Decisive rotation: Energy is +9.8% vs SPY over three months while Real Estate trails at -6.9%.
Beyond the lead, SPY's dealer book reads short gamma at −$5.0M; 58% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,636. Under the surface, 58% of index members are above their 200-day moving average and 37% are above their 50-day. SPY itself holds 7.2% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 25 to 7. The VIX sits at 16.5 — unremarkable.
On the options side, net GEX on SPY sits at −$5.0M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $770 with the put wall at $767. Options price a move of roughly ±$4.3 on SPY (±0.56%) into the 2026-09-10 expiry. For QQQ the same horizon prices ±0.78%.
Sector-wise, the strongest three-month showing against SPY comes from Energy (XLE) at +9.8%, ahead of Software at +5.7%. At the other end, Real Estate (XLRE) lags at -6.9%, with Semiconductors not far ahead at -6.4%.
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.