 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern time. Before I get started I need to go through the disclosures. General disclosure, all Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day. As well as a directional bias. And the second step in my process is execution and I look at real-time order flow and Bookmap and real-time market maker hedging flow and Spot Gamma Hero to confirm my thesis and for setups for entries and exits. And just to be clear, when I talk about setups today I will be talking about an underlying asset like futures or Apple stock or Tesla stock and setups can be taken any number of ways with shares with futures or with options and single options buying or selling and option spreads. So there are a variety of ways to to take these trades that I talk about my analysis and is primarily based on the options market my planning and preparation but the setups again I will be talking about just an underlying asset and questions and comments are welcome and I will be watching the option stash dug chat channel and discord and the chat and YouTube for your questions and comments so again please post your questions and comments it'll make it more interesting for me and hopefully for everyone else as well. All right let's get started. So what I want to talk about today my agenda for today is first of all to go over the news for the for the week and then I'll talk about positional analysis my positional analysis my planning and preparation for the day and then I'll talk about setups. All right so the news items beginning with yesterday afternoon Apple did report earnings and let me just check Apple reported earnings after the close yesterday apparently traders and investors like what they heard and right now Apple is up about 4.8% on the day and that is certainly having a positive impact on the market and then also today the employment report came out at 8.30 a.m. Easter time and here's the results so the number came in higher than forecast and about actually slightly higher than previous the previous number so higher than expected higher than the previous number and then also the employment rate was lower than forecast and lower than previous and JEC notes that one of the FOMC members bullied there was a speech at 12.15 that had some interesting information. Okay so that is the the news for the day next week there are a number employment data points data releases I think the primary is the CPI but anyway I'll go over that on Monday. All right let's talk about positional analysis now and again this is my planning and preparation and I'm going to focus on levels first so this is the S&P 500 futures and bookmap the ES futures and you can see it's very bullish day and before I dig into this chart too far let me take a look at a larger time frame so this is SPX just showing price and just showing price and key gamma levels and let me just zoom in on this just a little bit I'm going to start with I'm going to zoom in here so this is just showing the month of April so you can see that SPX traded in a very narrow range for most of April and that expanded started to expand last week with this move down to about about 40.50 and so far the high is around 41.87 and so again SPX the range has expanded a little bit but now SPX is trading once again in the 4100 to 4150 range all right let's take a look at some of the key gamma levels and these are provided to spot gamma subscribers for a variety of platforms and again we're looking at thinkorswim there here and this is the put wall at 3900 SPX 3900 that's the strike with the largest net negative gamma that can be expected to act as support here's the volatility trigger at 40.90 and that dude moved down slightly today and that is spot gamma's proprietary gamma flip level below that level market makers position on the gamma curve is negative and they have to trade with price to hedge their delta exposure and that tends to enhance or increase volatility in a negative gamma environment and then on the other hand in a positive gamma environment above that level market makers position on the gamma curve is positive and they have to trade against price to hedge their delta exposure and that's the current environment right now it actually market makers position on the gamma curve begin the day as negative and we'll talk more about that in just a minute and then finally here's the call wall that's the strike with the largest net positive gamma and that can be expected to act as resistance and one level I forgot to mention is the key gamma strike or absolute gamma strike that's at 4000 and that's the strike with the largest absolute gamma so there's the put wall the absolute gamma strike volatility trigger and the call wall and those are the primary levels key daily levels that I follow for all the instruments that I trade all right so that is a larger time frame and note that spx is now trading above the lower edge of the expected move for the week that shown with this dashed purple line and I had something to do this morning so I did not get the the daily expected move for for spx today so I'm just showing the weekly expected move here all right so that is the larger time frame let's take a quick look at a shorter time frame we'll go to another thinkorswim chart and this is spx just for today notice the strong up move at the open and again spx is trading above volatility trigger now on a positive gamma environment and also above the lower edge of the expected move for the week so it has recovered that lower edge of the expected move and note that level did act to support briefly this morning so those are the levels that are in play for today and note here is the 4150 level up above and the 4150 to 4200 level has acted as resistance quite a bit for quite a while I would say all right so here's book map and we can see some similar levels so I have two columns of notes or levels shown here the first these are the spot gamma cloud notes again provided two spot gamma subscribers for a variety of platforms showing the primary spx levels also combo levels there none in play here so this is the volatility trigger at 4090 and note there is a difference between the price of es the es futures and spx spot gamma is using a 17 point difference and I calculated that point difference this morning at about 15 points so it's around 15 points that there I'm showing the 4090 volatility trigger at es 4105 and that did act as support briefly this morning and now price is continuing to rally higher and I'm also showing this is for es the upper edge of the expected move for the day and this is this was set yesterday so this is is correct so price is trading above the upper edge of the expected move for the week also above the 4100 resistance level that was noted in the spot gamma am founders note in the 4110 resistance level and let's just scroll up scroll up just a bit and see what's up ahead so the next levels of interest above here's the es 4150 level and then the spx 4150 resistance level so if the rally continues those levels could potentially be in in play but if the larger traders with their iceberg orders and the last time I checked on hero traders have been taking negative delta positions all day also the cumulative volume delta cumulative volume delta is weaker shown by the dark blue line and larger traders are selling this selling strength with iceberg orders large iceberg orders they use to hide their size but it appears to be at least stop orders helping to fuel the most of the move higher and it looks like stop orders now are helping to again feel the move higher all right so that's the s and p 500 and let's take a look at nasdaq now and for nasdaq I'm going to take a look at qqq and this is just a one day one minute chart showing the levels that are in play for today and so far qqq has opened above this l2 level at 318 and is now also above the 321 level or 320 level this large gamma one level a very important level of gamma at 320 and 320 was actually that was actually not a not a level yesterday now we'll take a look at the gamma levels in just a minute and see exactly where those levels come from all right so that is es and then we looked at qqq the gamma levels that are in play for today and then here's nasdaq again trading above the upper edge of the expected move today and now trading just below the 13 300 level so big rally in the morning consolidation early lunchtime chop and now the rally continues all right let's talk about shifts and levels and for spx the volatility trigger shifted lower from 41 10 to 40 90 and the call wall shifted higher from 4200 to 4300 well i'm talking about this let's just go ahead and take a look at the gamma levels so this is spx so put wall remains at 3900 that is the strike with the largest net negative gamma that can be expected to act as support and there's the 4000 key gamma strike or absolute gamma strike strike with the largest net or absolute gamma here's the 4100 level significant amount of gamma at that level 41 50 and then here's 4200 that's the call wall up the actually the call wall is up at 4300 now so that's the strike with the largest absolute or net i'm sorry net positive gamma all right and what this chart is showing again these are gamma levels the orange bars are showing positive gamma or call gamma that's above the zero line and the blue bars are showing negative gamma or put gamma so blue bars negative gamma or put gamma orange bars call gamma or positive gamma those are market makers positions at those strikes so way up here's the call wall several significant levels of gamma down below then the absolute gamma strike at 4000 and the put wall at 3900 all right let's take a look at spy and for spy the volatility trigger shifted lower from 411 yesterday to 408 and the call wall shifted higher to 420 now and again that's the strike with the largest net positive gamma that can be expected to act as resistance and then the key gamma strike shifted lower down to 400 and that is also the put wall so 400 is the put wall the strike with the largest net negative gamma as well as the strike with the largest absolute gamma and the call wall now has moved up to 4020 from 415 yesterday all right so that's the s&p 500 those are the levels key gamma levels in play for the spx and spy i'm going to have to do a refresh then we'll take a look at ndx let's go to ndx and there's the 12975 strike and that strike is the key gamma strike as well as the call wall and that's really the only amount of significant gamma for ndx and then for qqq there's the 315 strike that is the key gamma strike that's pretty obvious strike with the largest absolute gamma and then the call wall has moved up to 330 or actually remains at 330 so for qqq the volatility trigger did shift lower from 319 yesterday to 317 today and the put wall shifted lower from 315 yesterday to 310 so the put walls lower the key gamma strike remains at 315 and then also the call wall remains at 330 all right so that's the s&p 500 gamma levels spx and spy and then the nasdaq gamma levels ndx and qqq i want to take a look at one other chart and this is the vana model and for those of you who have seen this before i apologize it i think it's important so i'm going to go over this again and what this is showing is how market makers delta notional shown on the vertical axis changes with price shown on the horizontal axis there are two curves on this chart and the first this light gray curve is just showing how market makers delta notional changes with changes in price and what this is showing is when price increases market makers delta notional increases and they have to sell futures to hedge their delta exposure and that is typical of a positive gamma environment and then on the other hand if price decreases they have to sell futures to hedge their delta exposure and again in this that's a negative gamma environment and they would be trading with price all right there's another curve on this chart this kind of pink purple curve shows how market makers delta notional changes with price and implied volatility and this is really the one that you want to look at so that change in delta with a change in implied volatility is the van effect so what this is showing is first of all if price increases market makers will have less delta to hedge on the way up than shown by this delta only curve and also up to a certain point as price rises market makers can actually sell futures and so they would be adding to price or adding they would be buying futures as price increases up to a certain point and that point is about what it flattens out about 41 30 let's just see where spx is trading now right now that's about where spx is trading i've got 41 28 right now so right around this level and above that level market makers will need to start selling futures to hedge their delta exposure and then on the other hand as price starts to move lower and implied volatility as price starts to move lower and imply volatility increases this pink purple curve is showing that market makers will have more delta notional to hedge than just predicted by this delta only line so again the pink purple curve is really the one that you want to take a look at so this is going to show you how as price changes and this is based on positions at the beginning of the day this shows you how market makers are expected to to hedge with changes in price and applied volatility all right so rj asks does spot gamma show nut delta per strike i call minus puts gamma per strike i'm not sure i understand your question so this is showing gamma oops i'm going to have to refresh so this chart the absolute gamma is showing gamma and rj i guess you're asking about this chart uh so you're talking about net gamma i guess and as far as i know uh no you would have to um i i guess do the math yourself here so they're showing call gamma and put gamma at every strike all right let's take a look at one other thing and then we'll start to take a look at some setups i'm going to take a look at this spot gamma gamma index and this is what i'm looking at now to get a sense of market makers position on the gamma curve and this is a it's a proprietary measurement of the total amount of market gamma and so a negative number indicates market makers position on the gamma curve is negative and again our negative gamma environment they have to trade with price to hedge their delta exposure and that tends to enhance volatility so after today i expect this number these numbers to shift positive if the rally especially if the rally continues so these numbers did for spx and spy did decrease from yesterday so pretty much negative across the board all right so that sets the stage for the day that was the the planning positional analysis so going in today we know there were shifts up higher and lower in the key gamma levels and also that apple reported earnings and was was trading higher pre-market and also there was a positive reaction to the employment report all right let's take a look at some setups now and i'm first going to start with options traders and see what options traders have been doing today this is the sp 500 hero signal this is showing options trades and market maker hedging activity for spx spy xsp and es futures combined into one signal so the price is shown with a white line and the hero signal hedging impact of real-time options is shown with a purple line so it looks like options traders were fading this move lower up until about oh just about one p.m eastern time then they started they shifted and started taking positive delta positions all right let's take a look at the individual components of this and then i'll open this up and and take a closer view so if you're if you were looking at a hero for sb 500 for a confirmation of trend today it would did not provide much help and like i showed before the cumulative volume delta was trending lower as well as iceberg orders all right so let's take a look at first of all we'll take a look at spx and now that has shifted we'll go here so uh around 1230 it was still negative i'm looking at the notional value here and again this is combining now calls inputs market maker hedging activity for spx only and now it has shifted bullish so that number shifted from about negative 300 to positive 400 so that's spx their spy the number still negative it around minus one billion but it has shifted to uh moving higher and then here's the es futures and this number is negative but pretty insignificant compared to that's like uh well it just shifted to um about negative 1.7 million versus negative 1.4 1.04 billion for spy so pretty insignificant uh contribution today from uh es futures all right so let's go back and take a look at the total signal now we'll zoom in and let's see what traders are doing so first of all we'll separate outputs and calls and this is uh the orange line is showing calls that's that number is positive showing on net traders are buying calls today and they're also buying puts that number is negative and according to this the uh put buyers are more aggressive slightly minus 2.2 billion versus positive one point like 1.78 billion for call buyers but obviously the call buyers are winning today all right let's go back to the total signal let's see what the zero dt options traders are doing and very similar to the total signal in the total signal all expirations is shown with a purple line and the zero dte options are shown with the um this kind of green line all right so there's the there's the signal for hero again it kind of shifts up to uh an uptrend or around uh one 130 something like that all right let me check for questions all right so there's a question in youtube are we able to take a look at the nq gamma and there's no um no there there's no information for nq we looked at ndx and qqq gamma and that's the same for the s of v 500 for s of v 500 we looked at spx and spy now the hero signal for the s of v 500 does include the es futures but i i don't think the uh well i know the nasdaq signal just combines ndx and qqq and i just showed in the s of v 500 the hero signal uh so the current gamma levels if that's what you're referring to those are all expirations and spot gamma does show the next expiration as well and again for spx spy ndx and qqq so what i was looking at earlier was the gamma levels for uh for all expirations so i hope that answers your question all right so here's nasdaq here's the total signal and it is now slightly positive we'll zoom out to the entire day i'm gonna zoom in on the morning a little bit we'll get a little bit more clarity so it was pretty much a confirmation of the uptrend a better signal for trading today than the s of v 500 uh with a slight dip and then a strong move higher and rj yeah we'll take a look at vixen just a minute all right so this is the nasdaq let's go well we were talking about the s of v 500 let's go take a look at at the s of v 500 i'm gonna zoom just a little bit so there was uh uh when we cut out that first half hour so there's a stronger confirmation between hedging flow and price action hedging flow continuing lower and price this is starting around around 1045 price chops chops around in this kind of an extended lunchtime chop and then as hero starts to move higher uh price moves higher as well or vice versa all right that's the s of v 500 let's take a look at nasdaq and again i thought the this total signal for nasdaq that combines combines in q uh indiax and q q q provided a stronger signal in the morning except for this dip let's just see what traders were doing so they're buying calls and buying puts and a little bit more so for the first hour it's it's pretty clear that call buyers were driving price higher and i'm looking at the total signal for the day so it helps just to um zoom into the portion of the chart that you want to look look at so here for nasdaq call buyers were winning positive 384 million versus minus 225 million so they were buying calls and buying puts call buyers were winning and let's go take a look at the chart and we'll zoom in uh just on the first uh up until about 11 uh first couple of hours we'll take a look at for nasdaq let's go to book map go to nasdaq we'll zoom in from about 9 to 11 that was the uh the primary move higher so we know for this move this is definitely bullish order flow and bullish hedging flow so we just saw that traders were buying calls indiax and q q q and that would be mostly q q q and the sub chart shows what is pretty obvious on the chart that large traders are buying icebergs buying with iceberg orders they use to hide their size and that is shown by this light blue line rising and cumulative volume delta is choppy but rising and that's shown by the pink to dark blue line and then finally the yellow line rising indicates that buy stop orders were helping to uh fuel the move higher and those buy stop orders are shown long tool so by these green dots these numbers and the green dots buy stop orders all the way up high spur of orders shown by this e and the number and the number of transactions and cumulative volume delta you don't really need that to see the uh all the green dots the volume dots market buy orders helping to drive price higher so in the case of nasdaq i thought this was easier to read read uh traders are buying calls we know that we just saw that with hero we know that larger traders are buying with iceberg orders again shown by the rising light blue line we know that buy stop orders are fueling this move higher and then we know that aggressive buyers are near with all these green volume dots right so i thought an easier read a nasdaq a very steady mechanical uptrend up until about 1045 let's just go back to hero and we'll scroll a bit on the chart so after about 1040 1045 traders continue to or start actually let's let's go back so they continue to buy puts and they stop buying calls and price consolidates chops around switch back to the total signal and that's that's pretty choppy put calls so it looks like they have just steadily been buying calls was a matter bit so that really that activity really picked up up all around one somewhere between one and uh 115 120 let's just see if that helps to go back to this 30 minute look back period and not really not much clarity all right so i thought there was a pretty good confirmation this morning anyway let's uh let's take a look at some stocks now there were some better setups and stocks so anyway a good good good strong rallies in the sb 500 and nasdaq this morning and rj wants to take a look at vix so we'll see vix and traders are buying calls today and vix shown by the rising orange line all right so that's vix there you go rj all right let's take a look at some stocks so first of all apple uh was definitely in the news today and traders are bought we're buying calls today so let's go take a look at a book map now here's apple quick shot up at this morning and then consolidation starting around actually you miss the move if you miss the first 10 minutes in apple today straight shot up first 10 minutes and of course pre-market and then chop after that let's just go back to the spot gamma chart hero chart and we see that 175 is the call wall and the key gamma strike let's go back to book map and there's the 175 strike and there's all the liquidity at that level the resting limit sell orders and that tends to a track price so maybe apple will get up there um sometime today right the next is amd and nice steady uptrend and amd continues and traders are buying calls and amd shown by the rising orange line and remember there was some positive news about amd yesterday apparently microsoft is going to uh help fund their development of ai chips so amd continues to rise traders buying calls let's take a look at google now not a lot in google here um these large block orders i you know i thought i saw something this morning a slight uh slight divergence short but it really didn't amount to much notice hero falling and then price follows a little while later these large block orders shown by this this vertical line and hero really kind of obscure the signal and let's just see what what they were doing probably well that's odd so they're um in google they're actually selling calls and selling puts so this large block order was a large block order selling puts all right let's move on take a look at microsoft and here in microsoft note the 310 key gamma strike looks like the price is chopping around that level now and it looks like traders are buying calls and buying puts call buyers are winning showing by the rising orange line total signal positive and now shifting lower traders are starting to take negative delta positions as price has reached that 310 key gamma strike so let's go take a look at book map go to microsoft and for microsoft it looks like i need to add more lines to my spreadsheet so there's the 310 key gamma strike and note all the liquidity at that level so there's the 310 strike high liquidity at that level and it looks like there was some liquidity at that level before the open for the rth open and then more came in after limit sell orders attends to attract price and now price is chopping around that level so we'll keep an eye on microsoft we know that now traders options traders are starting to fade this move let's go back to hero so notice the potential divergence set up here hero rise uh falling and price at a key level the 310 key gamma strike i would i would certainly be cautious here friday afternoon big bullish day right that's microsoft let's take a look at nvidia so here's nvidia traders buying calls and and selling puts but not in a significant number knows the notion of value for calls 377 million versus only positive 20 uh 23 million for puts so they're buying calls and selling puts but it looks like the call buyers are in charge moving price higher let's go take a look at book map and for microsoft note the the bullish water flow here all these green volume dots let's just take a look at cvd for microsoft and note all the some of the pink dots coming in here in this consolidation and now it looks like cvd continues to be negative so we'll take a look at the sub chart cvd and you know you can read pretty much read this just by looking at the volume dots but positive cumulative volume delta and it is negative because of this huge negative opening print shown by this massive pink volume dot there but it does shift positive to neutral to negative as price continues to grind higher right now at this 310 key gamma strike and we'll go to nvidia so nvidia strong uptrend in the morning long consolidation and now moving higher and let's go take a look at hero again and note the 282 call wall and that typically is expected to act as resistance right there's a question in youtube and it looks like captain price is kind of on his own on there um kind of off off topic comments all right so alexander asked what about tesla to next week i um i'm a day trader as far as stock goes and that's what i'm that's what my focus is i'm looking at uh a new plan new process every day based on the shifts overnight in the gamma levels and then watching how uh order flow is have what i what traders are doing uh watching order flow and book map and hedging flow and spot gamma hero so i'm not really a swing trader i'm a day trader for stocks all right so we're noting the call wall breach in nvidia so let's take a look at nvidia again that 282 strike we'll go to book map again so there's the 282 level right there call wall and typically you would expect that um that level to act as resistance but there are a couple of factors in play here first time of day the typical typically stocks rally the strongest time of the day is uh the first couple of hours until about noon or something like that and then the second is this is a single stock so a single stock and um has i i think more of a chance of of breaching its call wall than uh than an index than the uh spy or qqq spx all right let's take a look at one other thing here we can take a look at nvidia in the spot gamma equity hub look at this chart and talk about the call wall breach so i'm going to zoom in on this level so here's the call wall at 282 so when nvidia when a stock moves above that level those all this call gamma goes deeper in the money that's shown by this aren't the orange bars here this is all call gamma goes further in the money and so the delta is increasing for all those calls market makers delta notional they're remember their short calls for stock spot gamma assumes that traders are long calls and market makers are short calls as price increases they have to buy stock to hedge their delta exposure so these calls as price increases are going into money delta is increasing and market makers have to continue to hedge their delta exposure especially when traders are are buying calls so traders are buying calls the calls all these calls shown by this these orange lines are going in the money delta is increasing and market makers have to continue to buy stock to hedge their delta exposure and notice that this these lines here are showing the rate of change of gamma and notice how these lines start to level off as price increases that means these calls that i was just talking about go so far on the money that market makers no longer need to hedge they're fully hedged and Brent talks about that quite a bit in in various spot gamma webinars all available on most available to the public on the spot gamma youtube channel all right so if nvidia continues higher then it looks like the rate of change of gamma should slow down up around 300 and market makers need to hedge will decrease and that should slow down price all right let's go take a look at book map again so still a way um still a bit to go to um 300 so again there's the call wall breach price accelerates higher slowed down at the 285 liquidity and now moving higher all right let's take a look at tesla all right so rjs for stock and spot gamma do they have the same diagram as they do with indices that shows the gamma per strike yes so that is uh that's what i was just showing one thing to keep in mind is spot gamma makes a different assumption for an index versus a single stock so for an index spot gamma assumes that traders are are short calls and long puts and so market makers take the opposite side of that trade so market makers are short puts and long calls and in the region of the gamma curve where the short puts dominated that's the negative gamma environment and then the region of the gamma curve where the um long calls dominate that's the positive gamma environment and you can just you know look at any uh options uh chain any information and see that when you're long cause you're going to be long gamma all right for a single stock spot gamma assumes that traders are long puts and or long calls so the this gamma assumption is different for a single stock so market makers are always going to be negative gamma so market makers are going to be short short puts and or short calls for a single stock and that's spot gamma's assumption all right so here's tesla strong uptrend let's take a look at hero tesla and for tesla here is the 170 call wall that was the target for today and we'll we'll keep an eye i would say keep an eye on tesla as well and see how it reacts note the time of day that nvidia breached its call wall earlier in the day and it took uh tesla up until now to reach its call wall there may not be as much uh energy left in this i i think in this case late in the afternoon at just around 230 this call wall has a higher chance of acting as resistance for tesla today and let's just see what options traders are doing and they should be buying calls and that is what is driving price tesla traders buying calls and they're actually also selling puts so for calls 450 million for puts around 270 million both positive and add them together and you get about 720 million positive notional value so let's go take a look at book map and there's the 170 call wall and there was some liquidity there some resting cell orders at the 170 level shown by the heat map there and note also the the pink volume dot starting to come in aggressive sellers as price has reached that level let's come back and take a look at hero and note that hero has leveled off there's a very uh in tesla there's often and it's true today a very strong correlation between hedging flow and and price action so the the white line mirrors the purple line or vice versa right so that's tesla right so there's a um question in youtube when i say traders are selling puts well yeah selling puts is a positive delta trade so they're taking a bullish stance yes and that is a generally selling puts would be again it's positive delta positive a bullish position they are limiting their upside to gain a um a higher probability of success and taking in premium but as you know selling puts you're limiting your upside there's only so much you can make as opposed to buying a call you are um taking on that data decay you're you're paying that penalty but you have uh unlimited upside and there's a question about gld i don't know if gld is in here it's not on my watch list we'll just take a look and see if it is in the uh list of stocks available and yeah it is so there's gld now i don't have that in bookmap so it looks like traders are taking uh positive delta positions in gld in their buying calls shown by the rising orange line so um traders are buying calls in gld today all right let's take a look at we'll take a quick look at the uh indices and then we will uh call a day so it again it looks like now traders options traders are in sync with price for the s&p 500 and it continues to move higher take a look at nasdaq and it's choppier but uh the same thing traders are options traders are in sync with price action uh moving higher we'll go to bookmap so tesla struggles at the 170 call wall and the s&p 500 continues higher it looks like now it is uh it's past the es4150 level and heading out to the spx 4150 resistance level and continued to be fueled higher with stop orders jump of the rising yellow line on the sub chart take a look nasdaq price continues higher my stop orders cumulative volume delta moving higher and now it looks like large traders have uh started to fade this move with iceberg orders shown by this light blue line all right that's all i have for today hopefully i have answered all your questions i want to thank you for watching thanks for your questions and comments have a great weekend everyone and i will see you tomorrow thanks again bye