Dealers flipped to short gamma: net SPY GEX now −$21.4M.
Beyond the lead, Software led three-month relative strength at +13.5% with Utilities at -17.4%; 46% of S&P names hold their 200-day.
The S&P 500 closed at 7,684. Breadth reads 46% of members above the 200-day average and 24% above the 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 34 to 8. The VIX sits at 16.1 — unremarkable.
On the options side, net GEX on SPY sits at −$21.4M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $771 with the put wall at $765. Options price a move of roughly ±$4.03 on SPY (±0.53%) into the 2026-09-29 expiry. For QQQ the same horizon prices ±0.74%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +13.5%, with Energy next at +12.2%. At the other end, Utilities (XLU) lags at -17.4%, with Real Estate not far ahead at -10.9%.
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.