Software leads a split tape — 22 points clear of Communication Services on 3-month relative strength.
Elsewhere, SPY's dealer book reads long gamma at $194.2M, while 74% of S&P names hold their 200-day.
The S&P 500 closed at 7,799. Breadth reads 74% of members above the 200-day average and 69% above the 50-day. SPY itself holds 10.8% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 25 to 1. The VIX sits at 14.6 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $194.2M across tracked expiries (delayed CBOE data). The call wall stands at $777 with the put wall at $777. Into the 2026-08-21 expiry, the straddle implies a SPY move of about ±$8.9, or ±1.14%. For QQQ the same horizon prices ±1.85%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +14.2%, with Health Care next at +9.2%. Communication Services (XLC) brings up the rear at -8.2%; Utilities is next-weakest at -6.2%.
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.