The Machine Read.
A dated recap of what the data said each session — breadth and regime, dealer gamma, sector rotation. No predictions, no advice.
Dealers flipped to short gamma: net SPY GEX now −$81.8M.
Elsewhere, 50-day breadth fell 9 points to 64%, while the VIX jumped 70% to 28.2.
Dealers are long gamma again: net SPY GEX swung to $37.7M.
The VIX fell 20% to 16.6. Meanwhile, Health Care led three-month relative strength at +15.6% with Semiconductors at -11.6%.
Dealers flipped to short gamma: net SPY GEX now −$0.6M.
Beyond the lead, Energy led three-month relative strength at +18.7% with Semiconductors at -7.1%; 63% of S&P names hold their 200-day.
Gamma flipped back long — $17.3M net SPY GEX puts dealers in dampening mode.
Beyond the lead, Energy led three-month relative strength at +17.9% with Semiconductors at -9.4%; 64% of S&P names hold their 200-day.
Energy leads a split tape — 29 points clear of Communication Services on 3-month relative strength.
SPY's dealer book reads short gamma at −$57.4M. Meanwhile, 59% of S&P names hold their 200-day.
Gamma flipped short at −$13.3M — dealers now chase moves, not dampen them.
Energy led three-month relative strength at +12.0% with Communication Services at -9.2%. Meanwhile, 64% of S&P names hold their 200-day.
Decisive rotation: Software is +15.2% vs SPY over three months while Real Estate trails at -10.7%.
Elsewhere, SPY's dealer book reads long gamma at $12.0M, while 59% of S&P names hold their 200-day.
Gamma flipped back long — $24.5M net SPY GEX puts dealers in dampening mode.
Software led three-month relative strength at +14.7% with Real Estate at -12.5%. Meanwhile, 60% of S&P names hold their 200-day.
Decisive rotation: Software is +17.5% vs SPY over three months while Industrials trails at -11.4%.
Elsewhere, SPY's dealer book reads short gamma at −$21.2M, while 59% of S&P names hold their 200-day.
Decisive rotation: Software is +18.3% vs SPY over three months while Industrials trails at -12.6%.
Beyond the lead, SPY's dealer book reads short gamma at −$257.1M; 57% of S&P names hold their 200-day.
Dealers flipped to short gamma: net SPY GEX now −$49.9M.
Elsewhere, Software led three-month relative strength at +19.5% with Industrials at -11.7%, while 58% of S&P names hold their 200-day.
Gamma flipped back long — $36.2M net SPY GEX puts dealers in dampening mode.
Software led three-month relative strength at +19.3% with Utilities at -13.2%. Meanwhile, 54% of S&P names hold their 200-day.
Participation surged — 50-day breadth jumped 9 points to 52%.
Software led three-month relative strength at +16.7% with Utilities at -11.4%. Meanwhile, SPY's dealer book reads short gamma at −$2.3M.
Decisive rotation: Energy is +13.2% vs SPY over three months while Utilities trails at -10.1%.
SPY's dealer book reads short gamma at −$10.6M. Meanwhile, 50% of S&P names hold their 200-day.
VIX spiked 21% to 20.0 — the tape repriced risk in a hurry.
Elsewhere, Energy led three-month relative strength at +14.5% with Real Estate at -9.4%, while SPY's dealer book reads short gamma at −$52.7M.
Breadth thrust: 43% of S&P names now hold the 50-day, up 9 points.
Elsewhere, Software led three-month relative strength at +13.7% with Utilities at -11.2%, while SPY's dealer book reads short gamma at −$282.4M.
Dealers flipped to short gamma: net SPY GEX now −$52.0M.
Energy led three-month relative strength at +15.7% with Real Estate at -11.0%. Meanwhile, 49% of S&P names hold their 200-day.
Decisive rotation: Energy is +15.4% vs SPY over three months while Utilities trails at -10.2%.
Elsewhere, SPY's dealer book reads long gamma at $13.2M, while 49% of S&P names hold their 200-day.
Decisive rotation: Software is +14.8% vs SPY over three months while Utilities trails at -12.0%.
SPY's dealer book reads long gamma at $45.7M. Meanwhile, 49% of S&P names hold their 200-day.
Decisive rotation: Software is +16.9% vs SPY over three months while Utilities trails at -12.8%.
SPY's dealer book reads long gamma at $83.9M. Meanwhile, 47% of S&P names hold their 200-day.
Gamma flipped back long — $62.8M net SPY GEX puts dealers in dampening mode.
Beyond the lead, Software led three-month relative strength at +15.7% with Utilities at -11.8%; 47% of S&P names hold their 200-day.
Gamma flipped short at −$11.6M — dealers now chase moves, not dampen them.
Elsewhere, Software led three-month relative strength at +13.2% with Utilities at -11.8%, while 44% of S&P names hold their 200-day.
Software leads a split tape — 28 points clear of Utilities on 3-month relative strength.
SPY's dealer book reads long gamma at $36.3M. Meanwhile, 46% of S&P names hold their 200-day.
Decisive rotation: Software is +12.5% vs SPY over three months while Utilities trails at -15.6%.
SPY's dealer book reads long gamma at $21.3M. Meanwhile, 44% of S&P names hold their 200-day.
Decisive rotation: Energy is +15.4% vs SPY over three months while Utilities trails at -14.2%.
Beyond the lead, SPY's dealer book reads long gamma at $18.7M; 42% of S&P names hold their 200-day.
Gamma flipped back long — $11.6M net SPY GEX puts dealers in dampening mode.
Beyond the lead, Energy led three-month relative strength at +14.8% with Utilities at -15.5%; 41% of S&P names hold their 200-day.
Decisive rotation: Energy is +13.9% vs SPY over three months while Utilities trails at -13.8%.
SPY's dealer book reads short gamma at −$23.9M. Meanwhile, 40% of S&P names hold their 200-day.
Software leads a split tape — 28 points clear of Utilities on 3-month relative strength.
Elsewhere, SPY's dealer book reads short gamma at −$11.5M, while 44% of S&P names hold their 200-day.
Dealers flipped to short gamma: net SPY GEX now −$21.4M.
Beyond the lead, Software led three-month relative strength at +13.5% with Utilities at -17.4%; 46% of S&P names hold their 200-day.
Decisive rotation: Software is +13.6% vs SPY over three months while Utilities trails at -19.2%.
Beyond the lead, SPY's dealer book reads long gamma at $24.0M; 47% of S&P names hold their 200-day.
Decisive rotation: Software is +21.0% vs SPY over three months while Utilities trails at -17.4%.
SPY's dealer book reads long gamma at $11.8M. Meanwhile, 46% of S&P names hold their 200-day.
Decisive rotation: Software is +19.8% vs SPY over three months while Utilities trails at -15.7%.
Elsewhere, 48% of S&P names hold their 200-day, while the VIX holds at 15.2, unremarkable.
Software leads a split tape — 32 points clear of Semiconductors on 3-month relative strength.
Elsewhere, SPY's dealer book reads long gamma at $38.0M, while 50% of S&P names hold their 200-day.
Decisive rotation: Software is +18.1% vs SPY over three months while Semiconductors trails at -14.2%.
SPY's dealer book reads long gamma at $69.9M. Meanwhile, 50% of S&P names hold their 200-day.
Gamma flipped back long — $34.8M net SPY GEX puts dealers in dampening mode.
Elsewhere, Energy led three-month relative strength at +18.1% with Semiconductors at -14.9%, while 50% of S&P names hold their 200-day.
Volatility collapsed — VIX fell 13% on the day to 15.4.
Elsewhere, Energy led three-month relative strength at +15.1% with Semiconductors at -12.9%, while SPY's dealer book reads short gamma at −$50.8M.
Energy leads a split tape — 28 points clear of Semiconductors on 3-month relative strength.
Elsewhere, SPY's dealer book reads short gamma at −$20.7M, while 51% of S&P names hold their 200-day.
Energy leads a split tape — 36 points clear of Semiconductors on 3-month relative strength.
SPY's dealer book reads short gamma at −$24.9M. Meanwhile, 54% of S&P names hold their 200-day.
Dealers flipped to short gamma: net SPY GEX now −$50.4M.
Beyond the lead, Software led three-month relative strength at +14.3% with Semiconductors at -15.1%; 58% of S&P names hold their 200-day.
Decisive rotation: Energy is +9.8% vs SPY over three months while Semiconductors trails at -10.2%.
Beyond the lead, SPY's dealer book reads long gamma at $29.4M; 58% of S&P names hold their 200-day.
Energy leads a split tape — 15 points clear of Real Estate on 3-month relative strength.
Elsewhere, 56% of S&P names hold their 200-day, while the VIX holds at 17.8, unremarkable.
Decisive rotation: Energy is +9.8% vs SPY over three months while Real Estate trails at -6.9%.
Beyond the lead, SPY's dealer book reads short gamma at −$5.0M; 58% of S&P names hold their 200-day.
Nothing led today — 200-day breadth held 65%, the VIX sat at 15.7.
Beyond the lead, SPY's dealer book reads short gamma at −$18.7M; Health Care leads three-month relative strength at +7.0%.
A quiet tape: nothing led, breadth at 65% and the VIX at 14.5.
Beyond the lead, Health Care leads three-month relative strength at +7.0%; new 52-week highs ran 7 against 7 new lows.
Decisive rotation: Health Care is +11.3% vs SPY over three months while Semiconductors trails at -14.0%.
68% of S&P names hold their 200-day. Meanwhile, the VIX holds at 14.3, unremarkable.
Dealers are long gamma again: net SPY GEX swung to $19.1M.
Elsewhere, Health Care led three-month relative strength at +16.6% with Semiconductors at -14.2%, while 64% of S&P names hold their 200-day.
Decisive rotation: Health Care is +16.6% vs SPY over three months while Semiconductors trails at -14.2%.
Elsewhere, SPY's dealer book reads short gamma at −$6.6M, while 64% of S&P names hold their 200-day.
Decisive rotation: Software is +12.6% vs SPY over three months while Consumer Discretionary trails at -7.3%.
SPY's dealer book reads short gamma at −$11.3M. Meanwhile, 68% of S&P names hold their 200-day.
Decisive rotation: Software is +12.6% vs SPY over three months while Consumer Discretionary trails at -7.3%.
Elsewhere, 70% of S&P names hold their 200-day, while the VIX holds at 14.5, unremarkable.
Gamma flipped short at −$3.3M — dealers now chase moves, not dampen them.
Beyond the lead, Health Care led three-month relative strength at +14.0% with Semiconductors at -8.8%; 72% of S&P names hold their 200-day.
Gamma flipped back long — $50.4M net SPY GEX puts dealers in dampening mode.
Beyond the lead, Health Care led three-month relative strength at +15.4% with Semiconductors at -9.8%; 72% of S&P names hold their 200-day.
Decisive rotation: Health Care is +13.5% vs SPY over three months while Semiconductors trails at -7.6%.
Beyond the lead, SPY's dealer book reads short gamma at −$23.7M; 73% of S&P names hold their 200-day.
Decisive rotation: Health Care is +14.0% vs SPY over three months while Utilities trails at -8.1%.
SPY's dealer book reads short gamma at −$620.8M. Meanwhile, 72% of S&P names hold their 200-day.
Health Care leads a split tape — 21 points clear of Communication Services on 3-month relative strength.
Elsewhere, SPY's dealer book reads short gamma at −$46.4M, while 72% of S&P names hold their 200-day.
Decisive rotation: Health Care is +13.5% vs SPY over three months while Communication Services trails at -8.6%.
Elsewhere, SPY's dealer book reads short gamma at −$10.9M, while 74% of S&P names hold their 200-day.
Health Care leads a split tape — 21 points clear of Communication Services on 3-month relative strength.
Beyond the lead, SPY's dealer book reads short gamma at −$33.5M; 70% of S&P names hold their 200-day.
Gamma flipped short at −$124.5M — dealers now chase moves, not dampen them.
Elsewhere, Health Care led three-month relative strength at +9.8% with Communication Services at -8.9%, while 70% of S&P names hold their 200-day.
Software leads a split tape — 18 points clear of Communication Services on 3-month relative strength.
Beyond the lead, SPY's dealer book reads long gamma at $270.1M; 74% of S&P names hold their 200-day.
Software leads a split tape — 22 points clear of Communication Services on 3-month relative strength.
Elsewhere, SPY's dealer book reads long gamma at $194.2M, while 74% of S&P names hold their 200-day.
Gamma flipped back long — $49.1M net SPY GEX puts dealers in dampening mode.
Health Care led three-month relative strength at +10.1% with Communication Services at -9.3%. Meanwhile, 71% of S&P names hold their 200-day.
Dealers flipped to short gamma: net SPY GEX now −$71.7M.
Health Care led three-month relative strength at +12.4% with Communication Services at -7.9%. Meanwhile, 72% of S&P names hold their 200-day.
Health Care leads a split tape — 21 points clear of Communication Services on 3-month relative strength.
Elsewhere, SPY's dealer book reads long gamma at $20.5M, while 72% of S&P names hold their 200-day.
Decisive rotation: Health Care is +8.0% vs SPY over three months while Communication Services trails at -9.8%.
Elsewhere, SPY's dealer book reads long gamma at $106.7M, while 73% of S&P names hold their 200-day.
Gamma flipped back long — $33.2M net SPY GEX puts dealers in dampening mode.
Elsewhere, Software led three-month relative strength at +7.8% with Communication Services at -9.8%, while 71% of S&P names hold their 200-day.
Dealers flipped to short gamma: net SPY GEX now −$59.0M.
Beyond the lead, Software led three-month relative strength at +7.7% with Utilities at -11.7%; 72% of S&P names hold their 200-day.
Decisive rotation: Software is +7.1% vs SPY over three months while Utilities trails at -11.7%.
SPY's dealer book reads long gamma at $30.8M. Meanwhile, 72% of S&P names hold their 200-day.
Software leads a split tape — 16 points clear of Utilities on 3-month relative strength.
Beyond the lead, SPY's dealer book reads long gamma at $214.8M; 70% of S&P names hold their 200-day.
Software leads a split tape — 19 points clear of Communication Services on 3-month relative strength.
Beyond the lead, SPY's dealer book reads long gamma at $52.5M; 68% of S&P names hold their 200-day.
Gamma flipped back long — $59.0M net SPY GEX puts dealers in dampening mode.
Beyond the lead, the VIX fell 17% to 17.1; Health Care led three-month relative strength at +9.6% with Communication Services at -11.5%.
Gamma flipped short at −$174.9M — dealers now chase moves, not dampen them.
Beyond the lead, Health Care led three-month relative strength at +12.5% with Communication Services at -7.9%; 70% of S&P names hold their 200-day.
Dealers are long gamma again: net SPY GEX swung to $50.4M.
Elsewhere, Health Care led three-month relative strength at +12.3% with Communication Services at -8.8%, while 72% of S&P names hold their 200-day.
Decisive rotation: Health Care is +9.2% vs SPY over three months while Communication Services trails at -10.2%.
SPY's dealer book reads short gamma at −$48.3M. Meanwhile, 70% of S&P names hold their 200-day.
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.