Decisive rotation: Health Care is +9.2% vs SPY over three months while Communication Services trails at -10.2%.
SPY's dealer book reads short gamma at −$48.3M. Meanwhile, 70% of S&P names hold their 200-day.
The S&P 500 closed at 7,413. Breadth reads 70% of members above the 200-day average and 69% 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 31 to 2. Volatility is unremarkable, with the VIX at 18.7.
On the options side, net GEX on SPY sits at −$48.3M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $740 with the put wall at $740. Options price a move of roughly ±$23.95 on SPY (±3.24%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±5.44%.
Sector-wise, the strongest three-month showing against SPY comes from Health Care (XLV) at +9.2%, ahead of Financials at +6.6%. Communication Services (XLC) brings up the rear at -10.2%; Consumer Discretionary is next-weakest at -10.0%.
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.