Decisive rotation: Health Care is +15.3% vs SPY over three months while Semiconductors trails at -14.3%.
Elsewhere, SPY options price ±1.3% into 2026-11-09, while SPY's dealer book reads short gamma at −$64.6M.
The S&P 500 finished the session at 7,377. Breadth reads 57% of members above the 200-day average and 63% above the 50-day. SPY itself holds 0.9% above its own 200-day, keeping the long-term trend gate on. The highs-and-lows tape is quiet: 7 new 52-week highs against 4 new lows. The VIX sits at 25.6 — elevated.
SPY's dealer-gamma picture reads short gamma: net GEX of −$64.6M across tracked expiries (delayed CBOE data). The call wall stands at $745 with the put wall at $725. Into the 2026-11-09 expiry, the straddle implies a SPY move of about ±$9.54, or ±1.3%. For QQQ the same horizon prices ±1.93%.
Across sectors, Health Care (XLV) leads on three-month relative strength versus SPY at +15.3%, with Consumer Staples next at +11.5%. At the other end, Semiconductors (SMH) lags at -14.3%, with Industrials not far ahead at -7.4%.
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.