VanEck Semiconductor ETF (SMH)

SMH trades at $333.69, 5.1% above the near-term max pain of $317.5 expiring Oct 3, 2025 (1 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($230-$320), signaling increased put positioning or downside protection. Key magnetic zone at 318 where 4 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for SMH shows a downward trend from 320 to 230, indicating bearish sentiment or hedging activity. The 31% spread signals divergent expectations across timeframes. Most levels below 333.69 may cap rallies. Strong magnetic level at 318 (4 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.