Dealers flipped to short gamma: net SPY GEX now −$59.0M.
Beyond the lead, Software led three-month relative strength at +7.7% with Utilities at -11.7%; 72% of S&P names hold their 200-day.
The S&P 500 closed at 7,724. Breadth reads 72% of members above the 200-day average and 68% above the 50-day. SPY itself holds 10.1% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 32 to 5. The VIX sits at 15.8 — unremarkable.
On the options side, net GEX on SPY sits at −$59.0M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $771 with the put wall at $771. Options price a move of roughly ±$16.42 on SPY (±2.13%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±3.52%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +7.7%, with Health Care next at +6.0%. Utilities (XLU) brings up the rear at -11.7%; Communication Services is next-weakest at -10.1%.
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.