Decisive rotation: Software is +13.6% vs SPY over three months while Utilities trails at -19.2%.
Beyond the lead, SPY's dealer book reads long gamma at $24.0M; 47% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,743. Breadth reads 47% of members above the 200-day average and 26% above the 50-day. SPY itself holds 7.7% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 15 to 8. The VIX sits at 14.9 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $24.0M across tracked expiries (delayed CBOE data). The call wall stands at $770 with the put wall at $770. Options price a move of roughly ±$4.38 on SPY (±0.57%) into the 2026-09-28 expiry. For QQQ the same horizon prices ±0.84%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +13.6%, with Energy next at +8.9%. Utilities (XLU) brings up the rear at -19.2%; Real Estate is next-weakest at -13.2%.
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.