Dealers flipped to short gamma: net SPY GEX now −$162.9M.
Elsewhere, Semiconductors led three-month relative strength at +16.8% with Communication Services at -10.7%, while 70% of S&P names hold their 200-day.
The S&P 500 closed at 7,534. Under the surface, 70% of index members are above their 200-day moving average and 68% 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 45 to 1. Volatility is unremarkable, with the VIX at 16.7.
SPY's dealer-gamma picture reads short gamma: net GEX of −$162.9M across tracked expiries (delayed CBOE data). The call wall stands at $749 with the put wall at $749. Into the 2026-07-17 expiry, the straddle implies a SPY move of about ±$4.42, or ±0.59%. For QQQ the same horizon prices ±1.12%.
Across sectors, Semiconductors (SMH) leads on three-month relative strength versus SPY at +16.8%, with Technology next at +9.8%. Communication Services (XLC) brings up the rear at -10.7%; Utilities is next-weakest at -8.1%.
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.