Gamma flipped back long — $11.6M net SPY GEX puts dealers in dampening mode.
Beyond the lead, Energy led three-month relative strength at +14.8% with Utilities at -15.5%; 41% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,666. Breadth reads 41% of members above the 200-day average and 22% above the 50-day. SPY itself holds 6.4% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 27 to 4. The VIX sits at 16.4 — unremarkable.
On the options side, net GEX on SPY sits at $11.6M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $770 with the put wall at $770. Into the 2026-10-02 expiry, the straddle implies a SPY move of about ±$5.21, or ±0.68%. For QQQ the same horizon prices ±0.93%.
Across sectors, Energy (XLE) leads on three-month relative strength versus SPY at +14.8%, with Software next at +12.8%. At the other end, Utilities (XLU) lags at -15.5%, with Real Estate not far ahead at -11.2%.
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.