Dealers flipped to short gamma: net SPY GEX now −$49.9M.
Elsewhere, Software led three-month relative strength at +19.5% with Industrials at -11.7%, while 58% of S&P names hold their 200-day.
The S&P 500 closed at 7,663. Under the surface, 58% of index members are above their 200-day moving average and 61% are above their 50-day. SPY itself holds 5.4% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 43 to 5. The VIX sits at 19.0 — unremarkable.
On the options side, net GEX on SPY sits at −$49.9M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $770 with the put wall at $762. Options price a move of roughly ±$5.71 on SPY (±0.75%) into the 2026-10-23 expiry. For QQQ the same horizon prices ±1.44%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +19.5%, with Energy next at +9.6%. At the other end, Industrials (XLI) lags at -11.7%, with Real Estate not far ahead 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.