Gamma flipped back long — $49.1M net SPY GEX puts dealers in dampening mode.
Health Care led three-month relative strength at +10.1% with Communication Services at -9.3%. Meanwhile, 71% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,748. Breadth reads 71% of members above the 200-day average and 65% 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 36 to 3. The VIX sits at 14.6 — unremarkable.
On the options side, net GEX on SPY sits at $49.1M 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 ±$9.91, or ±1.28%. For QQQ the same horizon prices ±2.04%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +10.1%, with Software next at +9.9%. Communication Services (XLC) brings up the rear at -9.3%; Utilities is next-weakest 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.