SPY closed Friday at 690.91, breaking above major positioning levels, but smart-money indicators signaled selling into strength. Watch how price reacts between 690 and 691: if 690 holds, expect moves toward 691-693; if it breaks, look for 689 or lower.
Today is a great educational example of why price alone is never enough. SPY closed Friday at 690.91, breaking above the 2 biggest positioning levels on the chart. But here's the key observation: smart money indicators showed selling into strength, with multiple Path Shift and V+ alerts signaling potential distribution. Above price, 691 is the first level to observe. If price accepts above it, The next zones sit at 692 and 693. Below price, 690 is the critical pivot with the biggest positioning. Under that, 689 is a major floor with heavy put concentration. Structurally, being above 690 and 689 typically creates upward bias, but distribution signals from Friday tell us to study how price reacts, not assume continuation. If 690 holds as support, study continuation towards 691 to 693. If it fails, observe the move back towards 689 or lower. This is a critical decision zone between 690 and 691. Watch reactions, not predictions. This is a powerful lesson in reading conflicting signals. Journal it, study it— this is how traders learn to think, not chase.
