Decisive rotation: Semiconductors is +11.4% vs SPY over three months while Communication Services trails at -13.4%.
SPY's dealer book reads short gamma at −$2.6M. Meanwhile, 66% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,412. Under the surface, 66% of index members are above their 200-day moving average and 66% are above their 50-day. SPY itself holds 6.3% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 30 to 6. Volatility is unremarkable, with the VIX at 18.6.
On the options side, net GEX on SPY sits at −$2.6M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $741 with the put wall at $736. Into the 2026-08-21 expiry, the straddle implies a SPY move of about ±$25.05, or ±3.39%. For QQQ the same horizon prices ±5.78%.
Sector-wise, the strongest three-month showing against SPY comes from Semiconductors (SMH) at +11.4%, ahead of Technology at +7.9%. At the other end, Communication Services (XLC) lags at -13.4%, with Consumer Discretionary not far ahead at -11.1%.
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.