Decisive rotation: Energy is +13.2% vs SPY over three months while Utilities trails at -10.1%.
SPY's dealer book reads short gamma at −$10.6M. Meanwhile, 50% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,691. Breadth reads 50% of members above the 200-day average and 43% above the 50-day. SPY itself holds 5.9% above its own 200-day, keeping the long-term trend gate on. The highs-and-lows tape is quiet: 7 new 52-week highs against 4 new lows. The VIX sits at 18.4 — unremarkable.
On the options side, net GEX on SPY sits at −$10.6M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $768 with the put wall at $768. Options price a move of roughly ±$4.4 on SPY (±0.57%) into the 2026-10-20 expiry. For QQQ the same horizon prices ±0.94%.
Across sectors, Energy (XLE) leads on three-month relative strength versus SPY at +13.2%, with Software next at +12.7%. At the other end, Utilities (XLU) lags at -10.1%, with Real Estate not far ahead at -10.0%.
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.