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.
The S&P 500 finished the session at 7,354. Under the surface, 65% of index members are above their 200-day moving average and 64% are above their 50-day. SPY itself holds 6.1% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 52 to 3. The VIX sits at 18.4 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$90.9M across tracked expiries (delayed CBOE data). The call wall stands at $735 with the put wall at $731. Into the 2026-07-17 expiry, the straddle implies a SPY move of about ±$23.12, or ±3.17%. For QQQ the same horizon prices ±5.45%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +41.8%, ahead of Technology at +20.6%. Energy (XLE) brings up the rear at -22.8%; Communication Services is next-weakest at -13.9%.
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.