I find that options expiration levels provide useful reference points for future market reaction due to the "market memory" of the expiration level. Because hedgers, speculators and traders all close out their positions by expiration, the level becomes a natural "oasis" for trading once the market returns to that level.
196 is a big level where 2 months had expirations.
(Pretend you don't see the 8/22 incorrect triangle&line, the actual expiration is 8/15)
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