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SPY

SPDR S&P 500 ETFClose $708.72EOD only
Max Pain
$701.00
Next expiry Apr 21, 2026
Expected Move
±$3.85
0.5% from close
Price Gap
-7.72
Distance to max pain
IV Rank
8
Low premium
P/C OI
2.18
Slightly put-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 20, 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 20, 2026 close
SPY AI Consensus Report
Analysis based on market close April 21, 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 the directional signal is strong but exposure is concentrated and event/flow uncertainty (and missing full theta/flow detail) leaves a realistic path for rapid invalidation, preventing higher conviction.

Where Perspectives Agree

Consensus view is bearish pin toward the $703–706 band with dealer negative gamma amplifying downside risk absent a volatility spike or breadth-led reversal.

Where They Diverge

No direct persona conflicts in the supplied views; theta and flow reports (if any) would create conflict only if they signaled heavy constructive hedging or an earnings-driven directional flip—none presented here.

Top Trade
via directional

Buy 2026-05-22 $687/$678 put spread (debit) — directional bearish, expect modest debit for defined-risk downside exposure.

Key Risk

A sustained break above $710 (daily close) flips dealer exposure/gamma positioning, removes the pin and would likely trigger a short-covering squeeze and rally toward $716–720, invalidating the bearish thesis.

How to Use These Reports
This ai consensus reflects the market close on April 21, 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.