(SPYG)

SPYG trades at $99.95, 13.6% above the near-term max pain of $88 expiring Sep 19, 2025 (34 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is falling across expirations ($86-$470), signaling increased put positioning or downside protection. Key magnetic zone at 86 where 2 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for SPYG shows a downward trend from 470 to 86, indicating bearish sentiment or hedging activity. The 232% spread signals divergent expectations across timeframes. Most levels below 99.95 may cap rallies. Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.