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NOW

ServiceNow, Inc.Close $93.80EOD only
Max Pain
$100.00
Next expiry Jun 26, 2026
Expected Move
±$3.72
4.0% from close
Price Gap
+6.20
Distance to max pain
IV Rank
30
Middle-high premium
P/C OI
0.77
Slightly call-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Jun 24, 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 24, 2026 close
NOW Directional Report
Analysis based on market close June 25, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bearish near-term bias as spot ($89.73) sits below max pain ($98) with dealer short gamma (-$17M) amplifying downside. Support at $87.12 is key; a break could accelerate to $85. Long-term, mean reversion toward $98 remains possible but requires catalyst.

Confidence:
6.5 / 10
Base 5; +2 GEX/flow aligned; -1 spot 8.7% from MP; +0.5 VIX 19 => 6.5
Supports: Dealer short gamma; spot below all key levels; high vol regime.
Conflicts: DEX +41.8M shares bullish; high VIX fear may fade.
🛑Spot 8.7% below max pain $98; short gamma risks acceleration.
🟢Dealer DEX +41.8M shares shows institutional long positioning.
⚠️Gamma flip at $65 is deep OTM; not an immediate risk.

Regime Classification

Vol Regime
High
High IV relative to typical range; VIX at 18.9 supports elevated vol for NOW.
Gamma Regime
Trending
Trending gamma with large negative GEX (-$17M) indicating dealer short gamma; amplifies price moves.
Flow Regime
Mixed
Mixed flow; net premium context not provided but P/C likely balanced.
Spot vs Max Pain
Below
Spot below max pain $98, trading around $89.73; pressure to move toward MP but dealer short gamma may push away if momentum strong.
Thesis duration: Multi-week — Sustained high vol, short gamma positioning, and lack of immediate event suggest multi-week directional trend.

Price Range Forecast

Next 2 days
$87.12$91.92
Testing 2d support at $87.12; break could accelerate.
Next 1 week
$83.97$95.07
Potential to reach $85 support if downside momentum continues.
Next 2 weeks
$81.57$97.47
Range-bound between $81.57 and $97.47; mean reversion possible.

Key Levels

Max pain pins: $98 (2026-06-26); $100 (2026-07-02); $105 (2026-07-10)
EM guardrails: 2d $87.12/$91.92; 1w $83.97/$95.07
Support: $85.00 · $81.57
Resistance: $97.47 · $98.00
Gamma flip: ~$65.00 — Approx — based on put OI concentration of 15,261 (27.4% below spot)
Structural: Max pain pins: $98 (6/26), $100 (7/2), $105 (7/10). EM guardrails: 2d $87.12/$91.92, 1w $83.97/$95.07. Structural support: $85, $81.57. Resistance: $97.47, $98.

Dealer Positioning (GEX/DEX)

GEX: $-17.0M

DEX: +41.8M shares

Gamma flip: ~$65 (Approx — based on put OI concentration of 15,261 (27.4% below spot))

NTM gamma: GEX -$17M (short gamma); DEX +41.8M shares; gamma flip ~$65 (deep OTM). Short gamma amplifies price moves.

IV Analysis

IV vs VIX: IV elevated vs VIX (18.9), typical for high-beta tech names like NOW.

Term structure: Term structure likely contango with kinks near earnings; front-end vol elevated.

Skew: Put skew elevated; consider risk reversals if neutral on direction.

Flow Analysis

Net premium: Net premium -$40.4M indicates bearish positioning with put volume ratio 0.49 but higher put OI ratio 0.76; net selling dominates.

Directional prints: 48.1 call 90 OTM 2026-06-26 — Vol/OI 14.7x, heavy volume. Two-sided: bought or sold; preferred bearish sell due to net premium negative. 49 call 93 OTM 2026-06-26 — Vol/OI 10.7x, aggressive volume. Likely sold, contributing to negative net premium. 54.7 call 95 OTM 2026-07-10 — Vol/OI 8.0x, elevated activity. Possible buy but net premium suggests sell; bearish.

Unusual: 128.5 put 125 ITM 2026-07-02 — Deep ITM put with extremely high IV (128.5%). Vol 952 vs OI 232. Unusual due to high IV and deep ITM. 70.7 call 108 OTM 2026-07-02 — High IV (70.7%) for OTM call, vol 1511 vs OI 252. Potential aggressive call buying or short vol. 66.7 call 110 OTM 2027-03-19 — LEAPS call with 3.7x vol/OI, IV 66.7%. Long-dated bullish bet or sell; unusual expiration.

Risks & Catalysts

!Earnings miss or beat could break technical levels.
!Gamma squeeze if spot rallies past $98 resistance.
!Broader market selloff (QQQ/SPY) could exacerbate downside.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate
Buy 2026-07-24 $90.00/$85.00 put spread
Why now: Dealer short gamma and net negative premium favor continued decline; spread limits risk.
Loss if spot rallies above long strike; profit capped at lower strike.

Top Plays

#1
Bear Put Spread on NOW
Buy 2026-07-24 $90.00/$85.00 put spread
Buy 2026-07-24 $90/$85 put spread to profit from a decline toward $85.
Why this play: Dealer short gamma and net negative premium support downside; spread limits risk while capturing bearish move ahead of earnings.
Debit: $2.25-$2.75
Max loss: $2.75
BE: $87.25
Mgmt: Monitor support at $87.12; exit if spot breaks above $97.47 or hold into earnings if IV rises.
Traders with bearish conviction seeking defined risk.

Watchlist Triggers

Entry Triggers
IFIF spot rallies to $97.47 resistance and fails to break above, showing bearish reversal → THEN buy NOW 2026-07-24 $90/$85 put spread for $2.50 debit or less
Adjustment Triggers
ADJIF spot closes above $97.47 invalidation level → THEN exit the bear put spread to limit loss
Exit Triggers
EXITIF spot reaches $85.00 target support → THEN close the bear put spread for near-max profit (~$2.25 gain)

Tactical Summary

Bearish bias from dealer short gamma and net negative premium. Key levels: support $87.12/$85, resistance $97.47/$98. Enter put spread on rally to $97.47 rejection; exit if broken. Target $85. Manage around earnings 7/22; hold into IV expansion.
How to Use These Reports
This directional reflects the market close on June 25, 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.