Health Care leads a split tape — 21 points clear of Communication Services on 3-month relative strength.
Beyond the lead, SPY's dealer book reads short gamma at −$33.5M; 70% of S&P names hold their 200-day.
The S&P 500 closed at 7,692. Under the surface, 70% of index members are above their 200-day moving average and 60% are above their 50-day. SPY itself holds 9.1% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 12 to 5. Volatility is unremarkable, with the VIX at 15.8.
On the options side, net GEX on SPY sits at −$33.5M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $776 with the put wall at $766. Into the 2026-08-21 expiry, the straddle implies a SPY move of about ±$6.35, or ±0.83%. For QQQ the same horizon prices ±1.35%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +11.8%, with Financials next at +7.3%. At the other end, Communication Services (XLC) lags at -9.3%, with Consumer Staples not far ahead at -4.4%.
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.