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SPY

SPDR S&P 500 ETFClose $679.46EOD only

Max Pain

$672.00

Next expiry Apr 13, 2026

Expected Move

±$5.83

0.9% from close

Price Gap

-7.46

Distance to max pain

IV Rank

Low premium

P/C OI

2.18

Slightly put-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 10, 2026 close

End-of-day snapshot

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

Published Snapshot

Apr 10, 2026 close

SPY Flow Report

Analysis based on market close April 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 8, 2026. A newer flow report is available for April 10, 2026.

View latest report

Flow Verdict

Confidence:

4.5 / 10

base 4.5/10 (base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.2% from MP)

Watch next session: Large put prints / sustained volume into 2026-04-09 strikes 664–668 (expiration day flow); Call OI / premium build at $680–$685 (dealer pinning pressure vs outright call buying)

Flow Summary

Net premium: -$47.0M bearish

P/C volume ratio: 1.84 — put-volume dominant (heavy put demand today)

P/C OI ratio: 2.11 — put-heavy positioning (OI shows structural put concentration)

Today’s flow is put-dominant both in volume and in premium (net -$47.0M), signalling institutional risk reduction or bearish directional bets into near-term expirations. Despite the put-heavy flow, dealers are long gamma (Total GEX +$993.7M) and acting as pin magnets around mid-high 670s, creating a tension: flow pushes lower toward the max-pain band near $655–$658 while dealer gamma concentrates buying/smoothing near $675–$680.

Notable Prints

SPY 2026-04-10 $674 PUT

Vol: 31,213

OI: 218

Vol/OI: 143.2x

IV: 20.1%

Notional: ~$9.52M

Intent: Near-term directional put buying (expiration-adjacent protection/speculation)

Dual read: Bought puts (bearish protection/speculation) OR market-maker sold blocks to put buyers while dealer hedged (could be hedge-fill)

Read-through: Material notional and concentrated at-the-money for 4/10 expiry — evidence of aggressive near-term downside insurance or bearish directional positioning targeting a move back toward the MP band.

SPY 2026-04-09 $668 PUT

Vol: 38,493

OI: 110

Vol/OI: 349.9x

IV: 22.9%

Notional: ~$2.58M

Intent: Expiration-day directional/hedge activity (short-dated put buying)

Dual read: Aggressive buys into expiry (bearish) OR pinning-oriented estates/flow trades rolling/closing into expiry (neutral-ish)

Read-through: Extremely high Vol/OI implies a fresh, concentrated trade — immediate directional pressure into the last 1-2 session expiries and increased near-term downside gamma exposure for dealers.

SPY 2026-04-09 $665 PUT

Vol: 30,964

OI: 197

Vol/OI: 157.2x

IV: 24.5%

Notional: ~$1.24M

Intent: Short-dated protective puts or speculative puts into 4/9 expiry

Dual read: Bought puts (bearish/protection) OR sell-side trade being put on to be delta-hedged by dealers (less bullish)

Read-through: Concentrated activity one strike below spot for same-day expiry — supports thesis of dealers needing to hedge downside flow into the MP window.

SPY 2026-04-09 $664 PUT

Vol: 27,907

OI: 152

Vol/OI: 183.6x

IV: 25.1%

Notional: ~$0.95M

Intent: Near-expiry downside protection/speculation

Dual read: Overnight speculative puts bought (bearish) OR expiration roll/close activity concentrated at-the-money (neutral)

Read-through: Reinforces short-dated put pressure across the 664–668 band; risk of intra-session moves as gamma hedging amplifies dealer flows.

Institutional Positioning

Call additions: Some call OI concentration at $675–$680–$685 (near-term: 13,120 OI @ $680; 7,890 OI @ $685; 25,436 vol at $675 on chain) — suggests dealers/providers are positioned for pinning in the high-670s to 680s.

Put additions: Heavy put demand and structural OI concentrated lower: $630–$650 cluster (notably $650 put OI 25,037 in near-term list and massive long-dated puts at $630/$600 and lower in top OI strikes), plus large single-strike long-dated puts ($535 PUT OI 204,186). Net premium today concentrated as significant put buying at $660/$650/$640 bands (see Top Premium Flow showing strong negative nets at $660, $650 and $670).

GEX/DEX consistency: Partially consistent: Flow regime is bearish (net premium negative), but Total GEX is strongly positive (+$993.7M) producing pinning/gamma buybacks around high-670s. That creates a tug: institutions adding puts while dealers remain long-gamma and concentrated at ~675–680.

OI clusters: Largest OI clusters sit deep in puts (example: $535 PUT OI=204,186; $630 PUT OI=147,920; $600 PUT OI=137,483) and near-spot call OI pockets at $675–$680 (call OI 13,120 @ $680, 7,890 @ $685). These create a structural floor in the 495–630 range (pre-computed) and a short-term pin/wall in the 675–680 band.

Hedging evidence: Strong evidence of short-term protective put buying (4/9–4/10 expiries). Long-dated put clusters and the heavy near-term put prints point to both tactical hedges and possible speculative downside. Minimal clear collar construction visible in today’s top prints — activity looks like pure put accumulation rather than systematic collaring.

Max pain context: Max pain is lower ($655–$658 for the next expiries) and trending higher across expirations; spot ($676.01) sits above near-term MP, so flow looks aimed at nudging spot back toward the MP band while dealers’ positive GEX pins price in the high-670s.

Signal vs Noise

~Most large-volume executions concentrated in 2026-04-09 and 2026-04-10 expiries — a lot of this is likely expiration-driven hedging or tactical protection (not necessarily a long-horizon directional signal).

~Very high Vol/OI ratios on single-day strikes (e.g., 668/665/664/668) are typical of expiry hedges and can overstate persistent directional conviction.

~Large structural put OI at far-lower strikes (e.g., $535, $630, $600) reflect longer-term positioning and protective trades rather than immediate directional flow; treat as background 'put floor' rather than fresh bearish aggression.

~Dealer gamma positioning (Total GEX +$993.7M) indicates significant market-maker inventory dynamics — some prints may be market-maker delta-hedge activity rather than clean client directional betting.

Key Conclusions

🐻Net premium and P/C ratios are decisively put-biased today (net premium -$47.0M; P/C vol 1.84), pointing to short-term bearish client activity into near-term expiries.

🧭Dealer gamma is strongly positive (+$993.7M) with concentrated GEX pinning at $675–$680 — expect dealer hedging to dampen moves and exert pinning pressure in the high-670s.

⚠️Large, concentrated near-expiry put prints (4/9–4/10) are likely expiration hedges/speculation; watch how these flows translate into dealer delta hedging tomorrow — that is where intraday directional moves will be amplified.

🧱Key short-term resistance cluster: $680.00–$685.00 (call OI + GEX pin). Key supports driven by put OI: $660.00, $650.00, $640.00 — these are the levels where dealer/put buying should slow declines.

🔎Flow vs positioning tension: institutions appear to be adding downside protection (puts) while dealers’ long gamma concentrates pin risk in the high-670s — the battle between these will determine whether price slides toward MP (~$655) or remains pinned near $675–$680.

Read the Flow analysis for SPY for 2026-04-08. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.