Gamma flipped short at −$13.3M — dealers now chase moves, not dampen them.
Energy led three-month relative strength at +12.0% with Communication Services at -9.2%. Meanwhile, 64% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,720. Breadth reads 64% of members above the 200-day average and 66% above the 50-day. SPY itself holds 5.8% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 32 to 2. Volatility is unremarkable, with the VIX at 17.2.
On the options side, net GEX on SPY sits at −$13.3M across tracked expiries — a dealer-short-gamma read on delayed CBOE data. The call wall stands at $764 with the put wall at $769. Options price a move of roughly ±$5.35 on SPY (±0.69%) into the 2026-10-30 expiry. For QQQ the same horizon prices ±1.5%.
Sector-wise, the strongest three-month showing against SPY comes from Energy (XLE) at +12.0%, ahead of Software at +10.8%. Communication Services (XLC) brings up the rear at -9.2%; Industrials is next-weakest at -8.1%.
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.