Gamma flipped back long — $230.2M net SPY GEX puts dealers in dampening mode.
Elsewhere, Semiconductors led three-month relative strength at +23.2% with Materials at -11.7%, while 66% of S&P names hold their 200-day.
The S&P 500 closed at 7,544. Breadth reads 66% of members above the 200-day average and 64% above the 50-day. SPY itself holds 8.6% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 25 to 5. Volatility is unremarkable, with the VIX at 16.5.
On the options side, net GEX on SPY sits at $230.2M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $752 with the put wall at $752. Into the 2026-07-17 expiry, the straddle implies a SPY move of about ±$6.49, or ±0.86%. For QQQ the same horizon prices ±1.65%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +23.2%, ahead of Technology at +14.8%. Materials (XLB) brings up the rear at -11.7%; Communication Services is next-weakest at -11.7%.
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.