Decisive rotation: Semiconductors is +16.9% vs SPY over three months while Communication Services trails at -14.1%.
Beyond the lead, SPY's dealer book reads short gamma at −$326.7M; 65% of S&P names hold their 200-day.
The S&P 500 closed at 7,499. Breadth reads 65% of members above the 200-day average and 59% above the 50-day. SPY itself holds 6.2% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 16 to 12. Volatility is unremarkable, with the VIX at 18.7.
On the options side, net GEX on SPY sits at −$326.7M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $740 with the put wall at $740. Into the 2026-08-21 expiry, the straddle implies a SPY move of about ±$26.38, or ±3.57%. For QQQ the same horizon prices ±5.89%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +16.9%, ahead of Technology at +8.5%. At the other end, Communication Services (XLC) lags at -14.1%, with Consumer Discretionary not far ahead at -12.1%.
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.