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SPY

SPDR S&P 500 ETFClose $704.08EOD only
Max Pain
$703.00
Next expiry Apr 22, 2026
Expected Move
±$6.10
0.9% from close
Price Gap
-1.08
Distance to max pain
IV Rank
10
Low premium
P/C OI
2.18
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: Apr 21, 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 21, 2026 close
SPY AI Consensus Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Conviction
7.5

out of 10

7.5 — strong dealer gamma and concentrated positioning favor the pinned/bullish range, but conviction is capped by the non-zero chance of a volatility spike from institutional flow or macro shocks that would invalidate short-premium plans.

Where Perspectives Agree

Market is pinned near mid-price with dealer positive gamma supporting a range-bound bullish tilt toward the mid-719s and higher if momentum resumes.

Where They Diverge

Theta income sellers rely on continued low vol and pin stability while flow signals (occasional large buys/blocks) could force a vol repricing that breaks the pin — this operational flow risk directly undermines short-premium approaches.

Top Trade
via theta

Sell May 15 2026 $704/$684 put spread for a credit (defined-risk premium sale).

Key Risk

Break and close below $684 flips dealer gamma exposure, collapses the pin and accelerates downside toward the next support band (~$660), invalidating the short-premium/neutral-bull thesis.

How to Use These Reports
This ai consensus reflects the market close on April 22, 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.