Gamma flipped back long — $36.2M net SPY GEX puts dealers in dampening mode.
Software led three-month relative strength at +19.3% with Utilities at -13.2%. Meanwhile, 54% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,757. Breadth reads 54% of members above the 200-day average and 55% above the 50-day. SPY itself holds 6.7% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 25 to 4. Volatility is unremarkable, with the VIX at 16.7.
On the options side, net GEX on SPY sits at $36.2M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $775 with the put wall at $772. Options price a move of roughly ±$4.21 on SPY (±0.54%) into the 2026-10-22 expiry. For QQQ the same horizon prices ±0.96%.
Sector-wise, the strongest three-month showing against SPY comes from Software (IGV) at +19.3%, ahead of Energy at +9.6%. At the other end, Utilities (XLU) lags at -13.2%, with Industrials not far ahead at -11.7%.
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.