Software leads a split tape — 18 points clear of Communication Services on 3-month relative strength.
Beyond the lead, SPY's dealer book reads long gamma at $270.1M; 74% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,786. Breadth reads 74% of members above the 200-day average and 70% above the 50-day. SPY itself holds 10.5% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 17 to 1. Volatility is unremarkable, with the VIX at 14.2.
On the options side, net GEX on SPY sits at $270.1M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $776 with the put wall at $776. Options price a move of roughly ±$7.43 on SPY (±0.96%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±1.56%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +10.4%, with Health Care next at +9.7%. Communication Services (XLC) brings up the rear at -7.3%; Utilities is next-weakest at -5.1%.
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.