read SPY option data

xiaoniu

look at sept. or dec. spy put/call data, we see way more puts than calls on strikes like 105, 110 and etc.
how to interpret:
1. based on max pain theory, we should see spy to stay above 105 for those months.
2. people or even large players buy put to protect their long on stocks just like last year. in this case, we still expect uptrend.
3. any other ideas?

based on 1 and 2, it's unlikely to see double dip in the near future. maybe only a quick touch on around spy 100.