In one embodiment, an internal bypass shock absorber is disclosed whose compression and rebound resistance can be independently adjusted and is position dependent. The shock absorber features a fluid flow regulator coupled to a hollow chamber opening of a partially hollow piston rod. The fluid flow regulator may also feature a plurality of compression orifices and rebound orifices, and a compression valve stack and rebound valve stack each having one or more deflection discs. The number, diameter, and thickness of the deflection discs of the stacks can be adjusted to independently control compression and rebound resistance by controlling the flow of fluid between the first and second chambers of the cylinder housing of the shock absorber. The shock absorber may also have a tapered needle that controls the position at which the shock exhibits its maximum resistance.