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EEM

iShares MSCI Emerging Markets ETFClose $65.88EOD only
Max Pain
$65.00
Next expiry May 29, 2026
Expected Move
±$2.38
3.6% from close
Price Gap
-0.88
Distance to max pain
IV Rank
69
High premium
P/C OI
1.76
Slightly put-heavy
Consensus
5.0/10
Bearish tilt
Published snapshot: May 22, 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 22, 2026 close
EEM Directional Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish bias supported by strong positive dealer gamma and delta, normal vol, and gamma pinning near $66 MP. Spot above MP but within range; mixed flow tempers conviction. Confidence 8.5/10.

Confidence:
8.5 / 10
Base 5; +2 GEX/flow aligned; +1 positive pinning; -0.5 spot 3.6% from MP; +1 low VIX 17.
Supports: Positive dealer gamma ($114.6M), positive delta (171.5M shares), normal vol, gamma pinning at $66.
Conflicts: Spot above max pain (3.6%), mixed flow, weekly expiry uncertainty.
🟢Dealer GEX +$114.6M supports bullish hedging
⚠️Spot ~3.6% above MP; pinning may cap upside
📊VIX 17 suggests low vol; long premium favored

Regime Classification

Vol Regime
Normal
Vol regime Normal; VIX at 17 indicates low implied vol environment.
Gamma Regime
Pinning
Gamma pinning active; positive GEX $114.6M; flip at $55 far below spot.
Flow Regime
Mixed
Flow mixed; net context not strongly directional.
Spot vs Max Pain
Above
Spot above max pain ($66) by ~3.6%; price near support zone.
Thesis duration: Multi-week — Positive dealer positioning and normal vol support multi-week bullish bias; mixed flow and spot above MP suggest range-bound trading.

Price Range Forecast

Next 2 days
$66.49$70.32
Positive GEX/dealer flow support move to high end $70.32.
Next 1 week
$65.68$71.13
Gamma pinning near $66 may hold; upside bias to $71.13.
Next 2 weeks
$66.68$70.12
Range $66.68-$70.12; break depends on flow shift.

Key Levels

Max pain pins: $66 (2026-05-29); $65 (2026-06-05); $66 (2026-06-12)
EM guardrails: 2d $66.49/$70.32; 1w $65.68/$71.13
Support: $66.68 · $66.00 · $65.00
Resistance: $70.00 · $70.12
Gamma flip: ~$55.00 — Approx — based on put OI concentration of 172,307 (19.6% below spot)
Structural: Max pain $66 (5/29), $65 (6/5), $66 (6/12); support $66.68, $66, $65; resistance $70, $70.12; gamma flip $55.

Dealer Positioning (GEX/DEX)

GEX: $+114.6M

DEX: +171.5M shares

Gamma flip: ~$55 (Approx — based on put OI concentration of 172,307 (19.6% below spot))

NTM gamma: Net positive gamma $114.6M; delta positive 171.5M shares; gamma flip at ~$55.

IV Analysis

IV vs VIX: IV is in line with VIX at 17, indicating relatively low implied vol environment.

Term structure: No term structure data; typical for ETF, near-term likely elevated near events.

Skew: Skew not available; given positive GEX, skew may be tilted to calls.

Flow Analysis

Net premium: Net premium $32.4M positive but put volume ratio 1.11 and OI ratio 1.78, indicating net bearish flow.

Directional prints: 37.7 put 67 OTM 2026-05-29 — Vol/OI 65x, aggressive put buying, near-term bearish. 32.5 put 68 OTM 2026-06-18 — Vol/OI 38x, heavy put buying, bearish. 52.7 put 60 OTM 2026-06-05 — Vol/OI 21x, deep OTM put buying, downside protection.

Unusual: 51.2 put 42 OTM 2027-03-19 — Long-dated deep OTM put, elevated IV, possible hedging. 51.3 put 41 OTM 2026-12-31 — Long-dated deep OTM put, elevated IV, hedging activity. 51.3 put 40 OTM 2027-03-31 — Long-dated deep OTM put, elevated IV, bearish hedge.

Risks & Catalysts

!Break below support $66.49 could trigger gamma flip acceleration.
!Mixed flow may cause whipsaw moves.
!Spot above MP may attract selling at resistance.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Strong
Buy 2026-05-29 $70.00/$71.00 call spread
Why now: Defined-risk upside capture with limited downside.
Break below $66.49 support could trigger gamma flip.
Put credit spreadModerate
Sell 2026-05-29 $67.00/$66.00 put spread
Why now: Support at $65; collect premium with tail protection.
Sharp bearish breakout could breach spread.
Long callModerate
Buy 2026-05-29 $70.00 call
Why now: Strong gamma/delta support favors upside momentum.
Time decay and mixed flow may cause whipsaw.

Top Plays

#1
Bull call spread
Buy 2026-05-29 $70.00/$71.00 call spread
Buy $70/$71 call spread, max loss 0.21, max gain 0.79.
Why this play: Defined-risk upside capture aligns with strong bullish bias.
Debit: $0.17-$0.21
Max loss: $0.21
BE: $70.21
Mgmt: Exit if spot breaks below 66.68 or target near 71.
Traders seeking limited-risk upside exposure.
#2
Put credit spread
Sell 2026-05-29 $67.00/$66.00 put spread
Sell $67/$66 put spread, max gain 0.23, max loss 0.77.
Why this play: Collects premium at support with tail protection.
Credit: $0.18-$0.23
Max loss: $0.77
BE: $66.77
Mgmt: Close early at 50% profit or if spot drops below 66.68.
Income-focused traders expecting support to hold.
#3
Long call
Buy 2026-05-29 $70.00 call
Buy $70 call, unlimited upside, max loss 0.37.
Why this play: Direct bullish bet with gamma tailwind.
Debit: $0.31-$0.37
Max loss: $0.37
BE: $70.37
Mgmt: Set stop at 66.68; trail stop if rally continues.
Aggressive traders confident in strong momentum.

Watchlist Triggers

Entry Triggers
IFIF EEM spot holds above $66.68 support and shows bullish price action → THEN buy the $70/$71 call spread (eem_bull_call_spread_001) at limit 0.17-0.21
IFIF EEM spot pulls back to $66.68-$66.00 zone with bearish exhaustion → THEN sell the $67/$66 put spread (eem_put_credit_spread_002) at limit 0.18-0.23
IFIF EEM spot breaks above $70 resistance with volume → THEN buy the $70 call (eem_long_call_003) at limit 0.31-0.37
Exit Triggers
EXITIF EEM spot trades below $66.68 → THEN exit all bullish positions (bull call spread, put credit spread, long call)

Tactical Summary

Bullish bias 8.5/10 with strong dealer gamma/delta and gamma pin near $66 MP. Supports at $66.68, $66, $65; resistance at $70, $70.12. Top plays: bull call spread ($70/$71), put credit spread ($67/$66), long call ($70). Invalidation below $66.68. Mixed flow caution.
How to Use These Reports
This directional reflects the market close on May 26, 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.

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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.