Gamma flipped back long — $59.0M net SPY GEX puts dealers in dampening mode.
Beyond the lead, the VIX fell 17% to 17.1; Health Care led three-month relative strength at +9.6% with Communication Services at -11.5%.
The S&P 500 closed at 7,438. Under the surface, 69% of index members are above their 200-day moving average and 64% are above their 50-day. SPY itself holds 6.4% above its own 200-day, keeping the long-term trend gate on. The highs-and-lows tape is quiet: 7 new 52-week highs against 5 new lows. Volatility is unremarkable, with the VIX at 17.1.
SPY's dealer-gamma picture reads long gamma: net GEX of $59.0M across tracked expiries (delayed CBOE data). The call wall stands at $744 with the put wall at $741. Options price a move of roughly ±$20.23 on SPY (±2.73%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±4.91%.
Sector-wise, the strongest three-month showing against SPY comes from Health Care (XLV) at +9.6%, ahead of Technology at +5.7%. Communication Services (XLC) brings up the rear at -11.5%; Consumer Discretionary is next-weakest at -8.0%.
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.