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NOW

ServiceNow, Inc.Close $112.45EOD only

Max Pain

$119.00

Next expiry Jun 12, 2026

Expected Move

±$8.60

7.7% from close

Price Gap

+6.55

Distance to max pain

IV Rank

100

High premium

P/C OI

0.85

Slightly call-heavy

Consensus

5.0/10

Range bias

Published snapshot: Jun 5, 2026 close

End-of-day snapshot

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

Published Snapshot

Jun 5, 2026 close

NOW Directional Report

Analysis based on market close June 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral-bearish bias near term. Spot below max pain ($119) and pinned by dealer gamma ($92-$110). High vol and mixed flow suggest chop towards lower end of 1w range ($104-$124). Resistance at $119/$120 caps rallies; support at $101 holds unless gamma flip below $92.

Confidence:

5 / 10

Base 5: GEX positive (pinning) offsets flow contradiction; spot 4% from MP and VIX 19 add minor adjustments.

Supports: Pinning gamma at $110 and $119; strong put OI below $92; DEX +43M shares.
Conflicts: Mixed flow lacks clear directional conviction; high vol may expand range.

📌Max pain $119, pinning at $110 and $105 expiries – defines near-term range.

🛡️Gamma flip at ~$92, far below spot – low flip risk but watch put OI.

📈QQQ +1.56% but NOW lags – relative weakness aligns with bearish lean.

Regime Classification

Vol Regime

High

High vol – elevated relative to VIX (19) and typical range, confirming premium pricing.

Gamma Regime

Pinning

Pinning – dealer gamma concentrated at $110 and $119, with strong support near $92.

Flow Regime

Mixed

Mixed – net premium ambiguous; P/C ratio neutral, no clear directional betting.

Spot vs Max Pain

Below

Below – spot trades below $119 max pain, pressuring toward lower gamma levels.

Thesis duration: Event-specific — Pinning dynamics tied to weekly op-ex cycles; high vol and mixed flow support short-term contrarian positioning.

Price Range Forecast

Next 1 week

$104.04$124.34

High probability of testing $110 support; resistance at $119 caps.

Next 2 weeks

$100.99$127.39

Broad range $101-$127; breakout only if $119 breached, else drift lower.

Key Levels

Max pain pins: $119 (2026-06-12); $110 (2026-06-18); $105 (2026-06-26)

EM guardrails: 1w $104.04/$124.34

Support: $100.99

Resistance: $119.00 · $120.00 · $127.39

Gamma flip: ~$92.00 — Approx — based on put OI concentration of 13,077 (19.4% below spot)

Structural: Support: $100.99 (2w low). Resistance: $119 (max pain), $120 (resistance), $127.39 (2w high). Gamma flip: ~$92.

Dealer Positioning (GEX/DEX)

GEX: $+15.6M

DEX: +43.2M shares

Gamma flip: ~$92 (Approx — based on put OI concentration of 13,077 (19.4% below spot))

NTM gamma: GEX +$15.6M (positive gamma environment) pinning near $110/$119. DEX +43.2M shares. Flip risk low at $92.

IV Analysis

IV vs VIX: IV elevated vs VIX (~19) by ~5 pts, suggesting rich premium; avoid long vol outright.

Term structure: Near-term contango; front expiry (6/12) IV highest due to pinning and op-ex. Back months flatter.

Skew: Put skew elevated; consider sell put spreads below $100 to capture time decay, or buy call spreads on breakout above $119.

Flow Analysis

Net premium: Net negative premium (-$3.63M) with call-heavy volume (P/C 0.61) indicates net call buying, bullish tilt.

Directional prints: 68.8 call 120 OTM 2026-06-12 — Vol 3742 vs OI 1613 (2.3x). Likely call buying given net negative premium; bullish. 69 call 115 OTM 2026-06-12 — Vol 2463 vs OI 637 (3.9x). High ratio; consistent with call buying, bullish. 125.8 put 178 ITM 2026-06-18 — Deep ITM put, vol 1018 vs OI 185 (5.5x). High IV; possible protective hedge, not directional.

Unusual: 125.8 put 178 ITM 2026-06-18 — Vol/OI 5.5, extreme IV. Unusual ITM put activity; likely hedging. 69 call 115 OTM 2026-06-12 — Vol/OI 3.9, high for OTM call. Unusual call volume; aligns with call buying. 68.8 call 120 OTM 2026-06-12 — Vol 3742 largest; Vol/OI 2.3. Unusual concentration; likely bought.

Risks & Catalysts

!Bullish breakout above $119 triggers gamma squeeze to $127.

!Broader tech rally (QQQ up) could pull NOW higher despite bearish lean.

!Gamma flip near $92 if spot plunges on negative catalyst.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Iron condor	Moderate	Sell 2026-06-26 $105.00/$100.00 put wing and $128.00/$136.00 call wing Why now: Dealer gamma pin and resistance at 119 support selling premium.	Breakout above 119 or below 105 causes losses.
Bear put spread	Moderate-Weak	Buy 2026-06-26 $110.00/$103.00 put spread Why now: Resistance at 119 caps rallies; dealer gamma below 110.	Bullish breakout stops out the spread.
Call credit spread	Moderate-Weak	Sell 2026-06-26 $125.00/$136.00 call spread Why now: Max pain and dealer gamma pin spot under 119.	Gamma squeeze above 119 causes loss.

Top Plays

Bear Put Spread

Buy 2026-06-26 $110.00/$103.00 put spread

Buy $110/$103 put spread, benefiting from downside to $103 or below.

Why this play: Directly profits from bearish move with resistance at $119 and dealer gamma below $110.

Debit: $2.07-$2.53

Max loss: $2.53

BE: $107.47

Mgmt: Exit if spot breaks above $119 invalidation; roll down if gamma flips below $92.

Traders with bearish conviction willing to cap risk.

Iron Condor

Sell 2026-06-26 $105.00/$100.00 put wing and $128.00/$136.00 call wing

Sell $105/$100 put wing and $128/$136 call wing, collecting premium within range.

Why this play: Exploits gamma pin and resistance at $119 without directional bias, suitable for chop.

Credit: $2.02-$2.47

Max loss: $5.53

BE: 102.53 / 130.47

Mgmt: Adjust wings if spot nears short strikes; close if gamma flip near $92.

Range-bound traders seeking premium decay.

Call Credit Spread

Sell 2026-06-26 $125.00/$136.00 call spread

Sell $125/$136 call spread, betting spot stays below $125.

Why this play: Bearish but limited upside capture; less direct than put spread.

Credit: $1.57-$1.93

Max loss: $9.07

BE: $126.93

Mgmt: Close if spot breaches $119 invalidation; roll up if call wing tested.

Traders expecting mild downside or sideways action.

Watchlist Triggers

Entry Triggers

IFSpot between $110 and $119 → Enter $110/$103 bear put spread for $2.07-$2.53 debit

IFSpot between $105 and $119 → Sell $105/$100 put & $128/$136 call iron condor for $2.02-$2.47 credit

IFSpot below $119 → Sell $125/$136 call spread for $1.57-$1.93 credit

Exit Triggers

EXITSpot breaks above $119 → Close bear put spread and call credit spread

Tactical Summary

Neutral-bearish bias; resistance at 119 caps rallies. Prefer bear put spread for downside. Iron condor for chop. Invalidate above 119. Gamma flip risk below 92.

How to Use These Reports

This directional reflects the market close on June 8, 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.