The importance of the 760-770 zone in the S&P 500 market looking confirmed today

Several posts here over the last several days addressed the 760-770 level which also corresponds to the SPY exchange-traded fund at 77. SPY's max pain was at 77 from Friday as we showed, and it is still showing at 77 today at http://www.optionpain.com/MaxPain/Max-Pain.php. The QQQQ's max pain is showing there today at 28 (their charts below, as they generate when you visit and input the symbol):

Nice market reaction already to the 760-770 zone that's been discussed here in various posts.

We'll review later this evening what this does with the charts. Meantime, depending on your time frame, you'll have to decide whether there can be more play to that zone in the next day or so and into opex, or does the overbought condition coming into this morning need more of a pullback. Of course we don't have a daily bar trigger making this a swing high on the daily chart, unless and until tomorrow goes under today's low. For that matter, if we get enough of a drop this afternoon and into tomorrow, there can still be some gyrations in the market's attempt to regain those "max pain" levels into opex. How successful it will be depends a lot on how weak (or strong) the market really is.

Anyway just a note for now and will return later this evening for more of a look into the market's internals. During the weak you can also check at any time the "max pain" site that is noted in this post and I added to the "other sites of interest" at right side of this page.