Decisive rotation: Software is +18.3% vs SPY over three months while Industrials trails at -12.6%.
Beyond the lead, SPY's dealer book reads short gamma at −$257.1M; 57% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,624. Under the surface, 57% of index members are above their 200-day moving average and 58% are above their 50-day. SPY itself holds 4.8% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 17 to 11. The VIX sits at 19.4 — unremarkable.
On the options side, net GEX on SPY sits at −$257.1M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $767 with the put wall at $755. Options price a move of roughly ±$6.07 on SPY (±0.8%) into the 2026-10-26 expiry. For QQQ the same horizon prices ±1.4%.
Sector-wise, the strongest three-month showing against SPY comes from Software (IGV) at +18.3%, ahead of Energy at +15.5%. At the other end, Industrials (XLI) lags at -12.6%, with Real Estate not far ahead 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.