Intraday Brief·SPY·April 23, 2026

SPY PUT +$3.88 (+55F) in 2h35m — volatility expanded, downside stuck

SPY triggered at 11:35am $711.80 and exited 2:10pm $707.93 for +$3.88 as the bands widened fast, with sellers pressing after entry. The downside was confirmed by bear-side institutional volume above the opening range high at 11:30am, momentum turning bearish by 11:45am, and options flow flipping from calls to puts by 11:50am while the $710 call wall capped upside.

By Z3Gamma

SPY PUTs entered at $711.80 at 11:35am and closed at $707.93 at 2:10pm for a clean +$3.88, with a 2 hour 35 minute hold and a solid +$1.50 per hour. Z3 flashed bearish at 11:45am, just two bars after entry, then stayed hot with 10 favorable momentum bars and a max read of -8.00, so the downside impulse showed up fast and kept pressing. Options flow was still call-side dominant at entry, but it flipped to put-side control at 11:50am and stayed bearish into the exit, while the $710 call wall sat overhead as a real cap. Volatility expanded one bar after entry, sellers took control by 11:45am, and the short lined up with a fresh bearish volume anchor from 11:30am above the opening range high with no bullish support underneath, while price went from above the range to below the IB low.

Verdict: this was a clean, efficient downside trade with low theta risk and strong confirmation, even if it left a lot on the table versus the much bigger max favorable move.

April 23, 2026 · Entry 11:35am → Exit 2:10pm · +$3.88 · Z3Gamma
Trade Data
INITIAL E1
KYROPUT [EXEC] entered at 11:35am at $711.80 and exited at 2:10pm at $707.93. Total profit +$3.88 (+55.0F). MFE +$9.46. MAE was -$0.36. Duration: 2h 35m. Profit-per-hour: +$1.50/hr — acceptable efficiency for duration held.
COMMANDERBear MIDAS anchor at 11:30am. 1 bar before entry. anchored in the above IB high. no bull MIDAS below. 3 knights.
VOLATILITYgreen bishop (BBW expansion) and purple bishop (STD expansion) both active at 11:40 am (1 bar after entry) — crown bishop. Bands are widening.
KINGDOMKijun crossed below at 12:00 pm, 5 bars after E1. Peak MFE: 117F. Kijun ended at -62F (price above).
PROFILEE1 fired in the above IB high. Price has moved to the below IB low. At entry: POC (-20.0F) was above entry, VPOC (-60.0F) was above entry.
Z3Z3 bearish cape activated at 11:45 am, 2 bars after E1. 10 favorable bars, 12 total cape bars during the trade. Peak Z3: -8.00.
GEXCall wall $710.00, put wall $0.00.
OPTION FLOWAt E1: Call dominant (crossed call at 10:55 AM). Flipped to Put at 11:50 AM during the trade — eye active at exit.
BAND THETAAIR — bands expanding at entry (width+59.8°). Theta low.
DMIDMI compressed within 7 bars of entry (2 compression bars). DI- won at 11:45 am, 2 bars after entry.
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