Decisive rotation: Software is +7.1% vs SPY over three months while Utilities trails at -11.7%.
SPY's dealer book reads long gamma at $30.8M. Meanwhile, 72% of S&P names hold their 200-day.
The S&P 500 closed at 7,737. Breadth reads 72% of members above the 200-day average and 69% above the 50-day. SPY itself holds 10.4% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 36 to 3. The VIX sits at 16.5 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $30.8M across tracked expiries (delayed CBOE data). The call wall stands at $770 with the put wall at $758. Into the 2026-08-21 expiry, the straddle implies a SPY move of about ±$17.73, or ±2.3%. For QQQ the same horizon prices ±3.86%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +7.1%, with Technology next at +7.1%. At the other end, Utilities (XLU) lags at -11.7%, with Communication Services not far ahead at -10.4%.
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.