SPY The bullish case maybe no one is seeing

Things look so bearish to me that i always wonder what the bullish view could be, if any.

- So far price action Q3-Q4 '15 seems very similar to '14. The only problem is that no new all time high is set after the correction ended.
- Max pain Monthly opex is at 207 (see
- Open interest as of today stands 8m calls to 14.7m puts (See

I'm not playing this and i don't have any positions currently in SPY             . I'm also very much aware of all the bearish signals, one being a possible head and shoulders multi-year top with the right shoulder developing.
Good job looking at both sides of the opportunity. No position here, either.
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