Decisive rotation: Software is +21.0% vs SPY over three months while Utilities trails at -17.4%.
SPY's dealer book reads long gamma at $11.8M. Meanwhile, 46% of S&P names hold their 200-day.
The S&P 500 closed at 7,704. Under the surface, 46% of index members are above their 200-day moving average and 24% 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 43 to 12. The VIX sits at 15.7 — unremarkable.
On the options side, net GEX on SPY sits at $11.8M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $767 with the put wall at $767. Into the 2026-09-25 expiry, the straddle implies a SPY move of about ±$4.21, or ±0.55%. For QQQ the same horizon prices ±0.77%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +21.0%, with Energy next at +10.8%. Utilities (XLU) brings up the rear at -17.4%; Real Estate is next-weakest at -10.6%.
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.