EEM
iShares MSCI Emerging Markets ETFClose $71.21EOD 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
Bearish bias driven by dealer short gamma, bearish flow, and spot below max pain. Negative gamma amplifies selloffs; VIX at 19 supports elevated vol. Key supports at 64.60 and 62.07, resistance 69-70.
Conflicts: DEX positive suggests long delta hedging may slow declines; high max pain at $69 could pin.
Regime Classification
Price Range Forecast
Key Levels
Dealer Positioning (GEX/DEX)
GEX: $-102.7M
DEX: +121.0M shares
Gamma flip: ~$57 (Approx — based on put OI concentration of 81,841 (15.1% below spot))
NTM gamma: Dealers short gamma ($-102.7M) with flip at ~$57 (put OI concentration 15% below spot). DEX +121M shares provides long delta hedge.
IV Analysis
IV vs VIX: IV normal vs VIX (19.5); typical EM discount has narrowed due to macro risk.
Term structure: Contango near-term, with kinks around monthly expiry (Jun 26) and Jul 2 weekly.
Skew: Put skew elevated; opportunistic put spreads for defined risk. Consider selling puts at support levels (e.g., $62 put Jul 2) if bear thesis plays out.
Flow Analysis
Net premium: Net put premium $20M, P/C vol ratio 2.18, OI ratio 1.93, bearish.
Directional prints: 43.5 put 68 ITM 2026-07-24 — Vol/OI 9.4x, 1.1k vol vs 122 OI. Likely bought (bearish) aligning with flow. 39.6 put 62 OTM 2026-08-21 — Vol 10k vs OI 6.4k, ratio 1.6. Likely bought protective put; bearish. 47.1 call 77 OTM 2026-08-21 — Vol/OI 34.5x, 9k vol vs 262 OI. Likely sold (bearish) given context.
Unusual: 47.1 call 77 OTM 2026-08-21 — Extreme vol/OI 34.5x; likely sold to open, bearish. 43.5 put 68 ITM 2026-07-24 — High vol/OI 9.4x; bought for downside protection. 41.1 call 78 OTM 2027-03-19 — Vol/OI 2.9x, 1.2k vs 426 OI; likely sold, bearish.
Risks & Catalysts
Strategy Viability
| Strategy | Edge | Best Setup | Primary Risk |
|---|---|---|---|
| Iron condor | Moderate | Sell 2026-08-21 $64.00/$62.50 put wing and $70.00/$72.00 call wing Why now: Range-bound outlook with support at 64 and resistance at 70; implied volatility elevated. | Loss if spot exceeds 72 or falls below 62.5. |
| Bear put spread | Moderate | Buy 2026-07-24 $63.50/$63.00 put spread Why now: Net put premium $20M, P/C vol ratio 2.18, spot below max pain. Bear put spread limits vega and defines max loss. | If spot rallies above max pain, short put delta increases; spread loses value if upside continues. Liquidity constraints: long_put: Volume below 5.; short_put: Open interest below 25. |
| Long put | Moderate-Weak | Buy 2026-07-24 $63.50 put Why now: Unusual put volume at $68 Jul 24, net put premium $20M. Long put captures acceleration below support at 64.60. | Time decay accelerates if spot stays range-bound; VIX at 19 may compress if vol drops. Liquidity constraints: long_put: Volume below 5. |
| Call credit spread | Weak | Sell 2026-07-24 $75.00/$80.00 call spread Why now: Resistance at 69-70 from max pain and dealer hedging; call credit spread profits from sideways-to-down move. | If spot breaks resistance, short call delta increases; max loss limited but spreads may widen in high vol. Liquidity constraints: short_call: Wide spread (109%).; long_call: Open interest below 25. |
Top Plays
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.