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.
The S&P 500 closed at 7,483. Under the surface, 64% of index members are above their 200-day moving average and 64% are above their 50-day. SPY itself holds 8.0% above its own 200-day, keeping the long-term trend gate on. The highs-and-lows tape is quiet: 6 new 52-week highs against 1 new lows. Volatility is unremarkable, with the VIX at 16.9.
SPY's dealer-gamma picture reads short gamma: net GEX of −$22.9M across tracked expiries (delayed CBOE data). The call wall stands at $747 with the put wall at $747. Options price a move of roughly ±$12.17 on SPY (±1.63%) into the 2026-07-17 expiry. For QQQ the same horizon prices ±3.03%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +30.8%, ahead of Technology at +16.4%. Energy (XLE) brings up the rear at -18.5%; Communication Services is next-weakest at -13.7%.
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.