Decisive rotation: Software is +18.1% vs SPY over three months while Semiconductors trails at -14.2%.
SPY's dealer book reads long gamma at $69.9M. Meanwhile, 50% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,765. Breadth reads 50% of members above the 200-day average and 30% above the 50-day. SPY itself holds 8.2% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 20 to 7. Volatility is unremarkable, with the VIX at 14.9.
SPY's dealer-gamma picture reads long gamma: net GEX of $69.9M across tracked expiries (delayed CBOE data). The call wall stands at $772 with the put wall at $772. Into the 2026-09-22 expiry, the straddle implies a SPY move of about ±$3.29, or ±0.43%. For QQQ the same horizon prices ±0.67%.
Sector-wise, the strongest three-month showing against SPY comes from Software (IGV) at +18.1%, ahead of Energy at +11.2%. At the other end, Semiconductors (SMH) lags at -14.2%, with Utilities not far ahead at -12.5%.
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.