 All right, we should be streaming. Good morning, members of the Brigade. And members of the Bookmap community. Good to see everyone, welcome. It's Monday morning. We had a contract rollover. It's a beautiful day, and it's gonna be a beautiful week to trade, because we have momentum in the market. I am still kinda getting myself situated here, so give me just a moment. I'm running on only one computer today, so I gotta open this up on the phone for the comments. All right, powerful and chilling with Dylan. Good to see you. All right, well let's start by diving in to the longer term charts. We'll start with the daily, and we'll just try to get some perspective about what's happening in the market. So essentially, we have momentum, right? We've been stuck in a range for a very, very, very long time. The market was in sort of a bear market for a while there, and then we were stuck in sort of a sideways rotational market for a while there, and we've now begun the process of breaking out of that market and getting some momentum to the upside. So as always, with momentum, we don't try to guess when the momentum will be over. It's a terribly difficult thing, and we just won't be right most of the time. So what we have to do with momentum is we have to recognize when the market has it and stick with the momentum as long as it lasts, okay? So right now, looking at the daily, we had a range that we were stuck in last week. We broke out of that range. Since we broke out of that range, we created a lot of excess, a lot of momentum, but we still have that momentum at this very moment. However, we do keep track of the fact that there is resistance above in the form of this trend that the market has been in, this channel right here, which we'll be running into around the 4420s, 4450s, okay? And then we've also got resistance on the horizontal, all in here from the previous, whoops, from the previous times that we traded in this area back here. But there's one thing I wanted to make note of as we zoom in that I thought was kind of interesting. Last week, when we were balancing around inside this range over here, pretty much on the last day that we were bouncing around inside of there, I went back and I looked at the balance area from back in here, from August of 22. Basically, we were stuck in this range for a very short period of time. We tried to break out of it to the upside and failed. That failure caused a humongous pullback in the market, creating new lows. So it was interesting to me that we had been right back inside that same range. So I just went in and plotted out those levels really quickly on the chart. And I think you'll be intrigued to see, boop, boop, boop, boop. If I can get a book map to move over here. So these blue lines that you see in here, okay? This was that previous balance area. Essentially a year ago, whoops, when the market was in this exact same area, this was the balance area right here, okay? So we just finally broke out of that longer term range to the downside that I just showed you on the daily, came back to this exact same box, literally to a tick the exact same box that we were in over a year ago, balancing in this area. And then what happened? We broke out of that box, came back down and reversed exactly to a tick on the exact level that I had marked as that previous balance area high, not once but twice, creating a poor low right there. So what makes that very, very interesting is the fact that that is the market telling us it has momentum. It can keep going and going and going. So when I see that we're opening with this giant move to the upside this morning, now part of this is because of the contract rollover and we'll talk about that in a second. But now we've got this big move to the upside. Am I shocked? Am I surprised? Am I confused? Not at all. We came back, we retested that previous balance, we broke out, we back tested it to a tick, found support twice and now we're making that continuation that move to the upside. So there's nothing to be surprised about here. Now I do wanna make note of the fact that we are leaving so much weakness behind, right? The more weakness that we leave behind, the more we need to pull back at some point to backfill that weakness. But for now we don't need to worry about that because we have the momentum. One sign after another has told us this market has momentum, okay? It's been telling us for weeks momentum, momentum, momentum. So opening with a gap up this morning is just another way. The market can tell us, hey everyone, just so you know, we have momentum. So you can go ahead and find it if you want. So with the market opening with this large of a gap, the first order of business for the market is to try to fill the gap, to try to get back down to yesterday or Friday's high, 43.25. It is important to note that often large gaps don't fill on the first day. So this large of a gap, we'll have a harder time filling than normal. But it doesn't mean that that's not the first thing the market's gonna try to do. It's gonna try to fill that gap. It's a question of whether or not it can succeed in filling that gap. So as far as the levels that we're gonna watch, well from the market open, the first potential support is this node around 43.60. Then this other one down here around 43.54. And then the overnight low at 43, we'll call it 43.50. Okay, so 60, 55 and 50 basically. Those are our support levels. The market can find support and just keep going anywhere in here this morning. It could just barely poke below that overnight low and then turn around and take off. But if it dips below that overnight low and it starts to find resistance, then I will assume they're trying to fill that gap. Okay, so now we gotta get to the elephant in the room, which is the confusion between the rollover of the contract. So whenever we have one futures contract that is coming to an end and the next futures contract is taking over, there is a period one week where the market rolls from one to the other. Where people who have positions, both in options in the futures markets and the futures contracts themselves where they have to slowly close out one set of positions and open another. The prices of the two never line up. So if you look at the ES contract from one month compared to the next, the two will never be perfectly lined up price-wise. That's just the way it is. Don't ask me to explain it or how it works or any of it, they just, they don't have to be at the same level the same way the ES and the SPX don't have to be at the exact same level. What matters is the momentum, the movements that they have. So essentially the idea is if one contract is gonna go up one point, the other contract will go up one point as well. It doesn't matter what number it is. So one contract might be at 43.62, one contract might be at 43.50. It doesn't matter that they're at different levels, they will both move up one point or down one point the same as each other. There's a set of bots called arbitrage bots. They've been around for a very, very long time. They're extremely efficient and they will take care of this. So somebody had asked over the weekend, like, is there a way to make money trying to arbitrage between the two contracts as like one of us, a retail trader? Absolutely not. That's for the big boys with the super fast computers and the deep, deep pockets, okay? As far as the way you should think about it as a trader is quite simply just trade whatever contract you're looking at, okay? So if you want to trade the contract, the U, trade the U, if you wanna trade the M, trade the M, just make sure whichever contract you're looking at on your screen, it's the same one that you're trading. Don't try to overthink it and say, oh, I need to watch both contracts. I need to test these levels and that, no, no, no, no. Keep it very simple. I've been through this many times, okay? Keep it very, very simple and just trade the contract you're trading when you choose to roll over, okay? When you choose to say I'm done trading the M contract, I'm gonna trade the U contract. All you have to do is move your new levels to the new contract, leave everything elsewhere was. So if on an old contract, the high of the day was 43.25 and you roll over to a new contract, so today you're trading the new contract and that new contract's high is in a different place, who cares? Use your old levels as you have them marked from the contract at the time. I know that that seems confusing to people, but it is the best way to do it. So with the software that I use here through Window Trader, the data that I'm using, this is a continuous contract and so what it does is it just automatically rolls over on that roll over day, but does not change any of the old data. So when you see previous references from last week or before, they're gonna be at whatever price level they were last week and then the new references that I start creating this morning will be from this morning moving forward and I'll just leave all the old ones right where they were and treat them exactly the same. So to me, even though I will be trading the new contract, a gap fill is still getting down to the high from the previous contract, 43.25. It may not work out perfect. The market may get like a half gap fill and then go, but that's fine. I still see that the same as I would have if it got to the gap fill and went. To keep things simple, I just keep my old levels where I had them, okay? Any questions for me? Good morning to Jay and Scooball. Welcome. Please smash that like button. Nothing else to do for the next 15 minutes. I just realized my camera's all messed up. My laptop's into the shop right now and the camera used to be attached to the laptop. You know what, I'll just lose the video today. Goodbye video. Holger in the comment says, this practice is confusing to me to keep the old levels. Good morning. Good morning to you. Yeah, I know it's what works, okay? So here's the thing. I tried playing all the games you could play. I tried keeping old levels. I tried switching all to the new levels based on the old contracts. I tried switching every which way manageable. Do you know what works most of the time? The best, just using the old levels. And I can't explain why and it just works great and so I don't argue with it. It's one of those things sometimes you just, if it works you just use it. So let's talk about it this morning as an example, right? Looking at the new contract, we are not opening with a gap at all. We're basically just opening inside the previous day's range and we're right on top of that previous balance area. So if on this contract, the market is gonna find support and keep going higher, what is it gonna do? It's gonna find support at that previous balance area high. We'll call that 43-46 and turn around and keep going. Well, what am I looking at on my continuous version of this? Well, I'm saying if they dip below that overnight low and they come right back up, well then they're not gonna fill the gap. It's a gap and go and I should be bullish. So it doesn't really matter if I'm getting bullish because we're finding support at a previous balance area high on the you contract or because we're dipping below the overnight low and coming above on the transition between the two contracts, it doesn't matter. It's the same conceptual idea, market not going down, going up, you know? And so that's why I just don't overthink it. I just go with it however it looks to me and it just works most of the time. Good morning, Nor Auto Trader. Thank you for pointing out the camera. There's gonna be a huge delay between comments and responses but today, by the way, Alyssa, good morning to you. Brad, good to see you. Holger says, I reference always the SPX and there hasn't been this 40 point jump. Yeah, but that's why I say if you trade the SPX, if you're trading options on the SPX, you should be referencing the levels on the SPX, you should be referencing the moves, the way they move on the SPX, but if you're trading the you contract of the futures as a futures trader, you wanna trade it differently. You wanna trade it as its own thing and just look at the you contract and trade that. That's the point that I'm trying to make. And every time we have one of these rollovers, this is a big debate amongst people where everyone has their own opinion. I'm just sharing my opinion that for me, the simplest way to approach it is I keep the old levels as they were and I start the new ones today with whatever the new levels are. T says, is the market ESNQ typically more choppy, hard to trade on days before major news announcements such as FOMC, CPI and non-farm? It can be, yeah, it absolutely can be. But I swear to God, every time I say, oh, there's an FOMC meeting tomorrow so the market's just gonna rotate today. That's the one day the market has a massive trend day. So just because that might be a higher probability doesn't mean it's what has to happen. Andrew says, rollover price differences are always weird for me. There you go. In fornity, hello to you. We have 50 people hanging out this morning, five minutes till the market opens. Let me just run through my whole spiel once again for the few of you that have just joined. First off, good morning, welcome. My name is Charles. I am an ES futures day trader and I'm here on the Bookmap channel to talk to you about what's gonna happen on the ES here today. So let's start by zooming out and taking a look at the daily just to give ourselves a little bit of perspective. The market has momentum, okay? We have had momentum for a while now. We were stuck in a range. We are now breaking out of that range, which is a sign, bigger picture, that the market is getting bullish, that it has momentum. So now smaller picture, zooming in, we're asking ourselves how much momentum do we really have? How far can they really push it? And I'm saying, I think we're going to run out of steam somewhere pretty soon up here, around the 44, 40s, or sorry, 4,400s in between here and there. But I'm not gonna assume it until I see it. And the way I need to see it is I need to see the momentum come to an end. The way I see the market right now is having momentum. Last week, it broke out of balance. Since that breakout, it has had a gap up. That gap up is the difference between the two contracts. However, I'm still gonna treat it just like a regular gap in every way and just assume that the market needs to get back down to 43, 25. So that is to say, the you contract, the current contract, needs to get down to the high from the previous contract in order for the gap officially to be filled. So until that happens, I'm still bullish. The market could find support anywhere in here and to me, it's a gap and go and it's bullish. It only starts to get neutral to bearish inside Friday's range from the previous contract. So this morning as the market opens, I'm looking for it to try to fill the gap. So I'm looking for the market to try to pull lower. And then where does it find support? Does it find support at 43, 60, 43, 54 or 43, 50? Any of those levels, if the market gets down there, it turns around and starts heading higher, I'm bullish that it's gonna keep going because we have momentum and we have a gap and we have all these signs that the market is bullish. But if the first one fails, I'll assume we have to test the second. If the second one fails, I'll assume we have to test the third. And if we push below that overnight low and then we find resistance, new sellers there, I will assume the market needs to head back down and fill that gap, okay? So I'm bullish as long as we are above the overnight low at 43, 48, and if we get resistance below there, I'm bearish to fill the gap. As far as momentum to the upside, it's gonna be hard for me to be willing to take a gap and go trade unless we either spend a little bit of time chopping around and definitely have support somewhere or if we can poke above that overnight high, come back down and then find support somewhere. The support after testing the overnight high to me would be viable for continuation. But before that, I'm gonna treat it more like a chop zone and I need to wait and see. Good morning, Percy, welcome. One minute to market open. Only 72 people hanging out. What's going on? Smash that like button. Share with your friends, share links in all your favorite social media locations. And we're off. Okay, so the next support is gonna be around 43.55, this area right in here. We wanna see how the market reacts to that. Does it dip into that support and just immediately turn around and head right back up through the opening price or do we grind and grind and try to break through? If we get through the support, we're looking to test the overnight low. Good morning, NAP, ES, Trade, Monkey, and Frito, welcome. Frito says it's roll over day, so many take it off. Why take it off? There's always an opportunity. All right, so at this point, what we're asking ourselves is, do we get resistance here to come back down and test those lows again, or do we poke back through the opening price heading higher? If we poke back through the opening price, it is a gap and go, it is bullish. But of course, if not, we gotta keep chopping for a second here to see if we have support. Let's take a quick look at the NQ. Okay, so NQ also has a gap up this morning, exact same story as the ES. Look for support around 14.72, for the market to turn around and head back through that opening price. If they cannot find support there to test the overnight low at 14.732, and then that would be same as the ES, a potential look below and fail level where they could just dip below and then immediately pull back up into the range, or they could dip below and get new sellers. If that's the case, you're looking to fill the gap down to Friday's high, which from the previous contract was 14.689, okay? All right, so a lack of support here increases the odds. We need to test that overnight low, 43.49, and look for buyers down there. Scooball says 43.52 is the half gap fill. Not by my measure, not even a little. I would say it's like 43.40. But as I said, to me, the only thing that matters right now is this overnight range. As long as we find support anywhere for any reason whatsoever inside the overnight range, it's bullish for the market to keep going. All right, there's the pass back through the opening price, making it a gap and go. Can they hold the support? All right, well, I am bullish on a gap and go at this point. I'm looking for the market to hold support above 43.54, which is this node right here. So essentially half back, it should be able to hold this at this point to keep going higher. If it pulls back through there again, they're probably trying to get that gap fill. So I would become more bearish, but as long as we stay above 55, I am a bull that we still have momentum. All right, so here comes that test. Can they hold it? David says, your video is blurry. Try changing the settings in the bottom right corner on YouTube. If you click on the little gear, you should be able to change it to HD, like 1080 or 720. NAP says, have you already discussed whether it's a true gap? Yeah, we've debated it until the cows came home. No, I'm just kidding, yeah. So I'm treating it like it's a real gap, like it's a regular gap. I know it's the rollover from the one contract to the other, but it doesn't matter. What is a gap, right? What is it for me? It's a tool to understand momentum, to understand if we have new buyers or not. So that's how I'll treat it. Whether the gap was created by a contract rolling over or an overexuberant overnight market, it doesn't matter. It's still gonna tell me the next morning whether we have momentum or not. Speaking of which, here we go. Testing this support. Well, that was a wrestling match. David, the center color dot area is blurry, not the text. Oh, that's the way it's supposed to look. That's just, so all those little dots that you see, what you're calling pixels, that's just moments where there was liquidity that was only in the market for a fraction of a second. So if you look over here at the book map, on the right side of the screen, this white line that you see running down here, that is showing you what is in the order books currently. So this is the liquidity that's currently sitting in the order books trying to get filled. And then over here on the other side of the screen, that's the liquidity that was in the order books at that actual time. So at 9.45, at this actual moment, there was a little liquidity right there and a little right there and a little right there and every one of those dots is basically an order that's in the order books at that particular moment. So it's supposed to look like that. NAP says volume is crazy low. Yeah, volume would be crazy low because of the two contracts. So a lot of people are still trading the old one. They'll need to roll over those trades. They don't necessarily do it all today. They do it over the week. So volume will be a little bit funky, but no worries, just use price action like you always do. Are there buyers or are there sellers? Where is support? Where is resistance? What happens when you get there? Everything else is just over complicating it. Garrett Trutch, Russ says, where can I watch your sessions every day? Great question. That's a perfect question. You can go to piratetraders.io and you'll see a link if you scroll down a little bit there to join the brigade. The brigade is the community that I run. It's basically a membership group. You pay 10 bucks a month to be a member and I livestream for the first hour every day for the brigade. $10 less than a single tick on the ES. In a period of a month, could I say a single thing worth a tick? I just called support at 55. We're a whole three points above that. You just paid for the last six months. Come on, get after it. Join the brigade. $6 million man says worth it. Subscriber here. So does anybody have any questions for me? We got about two minutes left in this live stream before I switch over to that private stream for brigade members. Got 104 people hanging out. Any questions at all? Also, I just want to make an announcement while I have the public available to me. I've decided all week this week starting tomorrow. So I'm gonna do the private stream today. But starting tomorrow for the rest of this week, I'm gonna livestream every morning on the public YouTube, on my public YouTube channel. So you're welcome to come join there and ask lots of questions. Karic, if you go public, no need to pay the 10. Well, yeah, I guess after this week you'll need to pay the 10. But use this week as your free introduction to make sure you want to pay the 10. Okay, so as we print the B period here, what has the market done? Well, it pulled back down towards the lows of the overnight, but it importantly did not need to test the overnight low, right? If we look at what happened in the overnight, we had a lot of chop in here, a lot of debate, a lot of two-sided trade, but when they tried to get below there, they barely spent any time at all, barely brought in any volume at all, and then they turned around and head back up. Well, then we came down during the regular trading hours and did the exact same thing. Got right back to that same place and ran out of momentum once again and turned around and came back up. So right now I am bullish, but I would describe it as mildly bullish. This really feels more like a chop zone to me, more like it's just two-sided trade and there's uncertainty. However, the momentum is to the upside. Because we tested those lows and we didn't need to take the market lower, the higher probability is that we now need to head up and test the highs and test the resistance up here. Okay, so I am bullish for the moment, but if the market comes back down and it passes back through the low, 43.51, that would get me bearish to try to fill the gap back down to Friday's high, which would be, by my reading of it, 43.25, okay? So basically mildly bullish as long as we stay up here, really bullish if we can get above, but if we start to come below bearish to fill that gap, okay? Sideways up, down. These are your choices. And now you know the levels to watch. Just watch that zone right there, that overnight range. What happens? Which way does it break? Good luck, happy trading. If you're a member of the brigade, head on over to the private stream. If you're just a member of the book map community, well, then you're awesome. Enjoy the rest of your week and we'll see you here on Monday. Bye.