Decisive rotation: Semiconductors is +14.9% vs SPY over three months while Communication Services trails at -11.2%.
Beyond the lead, SPY's dealer book reads short gamma at −$116.7M; 66% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,443. Under the surface, 66% of index members are above their 200-day moving average and 62% are above their 50-day. SPY itself holds 7.0% above its own 200-day, keeping the long-term trend gate on. The highs-and-lows tape is quiet: 8 new 52-week highs against 7 new lows. Volatility is unremarkable, with the VIX at 18.6.
On the options side, net GEX on SPY sits at −$116.7M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $741 with the put wall at $741. Options price a move of roughly ±$27.05 on SPY (±3.65%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±6.12%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +14.9%, ahead of Technology at +8.7%. At the other end, Communication Services (XLC) lags at -11.2%, with Consumer Discretionary not far ahead at -9.2%.
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.