[Perfectlap]

water spots are etches in the clear coat and the way light reflects on it it appears as being just a stain. You'll need an abrasive polish to round out the edges of the etching. Try an agressive polish like Werkstatt Prime Strong. If polishes don't do it move onto a dedicated swirl remover. The key is to start with a lighter abrasive like a Poorboys SSR1 and then see if the spot is gone. If not go up to SSR2. If that doesn't work eiter go to next level. Once the spot is gone you have "clean up" by finishing with the SSR1 again. If the gradual steps don't work either go for the big guns and get out the Menzerma Intensive Polish or Optimum Compound.
This can be time consuming by hand but if you have an orbital buffer like a Cyclo or PC its a quick job.