Market Overview for June 25, 2026 Today, traders should keep a close eye on max pain levels as the SPY and QQQ options markets reflect substantial dealer exposure. For SPY, the max pain point sits at $723.00, while for QQQ, it is at $717.00. These levels indicate where the most options will expire worthless, often guiding price movements. Both SPY and QQQ show negative total gamma exposure, with SPY at -24,500 and QQQ at -36,400, suggesting that dealers are likely to sell more as prices rise and buy more as prices fall. This could lead to increased volatility in the coming days, especially as
