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☕ SPY ZERO DTE
Date: Fri Jul 24, 2026 | Expiration: Jul 24, 2026
We study SPY and Trade SPX SPDR 500 ZERO DTE Index.
🎯 QZ ALGO CREED — Probability Over Prediction
We don’t forecast. We read positioning — where Market Maker exposure sits, where the walls are, and how MM is priced across strikes. That tells us where price is constrained, not where it’s going. Structure decides the trade.
⚡ OPENING NOTE
SPY Spot: 738.79 · Max Pain: 746 · Flip: 749.99. Price is deep below the Flip and Max Pain, with the single biggest wall on the board —
740 (−116.4M, and #1 Absolute at 145.7M) — sitting right overhead. This is a heavy negative-exposure day: moves amplify, expect a wide range.
740 is the magnet/ceiling; 735 and 730 are the shelves below. Read it with structure — no levels, no trade.
📊 TV VALUES
SPY String — paste into QZ ALGO Daily Magnets:
748,746,749,738.79,746,749.99,730,735,740,740
SPX String:
7480,7460,7490,7387.9,7460,7499.9,7300,7350,7400,7400
Options Flow — VOLUME (Strike, Calls, Puts):
746, 38K, 4K
745, 80K, 16K
740, 105K, 63K
735, 8K, 78K
730, 1K, 69K
Options Flow — OPEN INTEREST (Strike, Calls, Puts):
746, 8K, 7K
745, 10K, 21K
740, 4K, 34K
735, 2K, 20K
730, 0K, 19K
🌡️ QZ TEMPERATURE
🌡️ SPY — Level then COLOR (Sign):
740 RED (Minus)
735 RED (Minus)
745 RED (Minus)
730 RED (Minus)
733 RED (Minus)
749 GREEN (Plus)
746 GREEN (Plus)
748 GREEN (Plus)
747 GREEN (Plus)
750 GREEN (Plus)
🧭 STRUCTURE CHECK
Market Structure (5 Min):
| Structure | Level | Status |
|---|---|---|
| HH (High) | ~738.24 | Recent higher high off the base |
| HL (Higher Low) | ~737.00 | Basing floor |
| LL (Lower Low) | ~735.00 | Structure target below |
🎯 CONFLUENCE — 740 IS THE WHOLE BOARD
📊 DECISION TABLE
| Level | What It Is | Action |
|---|---|---|
| 749.99 | 🟠 FLIP | Regime gate (far overhead) |
| 749 | Baby Bull (+3.2M) | Thin pin |
| 748 | Baby Bull (+2.2M) | Thin pin |
| 746 | 🔵 MAX PAIN + Mama Bull (+2.6M) | Upside magnet |
| 745 | Abs #3 (68M) — negative + heavy call vol | Overhead battle |
| 740 | 🎯 #1 Abs (145.7M) + Daddy Bear (−116.4M) | The wall — reclaim = squeeze |
| 738.79 | ☕ WE ARE HERE (Spot) | — |
| 735 | 👹 S2 Mama Bear (−73.1M) + Abs #2 | Main shelf below |
| 733 | Abs #5 (43.7M) — negative | Amplifier |
| 730 | S3 Baby Bear (−43M) + Abs #4 | Deeper target |
🎯 THREE BEARS / THREE BULLS (by MM Exposure size)
THE THREE BEARS (Negative):
| Bear | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| S1 = DADDY | 740 | −116.4M | 37.8K | 167.1K |
| S2 = MAMA | 735 | −73.1M | 22.0K | 86.0K |
| S3 = BABY | 730 | −43.0M | 18.9K | 68.8K |
S1 (740) is also the #1 Absolute Exposure strike — see Confluence above.
THE THREE BULLS (Positive):
| Bull | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| B1 = DADDY | 749 | +3.2M | 10.0K | 15.7K |
| B2 = MAMA | 746 | +2.6M | 14.7K | 41.3K |
| B3 = BABY | 748 | +2.2M | 16.4K | 27.2K |
🔴 Deep negative board. Bears 232.5M vs Bulls 8.0M ≈ 29:1. Heavy negative Market Maker exposure — amplification is the theme, bulls are almost nonexistent until the Flip way up at 750.
☕ RANGE ZONE
| Zone | Why |
|---|---|
| 735 — 740 | Spot sits between the #2 Abs (735) and the #1 Abs monster (740). A strong trend is harder to form between them — but with heavy negative exposure, a break of either edge runs fast. Reclaim 740 for a squeeze; lose 735 and 730 opens. |
Commentary: 740 carries the highest total volume on the board (167K). 745 has a full call/put split; 733, 731, 732, 743 are red amplifiers with no clean split.
🔥 FRIDAY FACTOR
| Thursday (Prior) | Friday (7/24) |
|---|---|
| 745.55, coiled under 748 | Broke down to 738.79 |
| Below Flip & Max Pain | Deep below Flip (750) & Max Pain (746) |
| ~1.5:1 bulls | ~29:1 bears, heavy negative exposure |
The floor gave way. After coiling under 748 Thursday, price broke down ~6.8 points into a deeply negative, high-amplification board. 740 is now the overhead wall and the whole battle; hold 735 and it’s a base, lose it and the slide extends to 730.
🎯 Q ALGO™ CHECKLIST — WE DON’T TRADE EMOTIONS, WE LOOK FOR CLUES
| Step | What We Check |
|---|---|
| 1 | LEVELS (from this newsletter) |
| 2 | 15-Min chart |
| 3 | 5-Min chart |
| 4 | 1-Min chart |
| 5 | BANDS |
| 6 | River |
| 7 | Volume Line (Fair Value) |
| 8 | Candle for Entry |
| 9 | Flip Line |
| 10 | Trend Context (Trend Engine) |
| 11 | Pivots |
| 12 | LQ Areas |
| 13 | Entry Candle |
| 14 | Flow |
| 15 | VSA + QVDD |
No Structure = No Trade. Not all checklist items need to align — build your edge based on your own edge. Heavy negative-exposure day: respect the amplification, wait for the 740 reclaim or 735 break.
⚖️ Disclaimer
This is not investment advisory. I’m not calling trades. I’m teaching you to think. Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The IKIGAI Algo and any associated indicators, tools, or educational materials are provided for informational and educational purposes only and do not constitute financial, investment, or trading advice. You should consult with a qualified financial advisor before making any trading decisions. Q Levels and affiliated parties are not registered investment advisors, broker-dealers, or financial planners. By participation, you acknowledge you are solely responsible for your own trading decisions and any resulting gains or losses. No guarantees of profit or specific results are made or implied. All sales are final. Please trade responsibly and only risk capital you can afford to lose. Errors and omissions excepted.
— Q Levels Trading | Coffee With Q ☕