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SPY

SPDR S&P 500 ETFClose $711.21EOD only
Max Pain
$705.00
Next expiry Apr 23, 2026
Expected Move
±$3.94
0.6% from close
Price Gap
-6.21
Distance to max pain
IV Rank
7
Low premium
P/C OI
2.22
Slightly put-heavy
Consensus
7.5/10
Range bias
Published snapshot: Apr 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
Apr 22, 2026 close
SPY AI Consensus Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Conviction
6.5

out of 10

6.5 because multiple signals align on downside skew and negative GEX, but conviction is capped by the MP pin (choppy false-break risk) and event/macro spikes that can invalidate short-premium positions quickly.

Where Perspectives Agree

Market is biased lower from the midpoint with negative dealer gamma creating asymmetric downside risk into the 690–705 band; dealer hedging will amplify any failure of the MP pin.

Where They Diverge

Theta prefers short premium/defined-credit into low IV and expects chop, which is undermined if dealer negative GEX triggers a fast directional unwind that blows past short strikes; flow (bearish prints) and directional both expect momentum downside, conflicting with pure premium-selling if a sharp move occurs.

Top Trade
via theta

Sell May 15 2026 $724/$725 call spread for credit (defined risk bear call spread)

Key Risk

Sustained break and close above $725 (MP rejection failure) flips dealer positioning to gamma short-to-neutral, removes the pin and would likely accelerate upside to ~$734, invalidating the bearish thesis.

How to Use These Reports
This ai consensus reflects the market close on April 23, 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.