EEM
iShares MSCI Emerging Markets ETFClose $65.82EOD onlyThis page reflects EEM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Historical consensus-supported lens with full content, report chain context, and metric rail.
Outlook
EEM faces sustained bearish pressure from negative gamma (-$22.1M) and net put flow pushing below max pain. Spot at ~$64.6 is beneath key $68 pin, with support at $62.26 vulnerable. Confidence base 6.5, elevated by alignment but tempered by spot-to-MP gap.
Conflicts: Spot above gamma flip ($55), vol normal may limit acceleration
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $-22.1M
DEX: +186.7M shares
Gamma flip: ~$55 (Approx — based on put OI concentration of 172,253 (14.9% below spot))
NTM gamma: GEX -$22.1M (short gamma), DEX +186.7M shares (long delta). Gamma flip at ~$55 from put OI concentration (172,253 contracts, 14.9% below spot).
IV Analysis
IV vs VIX: EEM IV ~22-24% vs VIX 22.2, inline; no rich/cheap edge for positioning
Term structure: Contango with small kinks before Jun12 expiry; next event FOMC week adds slight curve steepening
Skew: Put skew elevated; no obvious dislocated structure, selling put spreads near term may capture theta
Flow Analysis
Net premium: Net premium -$29M with put/call volume ratio 1.98 indicates strong bearish flow.
Directional prints: 56.3 put 60.5 OTM 2026-06-18 — Large put volume 10k vs OI 3.7k; likely bought for bearish positioning. 58.2 call 73 OTM 2026-06-18 — Large call volume 10k vs OI 2.6k; likely sold amid bearish flow. 36.9 call 74 OTM 2026-09-18 — Spike in call volume 7k vs OI 174; speculative but potential sold given bearish context.
Unusual: 36.9 call 74 OTM 2026-09-18 — Vol/OI ratio 40.2 extreme; far OTM call with minimal OI. 58.2 call 73 OTM 2026-06-18 — Vol/OI ratio 3.8 with IV 58%; high relative to OI. 56.3 put 60.5 OTM 2026-06-18 — Vol/OI ratio 2.7; moderate unusual activity.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Short strangle | Moderate | Sell 2026-08-21 $62.00 put + sell $68.00 call Why now: Spot below max pain with bearish flow supports selling OTM call and put for decaying premiums. | Unlimited risk if spot breaks out; gamma squeeze possible. Liquidity constraints: short_call: Volume below 5.; short_put: Wide spread (89%). |
| Bear put spread | Moderate-Weak | Buy 2026-07-10 $61.00/$60.00 put spread Why now: Spot below max pain, support at 62.26 vulnerable; bear put spread limits cost and risk. | Squeeze risk if spot reverses to 68; width defines max loss. Liquidity constraints: long_put: Wide spread (67%).; short_put: Wide spread (143%). |
| Bearish risk reversal | Conditional | Buy 2026-07-10 $63.50 put / sell 2026-07-10 $71.50 call Why now: Bearish flow suggests further decline; premium from call sale offsets put cost. | Upside gap risk from short call; undefined tail if spot soars. Liquidity constraints: long_put: Wide spread (53%).; short_call: Open interest below 25. |
| Long put | Moderate-Weak | Buy 2026-07-10 $63.50 put Why now: Net put flow and negative gamma favor continued decline; long put captures further downside. | Time decay if spot stabilizes; direction required. Liquidity constraints: long_put: Wide spread (53%). |
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Watchlist Triggers
Tactical Summary
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.
Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.
These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.