Decisive rotation: Energy is +13.9% vs SPY over three months while Utilities trails at -13.8%.
SPY's dealer book reads short gamma at −$23.9M. Meanwhile, 40% of S&P names hold their 200-day.
The S&P 500 closed at 7,652. Under the surface, 40% of index members are above their 200-day moving average and 20% are above their 50-day. SPY itself holds 6.3% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 34 to 6. The VIX sits at 16.3 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$23.9M across tracked expiries (delayed CBOE data). The call wall stands at $767 with the put wall at $764. Options price a move of roughly ±$4.56 on SPY (±0.6%) into the 2026-10-01 expiry. For QQQ the same horizon prices ±0.87%.
Across sectors, Energy (XLE) leads on three-month relative strength versus SPY at +13.9%, with Software next at +11.6%. At the other end, Utilities (XLU) lags at -13.8%, with Industrials 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.