Software leads a split tape — 16 points clear of Utilities on 3-month relative strength.
Beyond the lead, SPY's dealer book reads long gamma at $214.8M; 70% of S&P names hold their 200-day.
The S&P 500 closed at 7,600. Under the surface, 70% of index members are above their 200-day moving average and 65% are above their 50-day. SPY itself holds 8.6% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 18 to 0. The VIX sits at 15.9 — unremarkable.
On the options side, net GEX on SPY sits at $214.8M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $758 with the put wall at $746. Into the 2026-08-21 expiry, the straddle implies a SPY move of about ±$16.16, or ±2.13%. For QQQ the same horizon prices ±3.84%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +6.7%, with Health Care next at +6.0%. Utilities (XLU) brings up the rear at -9.6%; Communication Services is next-weakest at -9.5%.
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.