SPY trades at 692.2 on a zero-DTE day with resistance stacked at 695 (73.8 million contracts) and 694 (51.2 million contracts). The Bulls/Bears Flip Zone marks where market control shifts. Watch how price behaves approaching the 693-695 resistance zone.
Let's walk through today's structure and let the levels do the talking. Directional bias for today is outlined in the VIP letter. The Bulls and Bears Flip Zone defines who controls the tape— above it, bulls have edge; below it, bears take control. SPY is currently trading at 692.2, well above the Flip Zone. This keeps us firmly in bull territory. Above price sits a stacked resistance structure. The number one level is 695 with 73.8 million in positioning. Right below it, 694 with 51.2 million. These are the dominant ceilings to study. When the largest positioning clusters sit overhead, those levels tend to define where reactions and decisions occur. Below price, The first key structural reference is the flip zone. Under that, max pain sits at 687, followed by secondary support at 685. As long as price remains above the flip, bulls remain in control. Any meaningful change in structure begins only if that level is lost and held below. Today's educational focus is on how price reacts as it approaches the 693 to 695 resistance zone.
