Decisive rotation: Software is +14.8% vs SPY over three months while Utilities trails at -12.0%.
SPY's dealer book reads long gamma at $45.7M. Meanwhile, 49% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,807. Under the surface, 49% of index members are above their 200-day moving average and 36% are above their 50-day. SPY itself holds 7.8% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 12 to 7. Volatility is unremarkable, with the VIX at 15.2.
On the options side, net GEX on SPY sits at $45.7M 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 2026-10-13 expiry, the straddle implies a SPY move of about ±$2.77, or ±0.36%. For QQQ the same horizon prices ±0.58%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +14.8%, with Energy next at +12.0%. Utilities (XLU) brings up the rear at -12.0%; Industrials is next-weakest at -9.4%.
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.