Decisive rotation: Energy is +9.8% vs SPY over three months while Semiconductors trails at -10.2%.
Beyond the lead, SPY's dealer book reads long gamma at $29.4M; 58% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,657. Breadth reads 58% of members above the 200-day average and 39% above the 50-day. SPY itself holds 7.3% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 13 to 10. Volatility is unremarkable, with the VIX at 15.8.
SPY's dealer-gamma picture reads long gamma: net GEX of $29.4M across tracked expiries (delayed CBOE data). The call wall stands at $767 with the put wall at $755. Into the 2026-09-14 expiry, the straddle implies a SPY move of about ±$3.98, or ±0.52%. For QQQ the same horizon prices ±0.72%.
Across sectors, Energy (XLE) leads on three-month relative strength versus SPY at +9.8%, with Software next at +7.5%. Semiconductors (SMH) brings up the rear at -10.2%; Utilities is next-weakest at -7.3%.
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.