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.
The S&P 500 finished the session at 7,504. Breadth reads 67% of members above the 200-day average and 68% above the 50-day. SPY itself holds 8.4% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 34 to 0. The VIX sits at 16.1 — unremarkable.
On the options side, net GEX on SPY sits at −$314.9M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $748 with the put wall at $748. Into the 2026-07-17 expiry, the straddle implies a SPY move of about ±$11.73, or ±1.57%. For QQQ the same horizon prices ±3.28%.
Across sectors, Semiconductors (SMH) leads on three-month relative strength versus SPY at +29.1%, with Technology next at +15.2%. At the other end, Energy (XLE) lags at -19.5%, with Utilities not far ahead at -13.0%.
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.