Dealers are long gamma again: net SPY GEX swung to $689.1M.
Elsewhere, Semiconductors led three-month relative strength at +18.9% with Communication Services at -12.5%, while 65% of S&P names hold their 200-day.
The S&P 500 closed at 7,509. Breadth reads 65% of members above the 200-day average and 60% above the 50-day. SPY itself holds 7.8% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 14 to 8. The VIX sits at 17.1 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $689.1M across tracked expiries (delayed CBOE data). The call wall stands at $748 with the put wall at $748. Options price a move of roughly ±$24.59 on SPY (±3.29%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±5.6%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +18.9%, ahead of Technology at +10.5%. At the other end, Communication Services (XLC) lags at -12.5%, with Consumer Discretionary not far ahead at -9.5%.
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.