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NOW

ServiceNow, Inc.Close $104.15EOD only
Max Pain
$107.00
Next expiry Jun 18, 2026
Expected Move
±$5.33
5.1% from close
Price Gap
+2.85
Distance to max pain
IV Rank
78
High premium
P/C OI
0.83
Slightly call-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 15, 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 15, 2026 close
NOW Directional Report
Analysis based on market close June 16, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bearish into expiry; pinning to $106 but downside risk; dealer gamma positive supports near-term.

Confidence:
5.5 / 10
Base 5.5, -1 mixed flow, +1 GEX pinning, -0.5 spot below MP, +1 VIX 16.
Supports: GEX positive, pinning, VIX.
Conflicts: Tech weakness, mixed flow, spot below range.
🐻Spot 4.4% below MP - bearish pinning.
⚠️Gamma flip $75 - acceleration risk.
📉Tech selloff (QQQ -1.9%).
🎯Jun18 expiry pin at $106.

Regime Classification

Vol Regime
High
High vol: IV elevated, tech selloff.
Gamma Regime
Pinning
Pinning: positive GEX $7.8M, short gamma below $75.
Flow Regime
Mixed
Mixed: no clear bias.
Spot vs Max Pain
Below
Spot 4.4% below MP, below guardrails; bearish drift.
Thesis duration: Event-specific — Short-dated gamma, 2-day expiry, high vol.

Price Range Forecast

Next 2 days
$97.18$105.48
Spot below range, test $92.
Next 1 week
$93.63$109.03
Pin $105, range $93-$109.
Next 2 weeks
$91.63$111.03
Resistance $106-$111, support $92.

Key Levels

Max pain pins: $106 (2026-06-18); $105 (2026-06-26); $108 (2026-07-02)
EM guardrails: 2d $97.18/$105.48; 1w $93.63/$109.03
Support: $92.00 · $91.63
Resistance: $106.00 · $110.00 · $111.03
Gamma flip: ~$75.00 — Approx — based on put OI concentration of 13,241 (26.0% below spot)
Structural: Support $92-$91.63, resistance $106 (MP), $110-$111 (calls). Gamma flip $75.

Dealer Positioning (GEX/DEX)

GEX: $+7.8M

DEX: +42.0M shares

Gamma flip: ~$75 (Approx — based on put OI concentration of 13,241 (26.0% below spot))

NTM gamma: Net long gamma $7.8M, long delta 42M, pin $102-$106. Flip at $75.

IV Analysis

IV vs VIX: IV rich vs VIX, elevated.

Term structure: Steep with event kinks.

Skew: Put skew high; sell put spreads at $92.

Flow Analysis

Net premium: Net negative $23.3M, low P/C vol 0.52 indicates call buying dominance despite net selling.

Directional prints: 69.2 call 91 ITM 2026-06-26 — Vol/OI 5.9, ITM call; likely bought for bullish gamma or short covering. 60.6 call 115 OTM 2026-07-02 — Vol/OI 4.7, OTM call; likely bought as bullish directional bet.

Unusual: 239.1 put 148 ITM 2026-06-18 — Vol/OI 2.7, IV 239%; deep ITM put; likely sold for premium or used in spread. 326.2 put 178 ITM 2026-06-18 — Vol/OI 2.6, IV 326%; unusual put sold near expiry. 264.5 put 160 ITM 2026-06-18 — Vol/OI 2.2, IV 264%; high volume deep ITM put likely sold as part of spread.

Risks & Catalysts

!Upside: recovery above $100.
!Downside: break $92 flip.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate
Buy 2026-07-24 $105.00/$95.00 put spread
Why now: Dealer gamma positive near-term but bearish bias into expiry; put spread limits premium outlay.
Limited profit if stock stays above short strike; max loss if above long strike.
Call credit spreadModerate-Weak
Sell 2026-07-24 $110.00/$111.00 call spread
Why now: Call buying dominance may fade; selling 110/111 call spread targets resistance at $110.
Max loss if stock above 111 at expiry; undefined tail risk capped by long call. Liquidity constraints: long_call: Open interest below 25.

Top Plays

#1
Bear Put Spread into Expiry
Buy 2026-07-24 $105.00/$95.00 put spread
Bearish bet on NOW with defined risk; buy July 24 $105/$95 put spread.
Why this play: Only eligible bearish play with manageable risk and defined max loss.
Debit: $4.54-$5.55
Max loss: $5.55
BE: $99.45
Mgmt: Set stop above $106; take profit at $95.
Traders expecting downside before earnings.

Watchlist Triggers

Entry Triggers
IFPrice breaks below $105.00 → Buy the 2026-07-24 $105/$95 bear put spread within entry range ($4.54-$5.55)
Adjustment Triggers
ADJPrice reaches $95.00 → Take profit on the bear put spread
Exit Triggers
EXITPrice closes above $106.00 → Close the bear put spread position for a loss

Tactical Summary

Bearish into expiry with resistance at $106; recommended bear put spread has defined risk. Exit if stock reclaims $106; take profit at $95 support.
How to Use These Reports
This directional reflects the market close on June 16, 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.