📋 EXECUTIVE DASHBOARD — SPY Thu Sep 3, 2026

LEVEL LADDER (high → low):

THE THREE PATHS:

⚡ OPENING NOTE

SPY Spot: 764.9 · Max Pain: 764 · Flip: 768.11. Wednesday’s selloff stabilized — price recovered ~3 points back into a positive/green cluster (762–768) and now sits right on Max Pain 764. The greens are the pins at and above spot: 766 (Daddy Bull +13.2M, #2 Abs), 765 (#1 Abs, +8.9M), and 768 (+9.8M) up at the Flip (768.11). Below, the put support is 760/761 (760 the −11.9M floor). Both the #1 and #2 Absolute strikes are positive, so the local read is supported. Hold 765/766 → toward 768 / the Flip; lose 762/761 → the 760 support. A recovering, supported-in-the-cluster tape (small board). Read it with structure — no levels, no trade.

📊 TV VALUES

📌 OI / Levels Note: These are pre-market LEVELS — a positioning snapshot taken before the open. Open Interest and MM exposure shift as the live chain updates through the session, so treat these as the map and the bias, not real-time truth.

SPY String — paste into QZ ALGO Daily Magnets:

765,768,766,764.9,764,768.11,761,759,760,765

SPX String:

7650,7680,7660,7649,7640,7681.1,7610,7590,7600,7650

Options Flow — VOLUME (Strike, Calls, Puts):

768, 30K, 5K

766, 71K, 38K

765, 68K, 87K

761, 6K, 20K

760, 6K, 40K

Options Flow — OPEN INTEREST (Strike, Calls, Puts):

768, 2K, 1K

766, 3K, 1K

765, 3K, 2K

761, 1K, 2K

760, 1K, 4K

🌡️ QZ TEMPERATURE

🌡️ SPY — Level then COLOR (Sign):

760 BLUE (Plus)

761 BLUE (Plus)

759 BLUE (Plus)

769 BLUE (Plus)

758 BLUE (Plus)

766 GREEN (Plus)

765 GREEN (Plus)

764 GREEN (Plus)

768 GREEN (Plus)

767 GREEN (Plus)

🧭 STRUCTURE CHECK

Market Structure (5 Min):

Q ALGO™ Status: 🔄 RANGE / chop in the green cluster

SPY recovered off Wednesday’s lows and is chopping in a tight range between a Higher High near 766 and a Higher Low around 764.5, trading ~765.1 on Max Pain. Hold 765/766 and press toward 768/the Flip; lose 762/761 and the 760 put support comes into play. (Structure chart reads ~765.1; the exposure snapshot reads spot 764.9 — aligned.)

🎯 CONFLUENCE — SUPPORTED IN THE GREEN CLUSTER, ON MAX PAIN

Spot sits on Max Pain inside a positive cluster. 765 (#1 Abs, +8.9M) and 766 (#2 Abs, Daddy Bull +13.2M) are green pins right at/above spot, with 768 (+9.8M) up at the Flip (768.11) — the local read is supported, and with both top-Absolute strikes positive the pull leans up toward them. Max Pain 764 is right at spot (a mild magnet). Below, the negatives are 760 (−11.9M put-wall floor), 761, 759 — the support shelf. The Flip is a reclaim away at 768.11. So it’s a supported grind in the 762–768 green band: hold 765/766 to press the Flip; lose 762/761 and 760 is the floor. Small board — moderate energy.

📊 DECISION TABLE

🎯 THREE BEARS / THREE BULLS (by MM Exposure size)

THE THREE BULLS (Positive):

B1/B3 (766/765) are the #1 and #2 Absolute — the green pins right at spot.

THE THREE BEARS (Negative):

🟢 Mild bullish (small board). Bulls 31.9M vs Bears 20.3M ≈ 1.57:1. The positives (765/766/768) are the pins at and above spot; the negatives are ordinary put support below (760 the floor). Supported grind in the green cluster — the question is whether it holds 765/766 to press the Flip.

☕ RANGE ZONE

Commentary: 765 carries the highest total volume on the board (155K), with 766 (109K), 764 (89K) and 763 (65K) behind — heavy churn on the 765/766 pins at spot. Only strikes with a clean call/put split appear in the flow tables.

🔥 THURSDAY FACTOR

Stabilized and recovered. Wednesday’s selloff found a floor and price recovered ~3 points back into a positive green cluster (762–768), now sitting on Max Pain 764. The greens 765/766 are the pins at spot (both top-Absolute, positive), 768 the Flip/cap above, 760/761 the put support below. Mild bullish tilt (1.57:1), small board. Hold 765/766 for a press toward the Flip; lose 762 for the 760 support. A recovering, supported tape.

🎯 Q ALGO™ CHECKLIST — WE DON’T TRADE EMOTIONS, WE LOOK FOR CLUES

No Structure = No Trade. Not all checklist items need to align — build your edge based on your own edge. Supported chop in the green cluster: wait for the 765/766 hold and 768 press up, or the 762/761 loss down.

✈️ Pilots — read the live chain at the open. These newsletter values are pre-market LEVELS; the options chain is real-time data. Check the live chain around 9:45–10:00 AM ET, once conditions settle, and confirm the walls are still where the letter has them. Levels give you the map and the bias — the live chain is the truth at the open, so weight your reliance accordingly before you trade.

📋 OI TABLE — SUPPORT vs RESISTANCE

Call OI = Resistance (MM sold calls, defends up) · Put OI = Support (MM sold puts, defends down). PCR = Put OI ÷ Call OI (open interest only). Above 1 = put-heavy = SUPPORT. Below 1 = call-heavy = RESISTANCE.

⚖️ 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 ☕