Decisive rotation: Health Care is +13.5% vs SPY over three months while Semiconductors trails at -7.6%.
Beyond the lead, SPY's dealer book reads short gamma at −$23.7M; 73% of S&P names hold their 200-day.
The S&P 500 closed at 7,653. Under the surface, 73% of index members are above their 200-day moving average and 60% are above their 50-day. SPY itself holds 8.2% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 19 to 4. The VIX sits at 15.8 — unremarkable.
On the options side, net GEX on SPY sits at −$23.7M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $766 with the put wall at $766. Into the 2026-09-18 expiry, the straddle implies a SPY move of about ±$21.02, or ±2.75%. For QQQ the same horizon prices ±4.16%.
Sector-wise, the strongest three-month showing against SPY comes from Health Care (XLV) at +13.5%, ahead of Financials at +9.2%. Semiconductors (SMH) brings up the rear at -7.6%; Utilities 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.