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IWM

iShares Russell 2000 ETFClose $285.02EOD only

Max Pain

$287.00

Next expiry Jun 10, 2026

Expected Move

±$4.04

1.4% from close

Price Gap

+1.98

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.74

Slightly put-heavy

Consensus

8.5/10

Bearish tilt

Published snapshot: Jun 9, 2026 close

End-of-day snapshot

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

Published Snapshot

Jun 9, 2026 close

IWM Directional Report

Analysis based on market close June 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

IWM bearish with negative GEX and bearish flow amplifying downside. Spot at MP $285 pins, but breakdown below $280 triggers gamma cascade. Confidence 8.5 supports bearish tilt over 1-2 weeks.

Confidence:

8.5 / 10

Base 5 +2 GEX/flow +1 spot MP +0.5 VIX 20 = 8.5; no override.

Supports: Negative GEX, bearish flow, spot at MP.
Conflicts: Dealer long delta +242M shares, gamma flip at 276.

📉Negative GEX and bearish flow amplify downside.

🎯Breakdown below $280 triggers gamma cascade.

🛡️Gamma flip at $276 key support; breach targets $274.

Regime Classification

Vol Regime

Normal

IV normal vs VIX 20; IWM small-cap premium keeps it elevated.

Gamma Regime

Trending

Negative GEX -$662M; trending gamma amplifies moves.

Flow Regime

Bearish

Bearish flow; net premium negative P/C high.

Spot vs Max Pain

Spot at max pain $285 pin.

Thesis duration: Multi-week — Sustained negative GEX and bearish flow; no single event.

Price Range Forecast

Next 2 days

$280.98$289.05

Spot at MP $285; gamma flip $276 support.

Next 1 week

$277.24$292.79

Support 276, resistance 296.

Next 2 weeks

$274.03$296.00

Trending gamma targets lower band.

Key Levels

Max pain pins: $285 (2026-06-09); $287 (2026-06-10); $287 (2026-06-11)

EM guardrails: 2d $280.98/$289.05; 1w $277.24/$292.79

Support: $276.00 · $275.00 · $270.00

Resistance: $296.00

Gamma flip: ~$276.00 — Approx — based on put OI concentration of 126,630 (3.2% below spot)

Structural: Support: 276(gamma flip),275,270. Resistance:296. MP pins $285 Jun9-11. EM:2d 281-289,1w 277-293.

Dealer Positioning (GEX/DEX)

GEX: $-662.3M

DEX: +242.6M shares

Gamma flip: ~$276 (Approx — based on put OI concentration of 126,630 (3.2% below spot))

NTM gamma: Net short gamma -$662M; net long delta +242.6M shares; flip at $276.

IV Analysis

IV vs VIX: IWM IV elevated vs VIX 20 on small-cap risk; VIX above normal.

Term structure: Contango likely; front expiry (Jun9) elevated on OPEX pinning.

Skew: Put skew elevated; bear put spreads favored.

Flow Analysis

Net premium: Net premium -$262M with put/call volume ratio 1.66 and OI ratio 2.74, indicating strong bearish flow.

Directional prints: 32 put 289 ITM 2026-06-09 — Vol/OI 101.7x, IV elevated. Large put volume vs tiny OI suggests closing of short puts or aggressive bearish positioning. Preferred read: bearish. 36.6 put 290 ITM 2026-06-09 — Vol/OI 89.2x, high IV. Substantial put volume likely bearish bets or hedging. Preferred read: bearish. 26.9 put 288 ITM 2026-06-09 — Vol/OI 77.4x, moderate IV. Put accumulation consistent with bearish flow. Preferred read: bearish.

Unusual: 17.6 call 281 ITM 2026-06-09 — Vol/OI 259.9x, extreme. 30,667 vol vs 118 OI. Likely short covering or forced closing. Unusual activity. 12.5 call 282 ITM 2026-06-09 — Vol/OI 234.4x, extreme. 60,247 vol vs 257 OI. Similar to 281C, unusual call volume likely covering. 17.2 call 291 OTM 2026-06-09 — Vol/OI 113.8x, IV elevated. 56,790 vol vs 499 OI, last $0.01. Lottery-style buying or closing; highly unusual.

Risks & Catalysts

!Bounce at gamma flip $276

!Dealer long delta cushions

!Flow reversal on VIX spike

!MP pin delays move

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Strong	Buy 2026-06-26 $280.00/$277.50 put spread Why now: Defined-risk debit spread profiting from continued decline; high edge due to gamma cascade risk.	Bounce at gamma flip $276 or rally above short strike.
Bearish risk reversal	Moderate-Strong	Buy 2026-07-02 $280.00 put / sell 2026-07-02 $290.00 call Why now: Finances put premium via call sale; bearish flow supports downside convexity.	Short call caps gains if rally; potential margin if call assigned.
Long put	Moderate	Buy 2026-06-26 $278.00 put Why now: Strong bearish bias and flow; put has positive vega and gamma, ideal for catalyst.	Time decay if move delayed; premium cost.

Top Plays

Bear Put Spread

Buy 2026-06-26 $280.00/$277.50 put spread

Debit spread gains if IWM declines; focal point at $277.50.

Why this play: Highest edge due to gamma cascade below $280, defined risk limits downside.

Debit: $0.70-$0.86

Max loss: $0.86

BE: $279.14

Mgmt: Exit if IWM reclaims $280; take partial profits at $277.50.

Traders seeking defined risk bearish exposure.

Long Put

Buy 2026-06-26 $278.00 put

Owns put with positive vega and gamma, benefits from volatility expansion.

Why this play: Direct bearish expression with convexity; suited for strong directional conviction.

Debit: $3.67-$4.48

Max loss: $4.48

BE: $273.52

Mgmt: Set stop at $282; roll down if spot approaches $280.

Aggressive traders targeting maximum downside.

Bearish Risk Reversal

Buy 2026-07-02 $280.00 put / sell 2026-07-02 $290.00 call

Synthetic short stock; bearish with call cap.

Why this play: Financed put via call sale; risks if rally above $290.

Debit: $0.74-$0.91

Max loss: Unlimited

BE: $290.00

Mgmt: Monitor for VIX spike; close if IWM breaks $285.

Traders comfortable with short call risk.

Watchlist Triggers

Entry Triggers

IFIF IWM trades below $280 with bearish volume → THEN buy Jun26 $280/$277.50 bear put spread for $0.70-$0.86

IFIF IWM breaks below $277.50 support → THEN buy Jun26 $278 long put for $3.67-$4.48

IFIF IWM stays below $285 and bearish flow persists → THEN initiate bearish risk reversal: buy Jul2 $280 put / sell $290 call

Exit Triggers

EXITIF IWM reclaims $280 → THEN close bear put spread and long put

Tactical Summary

Bearish bias with high confidence. Use bear put spread or long put on break below $280; risk reversal if IWM holds under $285. Exit if $280 reclaimed. Gamma flip at $276 may cause bounce.

How to Use These Reports

This directional reflects the market close on June 9, 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.