Decisive rotation: Software is +12.5% vs SPY over three months while Utilities trails at -15.6%.
SPY's dealer book reads long gamma at $21.3M. Meanwhile, 44% of S&P names hold their 200-day.
The S&P 500 closed at 7,774. Under the surface, 44% of index members are above their 200-day moving average and 26% are above their 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 14 to 13. The VIX sits at 15.5 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $21.3M across tracked expiries (delayed CBOE data). The call wall stands at $778 with the put wall at $770. Options price a move of roughly ±$3.15 on SPY (±0.41%) into the 2026-10-06 expiry. For QQQ the same horizon prices ±0.61%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +12.5%, with Energy next at +12.1%. At the other end, Utilities (XLU) lags at -15.6%, with Real Estate not far ahead at -12.6%.
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.