Decisive rotation: Health Care is +16.6% vs SPY over three months while Semiconductors trails at -14.2%.
Elsewhere, SPY's dealer book reads short gamma at −$6.6M, while 64% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,631. Breadth reads 64% of members above the 200-day average and 46% above the 50-day. SPY itself holds 7.5% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 14 to 8. Volatility is unremarkable, with the VIX at 16.3.
On the options side, net GEX on SPY sits at −$6.6M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $767 with the put wall at $764. Into the 2026-09-02 expiry, the straddle implies a SPY move of about ±$4.03, or ±0.53%. For QQQ the same horizon prices ±0.74%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +16.6%, with Energy next at +11.1%. At the other end, Semiconductors (SMH) lags at -14.2%, with Technology not far ahead at -7.9%.
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.