S WAVE CHARTS

[snootmagruder]

NASA, I'm not any kind of an expert on max pain theories, however I've read some articles from those that claimed to be. The theory was that once max pain was reached during the options "window" which ran from Friday (or even Thursday) of the previous week of options expiration week, then the market was free to go anywhere. It was also noted that Tuesday of op ex week was the typical targeting day. SPY is at 203 now according to this site
http://www.optionpain.com/OptionPain/Option-Pain.php

And, I've noticed myself that price quite often tends to hang around that level into the "official" ex day of Friday afternoon if possible. The options market makers have delta hedging available to them during unfavorable price trends and I described that theory in a recent previous post.