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SPY

SPDR S&P 500 ETFClose $745.64EOD only
Max Pain
$739.00
Next expiry May 26, 2026
Expected Move
±$5.62
0.8% from close
Price Gap
-6.64
Distance to max pain
IV Rank
31
Middle-high premium
P/C OI
2.48
Slightly put-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: May 22, 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 22, 2026 close
SPY AI Consensus Report
Analysis based on market close April 7, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 7, 2026. A newer ai consensus report is available for May 22, 2026.

View latest report
Conviction
6.0

out of 10

Score 6 because all personas align that premium-selling/defined-risk is the preferred posture around the mid-660s pin, but conviction is capped by two asymmetric threats: dealer short-gamma can create fast, large moves that blow through spreads, and institutional/event flow can invalidate selling assumptions — these risks keep conviction from being higher.

Where Perspectives Agree

Short-term pin toward the mid-660s/near $670 dominates: positioning and rich front-week premium create a magnet and make premium-selling/defined-risk income the highest-probability approach while dealer negative-gamma amplifies any directional breakout or breakdown.

Where They Diverge

Directional's net bearish bias driven by negative dealer gamma conflicts with flow signals that imply institutional accumulation/support around the pin — if flow continues to absorb selling, the bearish gamma-led trend thesis is undermined. Additionally, earnings/event term-structure (where present in the reports) suggests front-week skew that rewards event-driven buying, which contradicts blanket premium-selling if a binary re-rate occurs.

Top Trade
via theta

Sell Apr 08 656/651 put spread for a net credit (front-week defined-risk put spread)

Key Risk

A decisive close/break below the 2-day EM lower bound at $649.39 on heavy flow would flip dealer positioning (remove the pin), trigger rapid downside gamma-driven selling and accelerate price toward the 1-week lower support near $642.14 — this scenario invalidates the premium-selling thesis.

How to Use These Reports
This ai consensus reflects the market close on April 7, 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.