Gamma flipped short at −$124.5M — dealers now chase moves, not dampen them.
Elsewhere, Health Care led three-month relative strength at +9.8% with Communication Services at -8.9%, while 70% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,745. Under the surface, 70% of index members are above their 200-day moving average and 62% 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 13 to 3. The VIX sits at 15.2 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$124.5M across tracked expiries (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 ±$6.44, or ±0.83%. For QQQ the same horizon prices ±1.36%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +9.8%, with Financials next at +7.5%. Communication Services (XLC) brings up the rear at -8.9%; Consumer Staples is next-weakest at -4.5%.
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.