Gamma flipped back long — $62.8M net SPY GEX puts dealers in dampening mode.
Beyond the lead, Software led three-month relative strength at +15.7% with Utilities at -11.8%; 47% of S&P names hold their 200-day.
The S&P 500 closed at 7,765. Breadth reads 47% of members above the 200-day average and 31% above the 50-day. SPY itself holds 7.4% above its own 200-day, keeping the long-term trend gate on. The highs-and-lows tape is quiet: 6 new 52-week highs against 2 new lows. Volatility is unremarkable, with the VIX at 15.4.
On the options side, net GEX on SPY sits at $62.8M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $780 with the put wall at $776. Options price a move of roughly ±$3.6 on SPY (±0.47%) into the 2026-10-09 expiry. For QQQ the same horizon prices ±0.75%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +15.7%, with Energy next at +15.5%. Utilities (XLU) brings up the rear at -11.8%; Real Estate is next-weakest at -10.3%.
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.