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XLKState Street Technology Select Sector SPDR ETF

Options Analysis Report
AUM $123.1B|ARCX
● 2026-08-31$185.69
BEARISH
Analysis: 2026-08-28 EOD data
1Y +42.9%YTD +28.7%7D +3.1%
28,966
30D
±6.7%
10%

XLK Options Overview

bearish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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XLK Gamma Walls

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Value

Is IV priced right?

7.9
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks7/9 checks passed
≤35%

IV Rank 33.1% — cheap vs history

<1.05x

IV/HV 0.90x — IV ≤ HV

Sector Relative≤50%

Sector percentile 53% — above sector median

<1.1x

Front/Back 0.84x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 24.4% — normal range

<80%

Effective IV 41.7% (ATM 24.4% + spread 8.7% + bias) — excellent value

<3.0%

Total drag 12.93% (spread 8.67% + slippage 4.26%) — high friction

≥5.0

Vega efficiency 9.43 (vega 8.178 / spread 8.67%) — efficient

Sentiment

Bullish or bearish?

1.6
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -54%, Raw: -44%)
|net sentiment| ≥25%

Conviction-weighted: -54% (strong bearish) — Raw: -44%

≥15%

|OI skew| 25.5% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -66.0%, OI skew -25.5% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -13%, ATM: -49%, OTM: -44% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 97% — very bearish vs sector

Activity

Unusual activity?

5.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed
≥1.5x

Volume 0.9x avg — normal

≥15%

Vol/OI 3.9% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +7.4% (5d) — building

Sector Relative≥60%

Sector activity percentile 63% — active vs sector

≥30%

Large trade volume 55% — heavy institutional

≥60%

Aggressive execution 27% — patient

≥30

Conviction -54 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

5.0
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed
≤5.0%

Spread 8.7% — wide

≥10,000

OI 750,236 — deep

≥500

Volume 28,966/day — active

≤$0.50

$0.43 to cross — cheap

≥5 strikes

2 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 64% — wider than sector

≥100 contracts

Depth 400.0 contracts (bid:226.1 ask:173.9) — adequate

<1.0%

Avg slippage 4.26% — poor

Timing

Is now a good time?

7.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -15.7% — contango

<30 or >70

IV percentile 33% — neutral

≥10pts kink

IV kink -2.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 43.92 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -54% @ 77% consistency — STRONG directional (bearish)

≥40 composite score

Score 85 (ITM 20% + inst 55%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV cheap, bearish flow
Long Puts8.2
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put3.3
bullishIV too cheap, bearish flow
Covered Call5.7
bearishIV too cheap, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

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