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☕ SPY – SPX ZERO DTE – QZ ALGO CREED — Probability Over Prediction
New:
🌡️QZ Temperature: Coming Soon for Options
Q will be releasing a new Options Course coming soon that teaches how to read options TAPE.
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.
Date: Mon Jul 20, 2026 | Expiration: Jul 20, 2026
We study SPY and Trade SPX SPDR 500 ZERO DTE Index.
🎯 QZ ALGO CREED — Probability Over Prediction
⚡ OPENING NOTE — STRUCTURE SUMMARY & VOLATILITY WATCH
Read the tape left to right: price set a Lower High near 745 and a Lower Low at 742 — bearish structure — but it’s now bouncing off that 742 low with buyers stepping in.
We’re sitting deep below the Flip (750.98) and a long way under Max Pain (752), so the board is heavily bearish and net negative — a volatility setup where moves get amplified, not cushioned.
📊 TV VALUES
SPY String — paste into QZ ALGO Daily Magnets:
756,757,755,742.5,752,750.98,740,745,736,745
SPX String:
7560,7570,7550,7425,7520,7509.8,7400,7450,7360,7450
Options Flow — VOLUME (Strike, Calls, Puts):
755, 32K, 0K
752, 34K, 1K
751, 33K, 1K
750, 83K, 7K
745, 75K, 74K
740, 0K, 76K
736, 0K, 18K
Options Flow — OPEN INTEREST (Strike, Calls, Puts):
755, 10K, 0K
752, 4K, 4K
751, 3K, 4K
750, 3K, 8K
745, 2K, 7K
740, 0K, 6K
736, 0K, 11K
New:
🌡️QZ Temperature: Coming Soon for Options Subscribers Course 🌡️ SPY — Level then RED or GREEN
Q will be releasing a new Options Course coming soon that teaches how to read options TAPE.
🧭 STRUCTURE CHECK
Market Structure (5 Min):
| Structure | Level | Status |
|---|---|---|
| LH (Lower High) | 745.00 | 🔑 KEY LEVEL — break above = HH |
| LL (Lower Low) | 742.00 | Support / bounce line |
Q ALGO™ Status: 🔴 LH + LL = BEARISH (bouncing off the low)
We closed near 742.5, below the Flip (750.98) and below Max Pain (752), sitting right on the 742 LL. Remember LH = 745 — reclaim and hold above it and structure shifts to a Higher High. Hold 742 and the bounce has room; lose it and the lower-low ladder extends down.
🎯 CONFLUENCE — 742 IS THE FLOOR, 745 IS THE GATE
742 is where structure and price meet: the LL support and the current spot. It’s the line bulls must defend to keep the bounce alive. Just overhead, 745 is the gate — it’s the #1 Absolute MM Exposure strike (36.3M) AND the LH structure level AND a heavy put wall. Clear and hold 745 and the squeeze opens toward 750 and the far Max Pain magnet at 752. Below 742, the Daddy Bear at 736 (−24.3M) is the target on a board where negative exposure amplifies the move.
📊 DECISION TABLE
| Level | What It Is | Action |
|---|---|---|
| 757 | B2 / MAMA Bull (+2.4M MM Exposure) | Thin upside |
| 755 | B1 / DADDY Bull (+5.0M MM Exposure) | Top bull wall (thin) |
| 752 | 🔵 MAX PAIN | Far upside magnet |
| 750.98 | 🟠 FLIP | Below = Bears (deep below) |
| 750 | #2 Abs (33.1M) — heavy call volume | Overhead magnet / squeeze target |
| 747 | Red pressure zone | Resistance on the way up |
| 745 | 🎯 #1 Abs (36.3M) + S2 Mama Bear (-23.5M) + LH | The gate — reclaim = squeeze |
| 742.50 | ☕ WE ARE HERE (Spot) + LL | Bounce line |
| 740 | S3 / BABY Bear (-19.5M MM Exposure) | First downside target |
| 736 | 👹 S1 / DADDY Bear (-24.3M MM Exposure) | Main downside target |
| 735 | Abs #7 (14.9M) — heavy put OI | Deeper support/target |
🎯 THREE BEARS / THREE BULLS
THE THREE BEARS (by MM Exposure size):
| Bear | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| S1 = DADDY | 736 | -24.3M | 11.2K | 17.8K |
| S2 = MAMA | 745 | -23.5M | 8.7K | 149.0K |
| S3 = BABY | 740 | -19.5M | 6.2K | 76.5K |
S2 (745) is also the #1 Absolute Exposure strike — see Confluence above.
THE THREE BULLS (by MM Exposure size):
| Bull | Strike | MM Exposure | OI | Volume |
|---|---|---|---|---|
| B1 = DADDY | 755 | +5.0M | 9.5K | 31.6K |
| B2 = MAMA | 757 | +2.4M | 5.2K | 5.7K |
| B3 = BABY | 756 | +1.8M | 4.2K | 8.5K |
🔴 Bears 67.3M vs Bulls 9.2M = 7.3:1 bears. Chart is RED. Heavy negative Market Maker exposure with almost no bull wall to speak of — deeply bearish, but that also means deeply oversold with a far Max Pain magnet overhead.
☕ RANGE ZONE
| Zone | Why |
|---|---|
| 745 — 750 | The #1 Abs (745) and #2 Abs (750) bracket the overhead battle band — a strong trend is harder to form inside it. Price sits just below on the 742 LL shelf; it has to clear 745 to even reach this band, and hold 742 to avoid the 740/736 bears. |
Commentary: 745 carries the highest total volume on the board (149K). 747 and 735 have no clean call/put split, so they stay out of the flow table.
🎯 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. On a deeply oversold, negative-exposure day, wait for the 742 hold or the 745 reclaim to confirm.
⚖️ 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 ☕