Decisive rotation: Software is +17.5% vs SPY over three months while Industrials trails at -11.4%.
Elsewhere, SPY's dealer book reads short gamma at −$21.2M, while 59% of S&P names hold their 200-day.
The S&P 500 closed at 7,677. Breadth reads 59% of members above the 200-day average and 59% above the 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 13 to 6. The VIX sits at 18.4 — unremarkable.
SPY's dealer-gamma picture reads short gamma: net GEX of −$21.2M across tracked expiries (delayed CBOE data). The call wall stands at $765 with the put wall at $762. Options price a move of roughly ±$3.86 on SPY (±0.5%) into the 2026-10-27 expiry. For QQQ the same horizon prices ±0.88%.
Sector-wise, the strongest three-month showing against SPY comes from Software (IGV) at +17.5%, ahead of Energy at +17.1%. At the other end, Industrials (XLI) lags at -11.4%, 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.