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SPY

SPDR S&P 500 ETFClose $756.48EOD only

Max Pain

$750.00

Next expiry Jun 1, 2026

Expected Move

±$4.32

0.6% from close

Price Gap

-6.48

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.63

Slightly put-heavy

Consensus

4.0/10

Bullish tilt

Published snapshot: May 29, 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

May 29, 2026 close

SPY Flow Report

Analysis based on market close April 14, 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 14, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

8.5 / 10

base 9.0; -0.5 mixed flow (P/C OI 2.35 vs call-heavy premium today)

Watch next session: New OI or premium accumulation at $695/$696 calls (near-term pin levels); Large executed put flow at $670-$680 that increases P/C premium or moves net premium toward neutral/negative

Flow Summary

Net premium: +$1.2B bullish

P/C volume ratio: 1.14 — small put-volume skew intraday but not extreme

P/C OI ratio: 2.35 — substantial put-heavy positioning in OI (structural bearish tilt in longer-dated strikes)

Today’s intraday premium flow is dominated by concentrated call premium at the 690-695 band (large net call dollars), pushing spot above max-pain and into dealer pin territory. However, the broader position landscape (P/C OI 2.35 and large put OI clusters far below spot) keeps the structural positioning mixed — dealers carry positive GEX ($+1.6B) that favors pinning around ~$695, while long-dated institutional puts maintain downside protection below the current market.

Notable Prints

SPY 2026-04-14 692.00 Call

Vol: 476,849

OI: 4,443

Vol/OI: 107.3x

IV: 0.0%

Notional: ~$101M

Intent: Aggressive short-dated directional call buying / delta accumulation into expiry

Dual read: Could be long call buyers (bullish) or dealers selling calls and hedging with stock (neutral/delta-driven)

Read-through: Large executed flow at the 692 call (ITM at spot) materially increases short-dated call exposure and forces dealers to buy delta — supports upside and short-term pin toward the 690-695 GEX cluster.

SPY 2026-04-14 694.00 Call

Vol: 664,847

OI: 2,811

Vol/OI: 236.5x

IV: 0.0%

Notional: ~$12.6M

Intent: High-frequency opening/closing at-the-money calls into same-day expiry — gamma/growth trades

Dual read: Either fresh call buying (bullish) or expirational overwriting/close-outs (neutral)

Read-through: Massive same-day call volume concentrated ATM amplifies dealer short-gamma; combined with positive GEX this increases pinning forces around $694-$695 intraday.

SPY 2026-04-14 690.00 Put

Vol: 502,462

OI: 645

Vol/OI: 779.0x

IV: 6.3%

Notional: ~$1.0M

Intent: Large activity at a deep expiring OTM put strikes — likely aggressive short-dated trades (expirational selling or buy/sell flips)

Dual read: Could be put buyers (tail protection) or sellers/closing sellers (neutral/liq providing)

Read-through: Given the tiny last prices ($0.01-$0.02) and low IV, this looks like high-frequency expirational flow, increasing short-dated gamma exposures rather than building meaningful directional put protection.

SPY 2026-04-15 690.00 Put

Vol: 108,848

OI: 429

Vol/OI: 253.7x

IV: 11.5%

Notional: ~$8.2M

Intent: Near-term put buying into tomorrow’s expiry (protective or directional)

Dual read: Protective puts (bearish hedge) or short-dated speculative puts (directional bearish)

Read-through: This print is more meaningful notional-wise vs the 4/14 tiny-last-price prints — if that flow continues it could represent real short-term downside hedging that would cap the upside pin.

Institutional Positioning

Call additions: Concentrated call premium and flow at $690-$695 (notably $690/$691/$692/$694) in near-term expirations — dealers are short gamma there and will buy delta into upside moves.

Put additions: Large structural put OI sits well below spot (notably $535, $520, $530, $590, $500 clusters) plus heavy premium at $650 puts (net -$37.35M), indicating institutions hold sizeable protective/long-put positions at lower strikes.

GEX/DEX consistency: Yes — positive GEX ($+1.6B) and DEX +294.8M shares are consistent with short-dated call dominance and pinning around $695; long-dated put OI creates a structural downside hedge but not immediate dealer-driven pressure.

OI clusters: Largest OI clusters are concentrated far below spot (e.g., $535 PUT OI=204,057; $520 PUT OI=202,356; $530 PUT OI=164,343) and near-spot call OI clusters at $686-$690-$695 (calls OI: $686=27,247; $690=20,332; $695=10,269). The nearest prominent pin/wall is the GEX concentration at $695 (+$413.0M).

Hedging evidence: Evidence of large-scale protective puts in longer expirations (OI mass at $500-$535-$650) and put premium at $650 suggests institutional downside hedging; limited evidence of widespread collars in the near-term aside from small protective put prints.

Max pain context: Max pain sits at $681 (flat across expirations). Spot is above MP by ~2% and flow shows dealer pinning forces (GEX) trying to hold spot up near ~$695 rather than drifting down to MP immediately.

Signal vs Noise

~Many 4/14 same-day prints at $689-$694 with huge volume but tiny last prices (e.g., $0.01-$0.02) — likely expirational flow and market-maker/intermediary activity, not durable directional conviction.

~Large long-dated put OI clusters (e.g., $535, $520) are structural positioning and not evidence of immediate delta-driven selling.

~High vol/OI ratios on same-day strikes reflect expiry gamma trades and closing/opening churn — treat these as dealer inventory adjustments unless repeated on adjacent expiries.

~The notable negative net at $650 (call $9.52M / put $46.88M => net -$37.35M) is premium-driven put buying in that strike bucket (hedging), not a near-term directional signal toward that strike.

Key Conclusions

🐂Short-dated call dominance at 690-695 is creating a near-term upside pin — dealers are short gamma and buying delta into intraday lifts.

⚖️Structure is mixed: huge long-dated put OI below spot keeps longer-term downside protection in place despite bullish net premium today.

📌GEX concentrations (+$413.0M at $695, +$26.6M at $696, +$20.2M at $690) create a measurable pin magnet within the 1d EM bounds ($690.75-$698.18).

🚨Treat massive same-day low-premium prints (4/14 expiries) as expirational gamma trades/market-maker flows — they amplify short-term dealer positioning but are not durable directional positioning.

👀Watch for continued premium accumulation at $695/$696 calls or a shift to executed put flow at $670-$680 — either will quickly confirm upside pinning or a reversion toward max pain ($681).

How to Use These Reports

This flow reflects the market close on April 14, 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.