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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
8
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 AI Consensus Report
Analysis based on market close April 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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 ai consensus report is available for April 10, 2026.

View latest report
Conviction
5.5

out of 10

5.5 reflects aligned short-term pin mechanics (dealer gamma) but meaningful conflict from flow/put accumulation and imminent short-dated expiries that create binary expiry/pin-release risks — enough to trade around the edge but not to take concentrated directional risk.

Where Perspectives Agree

Market is pinned into the high-$600s (around $680) with dealer short-gamma creating a near-term magnet but underlying flow and institutional put demand leaving a clear downside bias if the pin breaks — outcome is a tight range now, quick directional drop if the pin fails.

Where They Diverge

Directional/gamma pinning argues for mean-reversion and short-premium structures while flow and put-heavy positioning imply institutional accumulation of downside insurance that would accelerate a break once the pin is breached; theta wants to sell premium into the pin but that is directly undermined by the sizable institutional put demand that can force IV spikes and losses to short premium during pin-release events.

Top Trade
via directional

Buy 4/17 $665 / sell 4/17 $655 put spread (debit) — defined-risk directional/bear trade that respects the pin but benefits if the downside bias wins.

Key Risk

A decisive break and close below $660 (trigger: sustained trade under $660 on volume / option expiry pin-release) removes dealer short-gamma support, causes rapid IV repricing and accelerates downside toward the $655 area, invalidating the pin/mean-reversion thesis.

Read the AI Analyst Consensus for SPY for 2026-04-08. This synthesis report combines directional, theta, flow, and earnings perspectives into one conviction view with setup, trigger, and invalidation context.