Gamma flipped back long — $50.4M net SPY GEX puts dealers in dampening mode.
Beyond the lead, Health Care led three-month relative strength at +15.4% with Semiconductors at -9.8%; 72% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,677. Breadth reads 72% of members above the 200-day average and 59% above the 50-day. SPY itself holds 8.5% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 17 to 2. The VIX sits at 15.4 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $50.4M across tracked expiries (delayed CBOE data). The call wall stands at $767 with the put wall at $767. Into the 2026-09-18 expiry, the straddle implies a SPY move of about ±$20.1, or ±2.62%. For QQQ the same horizon prices ±3.9%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +15.4%, with Financials next at +9.9%. At the other end, Semiconductors (SMH) lags at -9.8%, with Utilities not far ahead at -6.6%.
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.