Software leads a split tape — 28 points clear of Utilities on 3-month relative strength.
Elsewhere, SPY's dealer book reads short gamma at −$11.5M, while 44% of S&P names hold their 200-day.
The S&P 500 closed at 7,671. Under the surface, 44% of index members are above their 200-day moving average and 24% are above their 50-day. SPY itself holds 6.5% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 23 to 6. The VIX sits at 16.0 — unremarkable.
On the options side, net GEX on SPY sits at −$11.5M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $770 with the put wall at $770. Into the 2026-09-30 expiry, the straddle implies a SPY move of about ±$4.38, or ±0.57%. For QQQ the same horizon prices ±0.85%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +13.5%, with Energy next at +13.2%. Utilities (XLU) brings up the rear at -14.4%; Industrials is next-weakest at -10.8%.
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.