Decisive rotation: Health Care is +13.5% vs SPY over three months while Communication Services trails at -8.6%.
Elsewhere, SPY's dealer book reads short gamma at −$10.9M, while 74% of S&P names hold their 200-day.
The S&P 500 closed at 7,708. Breadth reads 74% of members above the 200-day average and 60% above the 50-day. SPY itself holds 9.2% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 22 to 0. Volatility is unremarkable, with the VIX at 14.9.
On the options side, net GEX on SPY sits at −$10.9M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $767 with the put wall at $767. Options price a move of roughly ±$4.86 on SPY (±0.63%) into the 2026-08-21 expiry. For QQQ the same horizon prices ±1.08%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +13.5%, with Financials next at +7.0%. Communication Services (XLC) brings up the rear at -8.6%; Utilities is next-weakest at -5.5%.
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.