Decisive rotation: Semiconductors is +27.6% vs SPY over three months while Energy trails at -13.7%.
Beyond the lead, SPY's dealer book reads long gamma at $2.64B; 67% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,575. Breadth reads 67% of members above the 200-day average and 69% above the 50-day. SPY itself holds 9.2% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 17 to 1. Volatility is unremarkable, with the VIX at 15.0.
SPY's dealer-gamma picture reads long gamma: net GEX of $2.64B across tracked expiries (delayed CBOE data). The call wall stands at $755 with the put wall at $755. Into the 2026-07-17 expiry, the straddle implies a SPY move of about ±$8.04, or ±1.06%. For QQQ the same horizon prices ±2.1%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +27.6%, ahead of Technology at +17.5%. Energy (XLE) brings up the rear at -13.7%; Utilities is next-weakest 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.