Gamma flipped back long — $33.2M net SPY GEX puts dealers in dampening mode.
Elsewhere, Software led three-month relative strength at +7.8% with Communication Services at -9.8%, while 71% of S&P names hold their 200-day.
The S&P 500 closed at 7,710. Breadth reads 71% of members above the 200-day average and 65% above the 50-day. SPY itself holds 9.9% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 19 to 4. Volatility is unremarkable, with the VIX at 15.2.
On the options side, net GEX on SPY sits at $33.2M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $775 with the put wall at $767. Into the 2026-08-07 expiry, the straddle implies a SPY move of about ±$4.48, or ±0.58%. For QQQ the same horizon prices ±1%.
Sector-wise, the strongest three-month showing against SPY comes from Software (IGV) at +7.8%, ahead of Health Care at +7.7%. Communication Services (XLC) brings up the rear at -9.8%; Utilities is next-weakest at -9.6%.
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.