Gamma flipped short at −$174.9M — dealers now chase moves, not dampen them.
Beyond the lead, Health Care led three-month relative strength at +12.5% with Communication Services at -7.9%; 70% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,316. Under the surface, 70% of index members are above their 200-day moving average and 67% are above their 50-day. SPY itself holds 4.7% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 21 to 3. Volatility is elevated, with the VIX at 20.7.
SPY's dealer-gamma picture reads short gamma: net GEX of −$174.9M across tracked expiries (delayed CBOE data). The call wall stands at $730 with the put wall at $730. Options price a move of roughly ±$25.41 on SPY (±3.48%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±5.6%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +12.5%, with Financials next at +6.4%. Communication Services (XLC) brings up the rear at -7.9%; Consumer Discretionary is next-weakest at -7.2%.
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.