Gamma flipped short at −$11.6M — dealers now chase moves, not dampen them.
Elsewhere, Software led three-month relative strength at +13.2% with Utilities at -11.8%, while 44% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,802. Under the surface, 44% of index members are above their 200-day moving average and 27% are above their 50-day. SPY itself holds 7.9% above its own 200-day, keeping the long-term trend gate on. New 52-week lows outnumber new highs 21 to 8. The VIX sits at 15.1 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$11.6M across tracked expiries (delayed CBOE data). The call wall stands at $779 with the put wall at $775. Options price a move of roughly ±$3.35 on SPY (±0.43%) into the 2026-10-08 expiry. For QQQ the same horizon prices ±0.59%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +13.2%, with Energy next at +11.8%. Utilities (XLU) brings up the rear at -11.8%; Real Estate is next-weakest at -11.3%.
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.