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$SPY ended the week with a $2.60B premium drain, and a 2027-01-29 $716 put carried $23.71M of premium at 1,303x OI. The cleanest fresh bearish tell in the tape. ↘️ Options flow: $8.04B puts vs $5.43B calls, 62% put-led ↘️ Dark pool: $7.86B traded dark, Sell +100% ↘️ Technicals: closed 755.72, below EMA21/50 at 767.78/765.92 ➡️ Level: 755.72 is the pivot to watch next week

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