Gamma flipped back long — $34.8M net SPY GEX puts dealers in dampening mode.
Elsewhere, Energy led three-month relative strength at +18.1% with Semiconductors at -14.9%, while 50% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,650. Breadth reads 50% of members above the 200-day average and 28% above the 50-day. SPY itself holds 6.7% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 24 to 2. The VIX sits at 14.8 — unremarkable.
On the options side, net GEX on SPY sits at $34.8M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $770 with the put wall at $755. Into the 2026-09-21 expiry, the straddle implies a SPY move of about ±$3.83, or ±0.5%. For QQQ the same horizon prices ±0.71%.
Sector-wise, the strongest three-month showing against SPY comes from Energy (XLE) at +18.1%, ahead of Software at +14.8%. At the other end, Semiconductors (SMH) lags at -14.9%, with Utilities not far ahead at -9.4%.
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.