Dealers flipped to short gamma: net SPY GEX now −$161.6M.
Semiconductors led three-month relative strength at +21.3% with Materials at -11.9%. Meanwhile, 68% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,515. Under the surface, 68% of index members are above their 200-day moving average and 66% are above their 50-day. SPY itself holds 8.3% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 28 to 2. The VIX sits at 17.2 — unremarkable.
On the options side, net GEX on SPY sits at −$161.6M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $748 with the put wall at $748. Options price a move of roughly ±$9.08 on SPY (±1.21%) into the 2026-07-17 expiry. For QQQ the same horizon prices ±2.24%.
Across sectors, Semiconductors (SMH) leads on three-month relative strength versus SPY at +21.3%, with Technology next at +15.0%. At the other end, Materials (XLB) lags at -11.9%, with Utilities not far ahead at -11.9%.
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.