Decisive rotation: Software is +12.6% vs SPY over three months while Consumer Discretionary trails at -7.3%.
SPY's dealer book reads short gamma at −$11.3M. Meanwhile, 68% of S&P names hold their 200-day.
The S&P 500 closed at 7,686. Breadth reads 68% of members above the 200-day average and 50% above the 50-day. New 52-week lows outnumber new highs 11 to 4. The VIX sits at 14.9 — unremarkable.
On the options side, net GEX on SPY sits at −$11.3M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $771 with the put wall at $765. Into the 2026-09-01 expiry, the straddle implies a SPY move of about ±$3.22, or ±0.42%. For QQQ the same horizon prices ±0.62%.
Sector-wise, the strongest three-month showing against SPY comes from Software (IGV) at +12.6%, ahead of Health Care at +11.0%. At the other end, Consumer Discretionary (XLY) lags at -7.3%, with Communication Services not far ahead at -6.8%.
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.