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SPY

SPDR S&P 500 ETFClose $686.10EOD only
Max Pain
$674.00
Next expiry Apr 14, 2026
Expected Move
±$3.49
0.5% from close
Price Gap
-12.10
Distance to max pain
IV Rank
15
Low premium
P/C OI
2.25
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Apr 13, 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 13, 2026 close
SPY AI Consensus Report
Analysis based on market close April 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Conviction
6.0

out of 10

Score 6 because positioning and GEX create a clear short-gamma pin that makes premium-selling logical, but unresolved and opposing flow activity plus the non-trivial risk of a pin-unwind (close < $684.68) and near-term concentrated expiries keep the trade from a higher conviction.

Where Perspectives Agree

All perspectives converge on a short-range, pin-to-$695 environment with dealer net short-gamma (pinning behavior) that makes defined-risk premium-selling the dominant edge into the near-term expiry cluster.

Where They Diverge

Theta/vol sellers favor collecting premium around the pin while the (reported) flow view indicates pockets of institutional accumulation and heavy call buying that, if it continues, would favor a directional squeeze higher — that flow accumulation directly undermines outsized short-call naked exposure and raises the risk of rapid pin-unwind. Additionally, the directional thesis accepts a calm range until a close below $684.68 flips hedges, but flow-driven upside spikes could invalidate put-heavy defensive plays.

Top Trade
via theta

Sell Apr 30 iron condor: short $682/$676 put spread and short $704/$710 call spread for a net credit (theta persona).

Key Risk

A daily close below $684.68 that sustains opens under $684 quickly flips dealer hedges into net sellers, removes the pin, and would accelerate downside toward the $681/near-term MP level — this single level/trigger would invalidate the short-condor/pin thesis.

Read the AI Analyst Consensus for SPY for 2026-04-14. This synthesis report combines directional, theta, flow, and earnings perspectives into one conviction view with setup, trigger, and invalidation context.