Sphere Entertainment Co. (SPHR)

SPHR trades at $39.86, 6.3% above the near-term max pain of $37.5 expiring Sep 19, 2025 (34 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($20-$42.5), signaling increased put positioning or downside protection. Key magnetic zone at 35 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for SPHR shows a downward trend from 42.5 to 20, indicating bearish sentiment or hedging activity. The 65% spread signals divergent expectations across timeframes. Most levels below 39.86 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.