Gamma flipped back long — $24.5M net SPY GEX puts dealers in dampening mode.
Software led three-month relative strength at +14.7% with Real Estate at -12.5%. Meanwhile, 60% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,723. Breadth reads 60% of members above the 200-day average and 60% above the 50-day. SPY itself holds 6.0% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 12 to 9. The VIX sits at 17.5 — unremarkable.
SPY's dealer-gamma picture reads long gamma: net GEX of $24.5M across tracked expiries (delayed CBOE data). The call wall stands at $772 with the put wall at $760. Options price a move of roughly ±$5.26 on SPY (±0.68%) into the 2026-10-28 expiry. For QQQ the same horizon prices ±1.03%.
Across sectors, Software (IGV) leads on three-month relative strength versus SPY at +14.7%, with Energy next at +10.2%. Real Estate (XLRE) brings up the rear at -12.5%; Communication Services is next-weakest at -10.4%.
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.