(SPYG)

SPYG trades at $100.99, 12.2% above the near-term max pain of $90 expiring Sep 19, 2025 (11 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($88-$470), signaling increased put positioning or downside protection. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for SPYG shows a downward trend from 470 to 88, indicating bearish sentiment or hedging activity. The 227% spread signals divergent expectations across timeframes. Most levels below 100.99 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.