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GS

Goldman Sachs Group, Inc. (The)Close $1065.09EOD only
Max Pain
$1060.00
Next expiry Jun 26, 2026
Expected Move
±$18.28
1.7% from close
Price Gap
-5.09
Distance to max pain
IV Rank
12
Low premium
P/C OI
1.03
Balanced positioning
Consensus
7.5/10
Bullish tilt
Published snapshot: Jun 25, 2026 close
End-of-day snapshot

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

Published Snapshot
Jun 25, 2026 close
GS Directional Report
Analysis based on market close June 26, 2026
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Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

GS trades below max pain $1055 with short gamma (-$1.1M GEX) and mixed flow, but dealer long shares (+9.8M) and VIX 18 support downside buffer. Near-term bias bearish, range-bound between 1000-1055.

Confidence:
4 / 10
Base 5; -1 GEX/flow contradict; -0.5 spot 3.4% below MP; +0.5 VIX 18 => 4.0
Supports: Dealer long shares +9.8M; VIX 18 elevated; support at 1000
Conflicts: Negative GEX -$1.1M; spot below MP; mixed flow
📉Short gamma -$1.1M risks acceleration below support
📈Dealer long shares +9.8M buffer near 1000
⚡VIX 18 elevated but not extreme

Regime Classification

Vol Regime
Normal
IV normal as VIX 18.41; no immediate expansion expected
Gamma Regime
Trending
Trending regime: short gamma -$1.1M; flip at $925 from put OI
Flow Regime
Mixed
Mixed flow; net premium balanced, P/C moderate
Spot vs Max Pain
Below
Spot ~3.4% below MP $1055; max pain pins at 1055, 1050, 1065
Thesis duration: Multi-week — Structural short gamma and mixed flow form multi-week bearish bias; no single catalyst

Price Range Forecast

Next 1 week
$984.88$1054.33
Below MP with short gamma; downside momentum risk but dealer long shares support near 1000
Next 2 weeks
$969.41$1069.81
Gamma flip at 925 if decline deepens; resistance at 1055 MP; short gamma may accelerate

Key Levels

Max pain pins: $1055 (2026-06-26); $1050 (2026-07-02); $1065 (2026-07-10)
EM guardrails: 1w $984.88/$1054.33
Support: $1000.00 · $969.41 · $925.00
Resistance: $1055.00 · $1069.81
Gamma flip: ~$925.00 — Approx — based on put OI concentration of 2,735 (9.3% below spot)
Structural: Support: 1000, 969 (2w low), 925 (gamma flip). Resistance: 1055 (max pain 6/26), 1069.81 (2w high). EM guardrails 1w: $984.88/$1054.33.

Dealer Positioning (GEX/DEX)

GEX: $-1.1M

DEX: +9.8M shares

Gamma flip: ~$925 (Approx — based on put OI concentration of 2,735 (9.3% below spot))

NTM gamma: GEX -$1.1M (short gamma), DEX +9.8M shares (long stock), gamma flip at ~925 from put OI

IV Analysis

IV vs VIX: IV in line with VIX 18.41; slightly rich vs historical but not extreme

Term structure: Normal contango; near term elevated due to weekly expiry

Skew: Put skew elevated; opportunity to sell puts at support levels

Flow Analysis

Net premium: Positive net premium of $59.6M with put/call volume ratio 1.4 indicates larger call premiums outweigh put volume, suggesting bullish positioning.

Directional prints: 36.2 call 1100 OTM 2026-08-21 — Vol/OI 5.5, OTM calls; likely bought, bullish read. 32.7 put 1000 OTM 2026-07-02 — Vol/OI 4.2, OTM puts; likely bought, bearish read. 36.6 call 1100 OTM 2026-07-02 — Vol/OI 3.7, OTM calls; likely bought, bullish read.

Unusual: 123.5 put 750 OTM 2026-07-02 — Vol/OI 2.1, extreme IV 123.5; likely bought, bearish speculation. 63.1 call 1050 OTM 2026-06-26 — Vol/OI 2.0, high IV 63.1; likely bought, bullish gamble expiring. 44 put 870 OTM 2026-07-17 — Vol/OI 3.3, IV 44; likely bought, bearish hedge.

Risks & Catalysts

!Downside acceleration if spot breaks 1000 into gamma flip at 925
!Upside risk if flow turns positive or dealer covers short gamma
!Range break if VIX spikes above 20

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate-Weak
Buy 2026-07-10 $1000.00/$965.00 put spread
Why now: Defined-risk bearish play using debit spread; benefits from time decay if spot stays below short strike.
Upside risk if spot rallies above max pain; capped losses if short put goes ITM. Liquidity constraints: short_put: Wide spread (58%).
Long putModerate-Weak
Buy 2026-07-17 $980.00 put
Why now: Convexity play benefiting from bearish gamma and volatility; cheap premium vs. potential move.
Time decay if spot stays above 1025; earnings risk if unexpected positive surprise.
Call credit spreadModerate-Weak
Sell 2026-07-10 $1060.00/$1095.00 call spread
Why now: Captures premium from elevated IV; defined risk if spot spikes above 1055.
Short call risk if spot rallies past 1050; limited but real upside gamma. Liquidity constraints: long_call: Wide spread (87%).

Top Plays

#1
Long Put for Downside
Buy 2026-07-17 $980.00 put
Buy OTM put to capture bear gamma and volatility; defined risk, unlimited upside.
Why this play: Liquid, convex bearish play fitting bearish near-term bias with downside risk below 1000.
Debit: $16.67-$20.38
Max loss: $20.38
BE: $959.62
Mgmt: Monitor below 1000; close on VIX spike or break of 1055 resistance.
Aggressive bearish traders seeking convexity.
#2
Bear Put Spread
Buy 2026-07-10 $1000.00/$965.00 put spread
Buy put spread to profit from modest downside with capped risk.
Why this play: Defined-risk alternative to long put; benefits from time decay if spot stays below short strike.
Debit: $8.44-$10.31
Max loss: $10.31
BE: $989.69
Mgmt: Exit if spot rises above 1055; take profit near 965. Liquidity warning: Liquidity constraints: short_put: Wide spread (58%).
Traders wanting defined risk and limited capital outlay.
#3
Call Credit Spread
Sell 2026-07-10 $1060.00/$1095.00 call spread
Sell call spread to profit from price staying below 1060.
Why this play: Captures premium from elevated IV with defined risk; bearish view.
Credit: $5.81-$7.10
Max loss: $27.90
BE: $1067.10
Mgmt: Manage if spot approaches 1060; roll out if necessary. Liquidity warning: Liquidity constraints: long_call: Wide spread (87%).
Income-focused traders with bearish-neutral outlook.

Watchlist Triggers

Entry Triggers
IFIF GS breaks below $1000 support → THEN buy the 2026-07-17 $980.00 put for convex downside.
IFIF GS declines from $1055 resistance → THEN buy the 2026-07-10 $1000/$965 bear put spread for defined risk.
IFIF GS holds below $1055 → THEN sell the 2026-07-10 $1060/$1095 call credit spread to collect premium.
Exit Triggers
EXITIF GS closes above $1055 → THEN close all bearish positions.

Tactical Summary

Bearish bias near-term with key resistance at $1055. Favor bear put spread for defined risk or long put for convexity. Monitor $1000 breakdown for gamma flip acceleration to $925.
How to Use These Reports
This directional reflects the market close on June 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.