Dealers flipped to short gamma: net SPY GEX now −$81.8M.
Elsewhere, 50-day breadth fell 9 points to 64%, while the VIX jumped 70% to 28.2.
The S&P 500 finished the session at 7,354. Under the surface, 59% of index members are above their 200-day moving average and 64% are above their 50-day. SPY itself holds 0.6% above its own 200-day, keeping the long-term trend gate on. New 52-week highs outnumber new lows 12 to 8. The VIX sits at 28.2 — in stress territory.
SPY's dealer-gamma picture reads short gamma: net GEX of −$81.8M across tracked expiries (delayed CBOE data). The call wall stands at $745 with the put wall at $725. Into the 2026-11-06 expiry, the straddle implies a SPY move of about ±$11.09, or ±1.51%. For QQQ the same horizon prices ±2.45%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +17.7%, with Consumer Staples next at +13.1%. At the other end, Semiconductors (SMH) lags at -18.9%, with Technology not far ahead at -8.9%.
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.