VanEck Semiconductor ETF (SMH)

SMH trades at $346, 6.5% above the near-term max pain of $325 expiring Oct 10, 2025 (4 days). Expect downward pressure as dealers benefit from price declining toward max pain. Max pain is stable across expirations ($230-$325), indicating stable market expectations. Key magnetic zone at 325 where 5 expirations converge. High dispersion in max pain levels suggests competing forces and potential volatility.

Max pain for SMH shows stable levels around 290.26, reflecting balanced market expectations. The 33% spread signals divergent expectations across timeframes. Most levels below 346 may cap rallies. Strong magnetic level at 325 (5 expirations). Weekly expirations influence price 2-3 days before expiry; monthlies throughout their final week.