S&P 500 Index (^SPX)
S&P 500 Index Max Pain By Strike
^SPX trades at $6460.26, 7.2% above the near-term max pain of $6025 expiring Sep 19, 2025 (17 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is rising across expirations ($5000-$6500), reflecting growing call interest at higher strikes. Key magnetic zone at 6000 where 5 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.
S&P 500 Index Max Pain By Expiry
Max pain for ^SPX shows an upward trend from 5000 to 6500, suggesting bullish positioning in longer-dated options. The 26% spread signals divergent expectations across timeframes. Most levels below 6460.26 may cap rallies. Strong magnetic level at 6000 (5 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.
Max Pain Table
| Expiration Date | Max Pain | Max Pain vs Current Price |
|---|---|---|
| Sep 19, 2025 | 6025 | -435.26 (-6.74%) |
| Oct 17, 2025 | 6100 | -360.26 (-5.58%) |
| Nov 21, 2025 | 6100 | -360.26 (-5.58%) |
| Dec 19, 2025 | 5600 | -860.26 (-13.32%) |
| Jan 16, 2026 | 6000 | -460.26 (-7.12%) |
| Feb 20, 2026 | 6100 | -360.26 (-5.58%) |
| Mar 20, 2026 | 6000 | -460.26 (-7.12%) |
| Apr 17, 2026 | 5750 | -710.26 (-10.99%) |
| May 15, 2026 | 5950 | -510.26 (-7.90%) |
| Jun 18, 2026 | 6000 | -460.26 (-7.12%) |
| Jul 17, 2026 | 6000 | -460.26 (-7.12%) |
| Aug 21, 2026 | 6000 | -460.26 (-7.12%) |
| Sep 18, 2026 | 6200 | -260.26 (-4.03%) |
| Dec 18, 2026 | 5200 | -1260.26 (-19.51%) |
| Jun 17, 2027 | 6500 | 39.74 (0.62%) |
| Dec 17, 2027 | 5000 | -1460.26 (-22.60%) |
| Dec 15, 2028 | 5000 | -1460.26 (-22.60%) |
| Dec 21, 2029 | 5000 | -1460.26 (-22.60%) |
| Dec 20, 2030 | 5600 | -860.26 (-13.32%) |