Participation surged — 50-day breadth jumped 9 points to 52%.
Software led three-month relative strength at +16.7% with Utilities at -11.4%. Meanwhile, SPY's dealer book reads short gamma at −$2.3M.
The S&P 500 finished the session at 7,713. Under the surface, 53% of index members are above their 200-day moving average and 52% are above their 50-day. SPY itself holds 6.2% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 29 to 2. The VIX sits at 17.3 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$2.3M across tracked expiries (delayed CBOE data). The call wall stands at $769 with the put wall at $766. Into the 2026-10-21 expiry, the straddle implies a SPY move of about ±$4.38, or ±0.57%. For QQQ the same horizon prices ±1.01%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +16.7%, with Energy next at +11.6%. Utilities (XLU) brings up the rear at -11.4%; Semiconductors is next-weakest at -9.5%.
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.