Gamma flipped short at −$3.3M — dealers now chase moves, not dampen them.
Beyond the lead, Health Care led three-month relative strength at +14.0% with Semiconductors at -8.8%; 72% of S&P names hold their 200-day.
The S&P 500 closed at 7,676. Breadth reads 72% of members above the 200-day average and 59% above the 50-day. SPY itself holds 8.4% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 12 to 3. The VIX sits at 15.2 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$3.3M across tracked expiries (delayed CBOE data). The call wall stands at $767 with the put wall at $763. Into the 2026-08-27 expiry, the straddle implies a SPY move of about ±$4.97, or ±0.65%. For QQQ the same horizon prices ±0.98%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +14.0%, with Financials next at +10.7%. Semiconductors (SMH) brings up the rear at -8.8%; Utilities is next-weakest at -5.8%.
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.