Decisive rotation: Health Care is +14.0% vs SPY over three months while Utilities trails at -8.1%.
SPY's dealer book reads short gamma at −$620.8M. Meanwhile, 72% of S&P names hold their 200-day.
The S&P 500 closed at 7,674. Breadth reads 72% of members above the 200-day average and 58% above the 50-day. SPY itself holds 8.6% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 20 to 5. The VIX sits at 15.1 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$620.8M across tracked expiries (delayed CBOE data). The call wall stands at $765 with the put wall at $765. Into the 2026-11-20 expiry, the straddle implies a SPY move of about ±$44.92, or ±5.87%. For QQQ the same horizon prices ±8.59%.
Sector-wise, the strongest three-month showing against SPY comes from Health Care (XLV) at +14.0%, ahead of Software at +8.2%. Utilities (XLU) brings up the rear at -8.1%; Communication Services is next-weakest at -7.2%.
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.