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.
The S&P 500 finished the session at 7,544. Breadth reads 65% of members above the 200-day average and 65% above the 50-day. SPY itself holds 8.8% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 16 to 1. Volatility is unremarkable, with the VIX at 15.8.
SPY's dealer-gamma picture reads long gamma: net GEX of $293.3M across tracked expiries (delayed CBOE data). The call wall stands at $752 with the put wall at $752. Options price a move of roughly ±$9.69 on SPY (±1.29%) into the 2026-07-17 expiry. For QQQ the same horizon prices ±2.6%.
Across sectors, Semiconductors (SMH) leads on three-month relative strength versus SPY at +28.9%, with Technology next at +17.3%. At the other end, Energy (XLE) lags at -15.3%, with Utilities not far ahead at -13.5%.
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.