Gamma flipped back long — $17.3M net SPY GEX puts dealers in dampening mode.
Beyond the lead, Energy led three-month relative strength at +17.9% with Semiconductors at -9.4%; 64% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,541. Breadth reads 64% of members above the 200-day average and 68% above the 50-day. SPY itself holds 3.4% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 38 to 2. Volatility is elevated, with the VIX at 21.1.
On the options side, net GEX on SPY sits at $17.3M across tracked expiries — a dealer-long-gamma read on delayed CBOE data. The call wall stands at $750 with the put wall at $750. Options price a move of roughly ±$6.78 on SPY (±0.9%) into the 2026-11-03 expiry. For QQQ the same horizon prices ±1.58%.
Sector-wise, the strongest three-month showing against SPY comes from Energy (XLE) at +17.9%, ahead of Health Care at +16.8%. Semiconductors (SMH) brings up the rear at -9.4%; Communication Services is next-weakest at -8.2%.
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.