Decisive rotation: Software is +16.9% vs SPY over three months while Utilities trails at -12.8%.
SPY's dealer book reads long gamma at $83.9M. Meanwhile, 47% of S&P names hold their 200-day.
The S&P 500 closed at 7,812. Under the surface, 47% of index members are above their 200-day moving average and 34% are above their 50-day. SPY itself holds 8.0% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 15 to 8. The VIX sits at 14.8 — unremarkable.
On the options side, net GEX on SPY sits at $83.9M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $780 with the put wall at $777. Into the 2026-10-12 expiry, the straddle implies a SPY move of about ±$3.11, or ±0.4%. For QQQ the same horizon prices ±0.63%.
Sector-wise, the strongest three-month showing against SPY comes from Software (IGV) at +16.9%, ahead of Energy at +10.4%. At the other end, Utilities (XLU) lags at -12.8%, with Real Estate not far ahead at -10.4%.
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.