Dealers flipped to short gamma: net SPY GEX now −$52.0M.
Energy led three-month relative strength at +15.7% with Real Estate at -11.0%. Meanwhile, 49% of S&P names hold their 200-day.
The S&P 500 closed at 7,719. Breadth reads 49% of members above the 200-day average and 34% above the 50-day. SPY itself holds 6.5% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 18 to 13. Volatility is unremarkable, with the VIX at 16.9.
SPY's dealer-gamma picture reads short gamma: net GEX of −$52.0M across tracked expiries (delayed CBOE data). The call wall stands at $772 with the put wall at $772. Options price a move of roughly ±$4.83 on SPY (±0.63%) into the 2026-10-15 expiry. For QQQ the same horizon prices ±1.06%.
Sector-wise, the strongest three-month showing against SPY comes from Energy (XLE) at +15.7%, ahead of Software at +12.1%. Real Estate (XLRE) brings up the rear at -11.0%; Utilities is next-weakest at -10.5%.
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.