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SPY

SPDR S&P 500 ETFClose $758.54EOD only

Max Pain

$751.00

Next expiry Jun 2, 2026

Expected Move

±$3.19

0.4% from close

Price Gap

-7.54

Distance to max pain

IV Rank

Low premium

P/C OI

2.25

Slightly put-heavy

Consensus

4.0/10

Bullish tilt

Published snapshot: Jun 1, 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

Jun 1, 2026 close

SPY Flow Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.3% from MP; +1 VIX 15

Watch next session: Price action near 755-760; Put OI changes

Flow Summary

Net premium: +$848.0M bullish

P/C volume ratio: 1.00

P/C OI ratio: 2.30

SPY sees strong net premium and positive gamma/delta despite elevated put OI. Aggressive put buying at today's expiry is likely hedging, not directional. Low VIX and pinning regime support current levels. Key support is put OI concentration near 750.

Notable Prints

SPY 2026-06-04 $757.00 Put

Vol: 444,276

OI: 3,613

Vol/OI: 123.0x

IV: 3.6%

Notional: ~$21.8M

Intent: Aggressive hedge

Dual read: Bearish speculation

Read-through: Large open put interest

SPY 2026-06-05 $767.00 Put

Vol: 11,587

OI: 110

Vol/OI: 105.3x

IV: 16.9%

Notional: ~$12.0M

Intent: Short-term protection

Dual read: Position opening

Read-through: Elevated vol/oi

SPY 2026-06-08 $765.00 Put

Vol: 9,890

OI: 106

Vol/OI: 93.3x

IV: 13.5%

Notional: ~$8.2M

Intent: Medium-term hedge

Dual read: Bearish view

Read-through: Consistent put flow

SPY 2026-06-04 $758.00 Put

Vol: 279,109

OI: 3,029

Vol/OI: 92.2x

IV: 6.7%

Notional: ~$39.6M

Intent: Large opening

Dual read: Gamma scalping

Read-through: Near the money

SPY 2026-06-04 $753.00 Call

Vol: 223,730

OI: 2,499

Vol/OI: 89.5x

IV: 0.0%

Notional: ~$78.3M

Intent: Bullish bet

Dual read: Call overwriting

Read-through: ITM call volume

Institutional Positioning

Call additions: Calls added 753-758 (754C, 758C heavy)

Put additions: Puts added 756-758, 767 (757P, 758P largest)

GEX/DEX consistency: GEX +$504M, DEX +300M; aligned, bullish pinning

OI clusters: Put OI: 756-758; Call OI: 753-758; Gamma flip ~550

Hedging evidence: Put/call OI ratio 2.3, large put buys = hedging

Max pain context: Spot near MP, GEX pinning expected

Signal vs Noise

~High put OI ratio (2.3) is hedging, not bearish speculation (signal)

~Unusual put volumes at 757, 758 with >90 vol/OI ratio are real (signal)

~Large call volume at 754, 753 is aggressive buying or gamma hedging (signal)

~Low VIX (15) confirms low vol regime, supports pinning (signal)

Key Conclusions

⚖️Net premium +$848M, GEX positive, but put OI heavy; pinning likely but watch downside.

⚠️Unusual put activity at 757-758 suggests strong hedge demand; breach could accelerate decline.

How to Use These Reports

This flow reflects the market close on June 4, 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.