Software leads a split tape — 19 points clear of Communication Services on 3-month relative strength.
Beyond the lead, SPY's dealer book reads long gamma at $52.5M; 68% of S&P names hold their 200-day.
The S&P 500 closed at 7,490. Under the surface, 68% of index members are above their 200-day moving average and 62% are above their 50-day. SPY itself holds 7.1% above its own 200-day, keeping the long-term trend gate on. The highs-and-lows tape is quiet: 3 new 52-week highs against 3 new lows. The VIX sits at 16.0 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $52.5M across tracked expiries (delayed CBOE data). The call wall stands at $745 with the put wall at $745. Options price a move of roughly ±$17.94 on SPY (±2.4%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±4.38%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +8.2%, with Health Care next at +6.8%. Communication Services (XLC) brings up the rear at -10.9%; Utilities is next-weakest at -9.2%.
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.