Dealers flipped to short gamma: net SPY GEX now −$0.6M.
Beyond the lead, Energy led three-month relative strength at +18.7% with Semiconductors at -7.1%; 63% of S&P names hold their 200-day.
The S&P 500 finished the session at 7,569. Under the surface, 63% of index members are above their 200-day moving average and 67% are above their 50-day. SPY itself holds 3.6% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 11 to 1. The VIX sits at 20.8 — elevated.
SPY's dealer-gamma picture reads short gamma: net GEX of −$0.6M across tracked expiries (delayed CBOE data). The call wall stands at $765 with the put wall at $745. Into the 2026-11-04 expiry, the straddle implies a SPY move of about ±$8.72, or ±1.16%. For QQQ the same horizon prices ±1.92%.
Sector-wise, the strongest three-month showing against SPY comes from Energy (XLE) at +18.7%, ahead of Health Care at +14.4%. Semiconductors (SMH) brings up the rear at -7.1%; Communication Services is next-weakest at -6.6%.
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.