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SPY

SPDR S&P 500 ETFClose $741.75EOD only

Max Pain

$740.00

Next expiry Jun 15, 2026

Expected Move

±$6.40

0.9% from close

Price Gap

-1.75

Distance to max pain

IV Rank

Low premium

P/C OI

2.05

Slightly put-heavy

Consensus

7.0/10

Upside lean

Published snapshot: Jun 12, 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 12, 2026 close

SPY Flow Report

Analysis based on market close June 12, 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 0.9% from MP; +1 VIX 18

Watch next session: $742 call activity; $737 put support; VIX direction

Flow Summary

Net premium: +$847.4M bullish

P/C volume ratio: 0.94

P/C OI ratio: 2.05

SPY saw massive net premium flow ($847M) and heavy 0DTE call buying, signaling strong bullish sentiment despite high put OI. Positive GEX and pinning regime suggest spot may stay near current levels with upside bias.

Notable Prints

SPY 2026-08-21 $440.00 Put

Vol: 100,026

OI: 619

Vol/OI: 161.6x

IV: 49.8%

Notional: ~$3.7M

Intent: Bearish hedge or speculation

Dual read: Could be a large buyer hedging downside risk; alternatively, part of a volatility strategy.

Read-through: Massive volume vs OI suggests institutional flow, possibly a block trade. Deep OTM long-dated put indicates strong bearish conviction or tail risk hedging.

SPY 2026-06-12 $741.00 Put

Vol: 494,417

OI: 3,086

Vol/OI: 160.2x

IV: 1.5%

Notional: ~$989K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-06-12 $742.00 Put

Vol: 329,588

OI: 2,454

Vol/OI: 134.3x

IV: 0.0%

Notional: ~$2.6M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-06-12 $739.00 Put

Vol: 347,520

OI: 3,358

Vol/OI: 103.5x

IV: 3.9%

Notional: ~$348K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

SPY 2026-06-12 $742.00 Call

Vol: 730,160

OI: 7,449

Vol/OI: 98.0x

IV: 4.6%

Notional: ~$42.3M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy call volume on 741-744 strikes for 6/12 expiry

Put additions: Large put volume on 737-742 strikes for 6/12 expiry and far-dated $440 put

GEX/DEX consistency: GEX +$269.5M, DEX +249.5M shares, both bullish but flow mixed

OI clusters: OI concentration near 740-742 strikes for calls and puts

Hedging evidence: Far-dated $440 put (100k vol vs 619 OI) likely a hedge

Max pain context: Spot at max pain, pinning expected

Signal vs Noise

~Far-dated $440 put print is likely a hedge, not directional signal

~Heavy 6/12 expiry volume is gamma scalping and pinning activity

~Mixed flow regime means no strong directional bias

Key Conclusions

📉Massive put volume near spot suggests hedging downside

📈GEX/DEX positive and spot at MP support pinning

How to Use These Reports

This flow reflects the market close on June 12, 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.