails at -11.2%.
Beyond the lead, SPY's dealer book reads short gamma at −$116.7M; 66% of S&P names hold their 200-day.
Semiconductors leads a split tape — 28 points clear of Communication Services on 3-month relative strength.
Beyond the lead, SPY's dealer book reads short gamma at −$500.5M; 68% of S&P names hold their 200-day.
Dealers flipped to short gamma: net SPY GEX now −$162.9M.
Elsewhere, Semiconductors led three-month relative strength at +16.8% with Communication Services at -10.7%, while 70% of S&P names hold their 200-day.
Semiconductors leads a split tape — 31 points clear of Materials on 3-month relative strength.
Elsewhere, SPY's dealer book reads long gamma at $128.2M, while 67% of S&P names hold their 200-day.
Gamma flipped back long — $230.2M net SPY GEX puts dealers in dampening mode.
Elsewhere, Semiconductors led three-month relative strength at +23.2% with Materials at -11.7%, while 66% of S&P names hold their 200-day.
Dealers flipped to short gamma: net SPY GEX now −$161.6M.
Semiconductors led three-month relative strength at +21.3% with Materials at -11.9%. Meanwhile, 68% of S&P names hold their 200-day.
Decisive rotation: Semiconductors is +27.6% vs SPY over three months while Energy trails at -13.7%.
Beyond the lead, SPY's dealer book reads long gamma at $2.64B; 67% of S&P names hold their 200-day.
Dealers are long gamma again: net SPY GEX swung to $293.3M.
Semiconductors led three-month relative strength at +28.9% with Energy at -15.3%. Meanwhile, 65% of S&P names hold their 200-day.
Semiconductors leads a split tape — 49 points clear of Energy on 3-month relative strength.
Beyond the lead, SPY's dealer book reads short gamma at −$22.9M; 64% of S&P names hold their 200-day.
Gamma flipped short at −$314.9M — dealers now chase moves, not dampen them.
Semiconductors led three-month relative strength at +29.1% with Energy at -19.5%. Meanwhile, 67% of S&P names hold their 200-day.
Semiconductors leads a split tape — 56 points clear of Energy on 3-month relative strength.
Elsewhere, SPY's dealer book reads long gamma at $424.4M, while 67% of S&P names hold their 200-day.
Semiconductors leads a split tape — 53 points clear of Energy on 3-month relative strength.
Elsewhere, 67% of S&P names hold their 200-day, while the VIX holds at 16.1, unremarkable.
Semiconductors leads a split tape — 66 points clear of Energy on 3-month relative strength.
Beyond the lead, SPY's dealer book reads long gamma at $20.4M; 64% of S&P names hold their 200-day.
Semiconductors leads a split tape — 80 points clear of Energy on 3-month relative strength.
Beyond the lead, SPY's dealer book reads long gamma at $12.8M; 62% of S&P names hold their 200-day.
Dealers are long gamma again: net SPY GEX swung to $137.4M.
Elsewhere, Semiconductors led three-month relative strength at +44.1% with Energy at -26.9%, while 63% of S&P names hold their 200-day.
Gamma flipped short at −$90.9M — dealers now chase moves, not dampen them.
Semiconductors led three-month relative strength at +41.8% with Energy at -22.8%. Meanwhile, 65% of S&P names hold their 200-day.
Semiconductors leads a split tape — 63 points clear of Energy on 3-month relative strength.
Elsewhere, SPY's dealer book reads long gamma at $12.3M, while 62% of S&P names hold their 200-day.
Dealers are long gamma again: net SPY GEX swung to $93.5M.
Semiconductors led three-month relative strength at +39.4% with Energy at -21.8%. Meanwhile, 64% of S&P names hold their 200-day.
Semiconductors leads a split tape — 60 points clear of Energy on 3-month relative strength.
Beyond the lead, SPY's dealer book reads short gamma at −$188.5M; 62% of S&P names hold their 200-day.
Decisive rotation: Semiconductors is +51.1% vs SPY over three months while Energy trails at -20.3%.
Beyond the lead, SPY's dealer book reads short gamma at −$14.5M; 60% of S&P names hold their 200-day.
Semiconductors leads a split tape — 67 points clear of Energy on 3-month relative strength.
60% of S&P names hold their 200-day. Meanwhile, the VIX holds at 16.4, unremarkable.
Dealers flipped to short gamma: net SPY GEX now −$176.2M.
Elsewhere, 50-day breadth fell 12 points to 54%, while Semiconductors led three-month relative strength at +41.1% with Energy at -16.2%.
Decisive rotation: Semiconductors is +38.4% vs SPY over three months while Energy trails at -15.1%.
SPY's dealer book reads long gamma at $36.7M. Meanwhile, 64% of S&P names hold their 200-day.
Semiconductors leads a split tape — 61 points clear of Utilities on 3-month relative strength.
SPY's dealer book reads long gamma at $48.5M. Meanwhile, 63% of S&P names hold their 200-day.
Decisive rotation: Semiconductors runs +42.5% on SPY while Utilities lags at -15.0%.
Beyond the lead, SPY's dealer book reads long gamma at $13.3M; 62% of S&P names hold their 200-day.
New highs broaden: 31 S&P names at 52-week highs
The S&P 500 closed at 7,394. Under the surface, 61% of index members are above their 200-day moving average and 57% are above their 50-day. SPY itself holds 7.9% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 31 to 11. The VIX sits at 19.4 — unremarkable.