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.
The S&P 500 finished the session at 7,358. Under the surface, 64% of index members are above their 200-day moving average and 64% are above their 50-day. SPY itself holds 6.9% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 30 to 7. The VIX sits at 18.6 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $93.5M across tracked expiries (delayed CBOE data). The call wall stands at $736 with the put wall at $736. Options price a move of roughly ±$24.8 on SPY (±3.38%) into the 2026-07-17 expiry. For QQQ the same horizon prices ±5.83%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +39.4%, ahead of Technology at +19.5%. At the other end, Energy (XLE) lags at -21.8%, with Communication Services not far ahead at -14.8%.
This note is auto-generated from Tapelab's nightly market data. It reports what the data said on the date above — research commentary, not investment advice.