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EEM

iShares MSCI Emerging Markets ETFClose $67.21EOD only

Max Pain

$61.50

Next expiry May 15, 2026

Expected Move

±$1.59

2.4% from close

Price Gap

-5.71

Distance to max pain

IV Rank

100

High premium

P/C OI

1.50

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 13, 2026 close

End-of-day snapshot

This page reflects EEM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 13, 2026 close

EEM Directional Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

EEM trades above max pain with bullish flow and positive gamma pinning, supporting structural upward bias toward $70 resistance. Normal vol and OTM put concentration cushion downside. Duration multi-week given EM recovery.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 GEX positive pinning; -1 spot 9.6% above MP; +1 VIX 17 = 8.0.

Supports: Bullish flow, positive gamma pinning, normal vol, support $65-$64.54, resistance $70.
Conflicts: Spot 9.6% above MP, gamma flip at $55, China risk.

📈Bullish flow with $590M GEX supports upward bias.

⚠️Spot 9.6% above MP; risk of mean reversion.

🛡️Positive gamma pinning near $64-$66 provides cushion.

Regime Classification

Vol Regime

Normal

IV at normal levels, no spike.

Gamma Regime

Pinning

Positive gamma $590M, pinning near $64-$66.

Flow Regime

Bullish

Bullish net premium flow.

Spot vs Max Pain

Above

Spot above MP by 9.6%, but gamma support near.

Thesis duration: Multi-week — EM rally supported by flow and gamma, no event catalyst.

Price Range Forecast

Next 2 days

$66.36$68.39

Range $66.36-$68.39, pinning near $66-68.

Next 1 week

$65.20$69.55

Range $65.20-$69.55.

Next 2 weeks

$64.54$70.21

Range $64.54-$70.21, structural support $64.54.

Key Levels

Max pain pins: $62 (2026-05-15); $64 (2026-05-22); $66 (2026-05-29)

EM guardrails: 2d $66.36/$68.39; 1w $65.20/$69.55

Support: $65.00 · $64.54 · $61.50

Resistance: $70.00 · $70.21

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 172,186 (18.4% below spot)

Structural: Max pain pins: $62(May15), $64(May22), $66(May29). Support: $65, $64.54, $61.5. Resistance: $70, $70.21. Gamma flip: $55.

Dealer Positioning (GEX/DEX)

GEX: $+590.2M

DEX: +202.3M shares

Gamma flip: ~$55 (Approx — based on put OI concentration of 172,186 (18.4% below spot))

NTM gamma: GEX +$590.2M, DEX +202.3M shares. Gamma flip at ~$55 based on put OI concentration.

IV Analysis

IV vs VIX: EEM IV near VIX levels, cheap in low vol environment.

Term structure: Term structure flat, no event kinks.

Skew: Skew neutral; put skew elevated but not actionable.

Flow Analysis

Net premium: Net prem +$7.77M, P/C vol 0.76 (call-heavy), OI 1.49 (put-heavy), bullish flow.

Directional prints: 26.9 call 71 OTM 2026-05-29 — V/OI=10.8; potential call buying (bullish) or selling (bearish); prefer call buying given bullish flow.

Unusual: 34.7 put 64 OTM 2026-05-22 — V/OI=15.3; potential put buying (bearish) or selling (bullish); prefer put selling given bullish flow. 36.3 put 53 OTM 2026-12-18 — V/OI=8.4; potential put buying (bearish) or selling (bullish); prefer put selling. 29.2 call 75 OTM 2026-12-18 — V/OI=2.5; potential call buying or selling; prefer call buying.

Risks & Catalysts

!Mean reversion to MP $62-$64

!Gamma flip at $55 if selling intensifies

!China/EM geopolitical risk

!VIX spike could widen skew

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-18 $69.00/$70.00 call spread Why now: Bullish flow and gamma pinning support upside; normal vol allows low cost debit spread.	If EEM fails to rally, premium lost; time decay hurts long call leg. Liquidity constraints: long_call: Volume below 5.
Put credit spread	Moderate-Weak	Sell 2026-06-18 $62.50/$62.00 put spread Why now: Low vol and put OI concentration cushion downside; premium harvest with defined risk.	Sharp selloff breaks support; max loss on spread. Liquidity constraints: short_put: Wide spread (71%).; long_put: Wide spread (53%).
Long call	Moderate-Strong	Buy 2026-06-18 $70.00 call Why now: Positive gamma and call-heavy flow suggest continued drift up; vol normal.	Time decay accelerates if move delayed; premium paid.

Top Plays

Bull Call Spread $69/$70

Buy 2026-06-18 $69.00/$70.00 call spread

Low-cost debit spread capturing upside to $70 resistance.

Why this play: Best risk/reward for bullish bias with gamma pinning and normal vol.

Debit: $0.31-$0.37

Max loss: $0.37

BE: $69.37

Mgmt: Exit near $70 or at 50% profit; stop at $65. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Bullish traders seeking defined risk.

Long Call $70

Buy 2026-06-18 $70.00 call

Direct bullish bet on continued drift up with unlimited upside.

Why this play: Highest upside potential with strong call flow and positive gamma.

Debit: $1.08-$1.33

Max loss: $1.33

BE: $71.33

Mgmt: Take profit at $70+; monitor gamma; stop at $65.

Aggressive bullish traders with higher risk tolerance.

Put Credit Spread $62.50/$62

Sell 2026-06-18 $62.50/$62.00 put spread

Collect premium while defined risk supports bullish thesis.

Why this play: Premium harvest with downside cushion from put OI concentration.

Credit: $0.07-$0.09

Max loss: $0.41

BE: $62.41

Mgmt: Roll if tested; hold to expiry; invalidation below $62. Liquidity warning: Liquidity constraints: short_put: Wide spread (71%).; long_put: Wide spread (53%).

Income-oriented bullish traders.

Watchlist Triggers

Entry Triggers

IFIF EEM holds above $65 support → enter Bull Call Spread $69/$70 (EEM_bull_call_1) in $0.31-$0.37 range

IFIF EEM breaks above $69.55 resistance → enter Long Call $70 (EEM_long_call_1) in $1.08-$1.33 range

IFIF EEM holds above $62.50 support → enter Put Credit Spread $62.50/$62 for $0.20-$0.30 credit

Exit Triggers

EXITIF EEM falls below $65 support → exit Bull Call Spread for max loss and close Long Call if open

EXITIF EEM falls below $62 → exit Put Credit Spread for max loss

Tactical Summary

Bullish bias, support $65, resistance $70. Top play: Bull Call Spread $69/$70. Aggressive: Long Call $70. Income: Put Credit Spread $62.50/$62. Manage stops at $65.

How to Use These Reports

This directional reflects the market close on May 14, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.