Gamma flipped short at −$28.2M — dealers now chase moves, not dampen them.
Elsewhere, Semiconductors led three-month relative strength at +18.7% with Communication Services at -12.4%, while 66% of S&P names hold their 200-day.
The S&P 500 closed at 7,499. Under the surface, 66% of index members are above their 200-day moving average and 63% are above their 50-day. SPY itself holds 7.6% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 15 to 6. The VIX sits at 16.6 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$28.2M across tracked expiries (delayed CBOE data). The call wall stands at $748 with the put wall at $748. Options price a move of roughly ±$23.67 on SPY (±3.17%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±5.6%.
Across sectors, Semiconductors (SMH) leads on three-month relative strength versus SPY at +18.7%, with Technology next at +9.5%. At the other end, Communication Services (XLC) lags at -12.4%, with Consumer Discretionary not far ahead at -9.9%.
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.