Decisive rotation: Health Care is +8.0% vs SPY over three months while Communication Services trails at -9.8%.
Elsewhere, SPY's dealer book reads long gamma at $106.7M, while 73% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,758. Breadth reads 73% of members above the 200-day average and 66% 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 20 to 1. Volatility is unremarkable, with the VIX at 14.9.
On the options side, net GEX on SPY sits at $106.7M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $772 with the put wall at $772. Into the 2026-08-21 expiry, the straddle implies a SPY move of about ±$13.46, or ±1.74%. For QQQ the same horizon prices ±2.9%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +8.0%, with Software next at +6.7%. Communication Services (XLC) brings up the rear at -9.8%; Utilities is next-weakest at -8.8%.
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.