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SPY

SPDR S&P 500 ETFClose $701.66EOD only

Max Pain

$678.00

Next expiry Apr 17, 2026

Expected Move

±$3.54

0.5% from close

Price Gap

-23.66

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.45

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 16, 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 16, 2026 close

SPY AI Consensus Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Conviction

6.5

out of 10

6.5 because dealer long-gamma and low vol favor range and premium sellers, but offset by materially active buy-side flow that could trigger a regime shift; conviction is tempered by that asymmetric event risk.

Where Perspectives Agree

Market consensus is pinning inside the near-term range with dealer long-gamma supporting spot and making premium selling the path of least resistance (bullish-to-neutral bias rather than a clean breakout).

Where They Diverge

Flow signals of concentrated institutional accumulation (buy prints/skew lift) imply directional upside and potential sustained buy flow that would erode the pin — this directly contradicts the pin/stability thesis supported by theta and dealer gamma.

Top Trade

via theta

Sell May 15 725/730 call spread for ~ $0.20 credit (defined-risk, profits if pin holds and upside remains capped).

Key Risk

Sustained break and close above $725 accompanied by heavy buy flow and VIX/IV lift flips dealer gamma dynamics — removes the pin and accelerates upside toward the next resistance (~$740), invalidating the premium-selling thesis.

Read the AI Analyst Consensus for SPY for 2026-04-17. This synthesis report combines directional, theta, flow, and earnings perspectives into one conviction view with setup, trigger, and invalidation context.