SPY Options Are Pricing a $15 Move Into October 23 — Heavy Put Buying Meets a $770 Max Pain

This is your State Street SPDR S&P 500 ETF Trust briefing, ticker SPY, for October 18, 2026. SPY closed Friday at $763.25. Our read is neutral. The options market is pricing a range of $748.21 to $778.29 into the October 23 expiration. And the one price that breaks this read is $748.21. A close below that, and SPY moved further than options were braced for.

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