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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 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 May 22, 2026.

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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.

How to Use These Reports
This ai consensus reflects the market close on April 8, 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.