Dealers flipped to short gamma: net SPY GEX now −$71.7M.
Health Care led three-month relative strength at +12.4% with Communication Services at -7.9%. Meanwhile, 72% of S&P names hold their 200-day.
The S&P 500 closed at 7,728. Under the surface, 72% of index members are above their 200-day moving average and 64% are above their 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 29 to 1. Volatility is unremarkable, with the VIX at 15.3.
On the options side, net GEX on SPY sits at −$71.7M 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 ±$11.48 on SPY (±1.49%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±2.39%.
Sector-wise, the strongest three-month showing against SPY comes from Health Care (XLV) at +12.4%, ahead of Software at +9.7%. At the other end, Communication Services (XLC) lags at -7.9%, with Utilities not far ahead at -7.5%.
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.