Volatility collapsed — VIX fell 13% on the day to 15.4.
Elsewhere, Energy led three-month relative strength at +15.1% with Semiconductors at -12.9%, while SPY's dealer book reads short gamma at −$50.8M.
The S&P 500 finished the session at 7,638. Under the surface, 52% of index members are above their 200-day moving average and 31% are above their 50-day. SPY itself holds 6.8% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 16 to 13. The VIX sits at 15.4 — unremarkable.
On the options side, net GEX on SPY sits at −$50.8M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $764 with the put wall at $764. Into the 2026-09-18 expiry, the straddle implies a SPY move of about ±$4.52, or ±0.59%. For QQQ the same horizon prices ±0.71%.
Across sectors, Energy (XLE) leads on three-month relative strength versus SPY at +15.1%, with Software next at +15.0%. At the other end, Semiconductors (SMH) lags at -12.9%, with Industrials not far ahead at -8.6%.
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.