 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 pm Eastern Time. Before I get started, I need to go through the Disclosures, General Disclosure. All Bookmap living materials, information, and presentations are for educational purposes only and should not be considered specific, investment advice, nor recommendations. Disclosure, training futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Passed performance is not necessarily indicative of future results. And before I go any further, I do need to pause for a public service announcement. Bookmap is asking everyone that wants to use Discord to complete a form. You can get to it on your phone, just scan this code. And the benefits for you will be webinars, additional services, beta programs, free add-ons, and it will help us to help Bookmap to prevent spammers and make Bookmap Discord a better experience for everyone. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an options-dog chat channel. That's a great place to post questions, comments, and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. And though the Bookmap Discord is a great place for traders, there's a wide variety of content there on a wide variety of asset classes, options, stocks, futures, crypto, and also a variety of languages. And a very great group of traders, all working together to help each other become better traders and to learn to use Bookmap. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. Here are the key tenets to my approach for trading. First of all, I believe options trades and market maker hedging activity are key drivers of price of many stocks and futures. And for the SP500, SPX, now that does not apply all day, every day, but it's generally the case, and especially for ES and NQ, as well as the stocks that I follow and trade, mostly large cap tech, Mag7 stocks. So we'll take a look at those stocks and futures in just a bit. All right, for the SP500, also SPX, SPI is the underlying index. So SPX really is the underlying index. SPI is just another version of SPX, and ES is a derivative of SPX. So that's why I focus, when I'm trading ES, I'm focusing on levels for SPX and SPI and options trades in SPX and SPI. And same for the NASDAQ 100. The underlying index, QQQ, is a version of NDX, NASDAQ 100. And for the NASDAQ, it is the most important underlying index, and NQ is a derivative of NDX. All right, the focus of my presentation today, and the focus of the options-jug-channel, is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. 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 the directional bias. And the second step of my process is execution. I look at real-time order flow and book map, and real-time market maker hedging flow and spot gamma hero to confirm my thesis, and for setups for entries and exits. And when I talk about setups today, I will be focusing on an underlying asset. And setups in that asset can be taken any number of ways. For example, the S&P 500 setups can be taken with ES futures, SPY shares, SPY options, SPX options, or even ES options. So that's up to you. Your risk tolerance, your trading timeframe, all are perfectly acceptable. Questions and comments are welcome, and I will be watching both the options-jug-chat channel and Discord, as well as the chat and YouTube for your questions and comments. Please feel free to post, and I'll do my best to answer your questions. All right, here's my agenda for today, Wednesday, February 7th. First of all, I want to go over news items. Then I'll go over my positional analysis for today. Then I'll review some setups from earlier today. And then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks, they want me to take a look at, please let me know, and I'll be glad to do that. All right, let's start with news items. So today, there were a couple of items. First of all, there was a treasury auction. I noted this in Discord. Treasury auction to sell $37 billion in 10-year notes at 1 p.m. We'll take a look at ES in just a moment to see the reaction to that. And also, there have been a variety of Fed speakers throughout the day and also throughout the week. All right, so that's the news items. Otherwise, it's been a pretty light week. Things will pick up next week. And this is kind of a reprieve after last week. All right, so let's get started now. Let's move on to positional analysis. I'm going to go to the ES futures and book map. Let me zoom in just a little bit. So this is the reaction to the treasury auction up, down, then up again, all right? So kind of a one, two, three reaction to the treasury auction. All right, I'm going to zoom out. So what I want to do now is look at the levels that are in play for today. And this is part of my positional analysis. I mark these levels on my chart every day. And hello, Caesar. Welcome. Glad you're here. All right, before I take a closer look at this chart, I do want to step back and take a look at a larger time frame. And I'm going to go to the underlying index for the SB500. That's SPX. And I'm going to start with a one-day chart. So the current rally began last year, October 30th, ran into resistance at 4,800 at the end of the year. And then some consolidation at the beginning of this year. And then on January expiration, Friday, January 19th, SPX broke out above that 4,800 level. All right. Now let's pick it up with go to a shorter time frame sticking with SPX. I'm going to go to a 30-day one-hour chart. So here's that breakout on expiration Friday. Then some consolidation at the 4,900 level. Initially bearish reaction to the last FOMC meeting and announcement, and primarily the press conference. And then rally began the next day up to right around 4,975. So the rally is still intact. And now I'll point out the levels, and we'll see that SPX is quickly approaching the 5,000 level. All right. So the levels on this chart, first of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. I update these levels once a week. They remain in place on the chart until next week. And the dash blue lines are showing the lower and upper daily expected move. I update that once a day. Note that SPX is trading above the upper daily expected move. And I post all these levels, typically the, I've been posting these levels the evening before for the SP500 for SPX. All right. So SPX trading above the upper daily expected move. All right. The other lines on this chart are spot gamma levels. These are proprietary spot gamma levels. They're provided to subscribers. They're based on gamma weighted open interest. And I'm going to point out the key daily levels. First of all, the put wall is now back to 4,500. That's the strike where the largest net negative gamma that can be expected to act as support. And that level moved up to 49, 30, 49, 20, and now back to 4,500. All right. So that level moved down pretty substantially from yesterday. The next level up is the volatility trigger at 4870. That's a spot gamut proprietary gamma volatility flip level. Below that level, market makers position on the gamma curve is negative and a negative gamma environment market makers have to trade against price with price to hedge their delta exposure. And that tends to enhance or increase volatility. On the other hand, like SBX is trading now above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge to their delta exposure. And that tends to subdue or decrease volatility. And that level did also move lower from yesterday. Then finally, the 5,000 level that I mentioned, that's the call wall. That's a strike with the largest net positive gamma that can be expected to act as resistance. And we may get to see that today. We'll see, if not, certainly by the next couple of days. And 5,000 is also the absolute gamma strike. That's a strike with the largest absolute and positive and negative gamma. And that is by far where most of the gamma weighted open interest is concentrated. And we'll take a closer look at that in just a couple of minutes. All right, so those are levels in play for today in the call wall. Absolute gamma strike at 5,000, certainly being the most important level. All right, finally, let's take a look at a one minute chart. So there's, we'll see that looks like maybe some resistance at that level at the 5,000 level. All right, now let's go down to a one minute chart. I'm showing about three days worth of data here. Regular trading hours and the dark shaded portions. So the area on the right is the trade for today, regular trading hours for today. Hello, Stephen. Welcome. Glad you're here. All right, so this is yesterday. I just want to point out this 4950 level and the combo level just below that it yesterday it was at 4948 acting as resistance, setting up multiple short entries. And today, SPX gapped above that level trading above the upper day they expected move. And then the call wall at 5,000 in the there's a combo one level just below that acting as resistant so far doing its job. All right, let's go to book map now and book map. I have my own cloud notes. So I can show SPX levels. So there's the 5,000 level, the absolute gamma strike and call wall. And then the 4999 combo one level just below that that is combining SPX and spy gamma weighted open interest into one combined level shown here in terms of SPX price and then I've converted that to an equivalent ES price. I also have spy levels on this chart. There's 498, 497, those are not spy gamma levels, but just round number levels and note that ES was pinging has been pinging between these two levels since about just after 10 after this big run that started around 1010 found resistance at 498 and then has been pinging again between 497 and 498. Here's this 4969 level that's an SPX level and that was a good launching point for the long this morning. Also the 4973 level, these levels were both noted as resistance in the spot gamma am founders note and acted as support instead. Then here's the upper daily expected move for for ES and then finally the 4950 level that I mentioned yesterday and price made its first move higher really this morning right around 730 at that level. I'm not quite sure what was going on maybe a Fed speaker maybe if somebody knows maybe they can point that out. So those are the levels in play for the SP500. I talked about shifts in levels for SPX both the volatility trigger and put wall shifted lower and for spy the volatility trigger and absolute gamma strike shifted higher. So for spy here's the absolute gamma strike that's also the call wall. So according to this according to the spy call wall the SMB500 is overbought at this level but the spy the SPX call wall again at 5000 note there is a difference in price between ES and SPX and today it's right around 20 points so that's what I'm showing so I'm showing SPX 5000 at ES 500020 and Diziani I hope this makes more more sense. He or she was asking about the index relationships that I post in discord every day so they change a little bit every day and this is how I look at the SP500 in terms of spy and SPX levels. This is where traders and market makers react that's where they place the orders and when traders buy and sell puts and calls and SPX and spy market makers take the opposite side of those trades and they hedge their delta exposure with ES futures. All right let's take a look at NASDAQ and then we'll take a look at some setups. So strong day in NASDAQ today pretty similar chart pattern right around 730 NASDAQ takes off breaks above the QQQ 428 level just above the 17,650 level that's an NQ level and now has been consolidating. All right before I go any further on this chart I do want to take a look at the underlying index products that's QQQ and I'm going to take a look at just a one day chart for QQQ. Zoom in just a bit. All right for QQQ it looks like this combo level that's a C4 level combining QQQ and NDX gamma weighted open interest into one level acted as resistance earlier today and then recently price pinging roughly between 431 and 432 let's take a quick look at NDX again I'm looking at the underlying index products and for QQQ the only level in play is this C3 level combo 3 level combining QQQ and NDX gamma weighted open interest acting as resistance earlier today and then price blasted above that level. All right back to NASDAQ now and we'll talk more about setups in a few minutes so again I have my own cloud notes so I'm showing QQQ levels there's the 430 level also that NDX 678 level also key NQ levels NQ trading right at 850 right now and NQ trading above it's upper daily expected move as well and again we'll take a set up take a look at setups in just a couple of minutes all right so those are the levels in play for NASDAQ and the SMB 500 for NASDAQ NDX both the volatility trigger and put wall shifted higher and for QQQ the volatility trigger and absolute gamma strike shifted lower so somewhat of a mixed picture for shifts and levels for the for the NASDAQ all right finally let's take a look at gamma notional and a quick look at the absolute gamma strikes for SBX and then we'll take a look at some setups all right so the SB 500 actually for the SB 500 NASDAQ and also 2000 this is how market makers were positioned on the gamma curve at the beginning of day I'm looking at gamma notional right here note for the SB 500 gamma notional is positive for both SBX and SPY so what this means for an index that spot gamma assumes that traders are short calls market makers are long calls and hence the hence the positive gamma and they have to trade against price to hedge their delta exposure and for NASDAQ these numbers are just mildly positive so really more neutral here for NASDAQ but still mildly positive and then negative for the Russell 2000 so there was a mixed shifts and the shifts and levels were mixed for the NASDAQ SB 500 and Russell 2000 but the key to note is positive gamma for the SB 500 slightly positive to neutral gamma for the NASDAQ and then negative gamma for the Russell 2000 all right one last thing I want to point out then we'll get to some setups is the absolute gamma at the 5000 level so this is for SBX the absolute gamma level this is this is 5000 right here so you can see this chart is showing market makers absolute gamma call gamma or positive gamma shown with the orange bars and put gamma or negative gamma shown with the blue bars and if price stays close to this level as expiration approaches next week this should only increase and will act as a magnet for price so in a positive gamma environment if price is below this if price moves above then there's a likelihood that unless the levels are continuing to shift higher that price will mean revert around this level and it is clearly the level with the highest amount of gamma and should act as a magnet for price especially as expiration approaches and again this is SBX 5000 currently equivalent to about ES 5020 all right let's take a look at some setups now all right and by the way my thesis for the day they're really kind of a primary thesis was neutral based on the mixed shifts and levels for SBX and spy and NDX and QQQ on the other hand somewhat bullish based on the proximity to 5000 and the likelihood that price moves up to SPX 5000 and of course it all depends on what traders are doing every day and especially options traders that will will take a look at every right now all right so everything that we've looked at so far other than book map has been based on static data the spot gamma levels based on static data that's what I show on my charts now we're going to sort of move on to the execution process look at real-time data so the first thing that I want to do is take a look at what options traders have been doing today I'm going to start with the SB 500 this is the hero chart hedging impact real-time options so this is showing options trades and market maker hedging activity with the purple line the white line is showing price for SPX there's the call wall key gamma strike or absolute gamma strike at 5000 so the purple line is the hero signal that is showing options trades and market maker hedging activity for a combined signal of SPX by XSP and ES futures all under one combined signal and if you trade any form of the SB 500 this is the signal you typically uh typically want to take a look at all right a rising hero signal indicates traders are taking positive delta positions that means they're buying calls and or selling puts and market makers take the opposite side of that and they have to buy futures to hedge their delta exposure so when traders buy and sell puts and calls and SPX and spy market makers hedge those trades with the ES futures and for SPX that's the only way that they can hedge you can't buy and sell SPX all right let's zoom in on this chart we'll take a look at the long setup from this morning let's zoom in just a little bit so note hero was making higher lows here and really took off so right around 10-05 somewhere between 10 and 10-10 setting up a long trade so again traders taking positive delta positions market makers take the opposite side and they have to buy futures to hedge their delta exposure all right let's go to book map now i'm going to zoom in all right so we know starting somewhere uh actually traders the the hero signal was making higher lows and they started aggressively taking positive delta positions uh somewhere around uh 10 10 10-05 10 10 something like that all right now let's take a look at at book map and we'll take a look at the confirmations in order flow here in book map so the first thing is iceberg orders that's shown by this light blue line on the sub chart so as price was chopping up and down large traders were buying with iceberg orders that's also also shown on the on chart indicators indicating the number of contracts and the number of executions large traders buying with iceberg orders the heat map is showing a history the limit orders in the order book traders were coming in in this case this is under price the limit buy orders the volume dots are showing market buy minus sell magenta dots indicate more sellers than buyers green volume dots indicate more buyers than sellers so price makes a multiple multiple test of this 4969 level and the last test doesn't quite reach that level makes a slightly higher high then aggressive buyers start to come in as traders were taking positive delta positions and price zooms higher at that point making a great long traders again taking aggressively taking positive delta positions aggressive buyers coming in that's shown by the rising pink or magenta to dark blue line that's cumulative volume delta it changes from magenta to dark blue when it changes from negative to positive also the yellow line is showing buy stop orders buy stop orders helping to fuel the move higher that's also shown by these green volume dots so all working together to move es higher options traders large traders with iceberg orders they use to hide their size and also aggressive buyers and then stop orders buy stop orders again all working together to to move es higher and when i'm trading of course and when i'm presenting i can only show one screen when i'm trading i'm using multiple screens so i'm looking my trading platform on one screen book map on the other screen and then the hero signal on another screen so i don't have to jump back and forth when i'm trading but in my presentation here i'm only able to show one screen at a time all right so price moves up initial target at spy 497 and then makes it up to 498 before aggressive sellers start to come in load large traders still pressing higher with iceberg orders and that's not really typical behavior of large traders with iceberg orders they typically uh typically are buying weakness and selling strength but in this case and this is just another confirmation for them to hire that the large traders continue to buy with iceberg orders all right so again the consolidation around 497 498 and note the liquidity right around these levels i'm not the only one watching these levels limit sell orders in this case limit buy orders in the uh in this case all right the reaction after the treasury auction um and now approaching the 5000 level again all right let's take a look at nasdaq all right the tremendous tim says he finally made it uh welcome i'm glad you're here let me know if you have any questions all right thank you steven all right let's take a look at nasdaq now go to nasdaq all right let's go back to the hero signal so this is the sb 500 continues to move higher notional value is positive this is not a large number uh but it is positive for the day this is combining puts and calls let's just uh take a quick look and see what what traders are doing we'll separate outputs and calls and this is pretty typical the rising orange line shows traders are buying calls and note the blue line notional value is negative indicate traders are buying puts very typical but the call buyers are more aggressive and certainly driving price today so that's why i don't like to show that puts and calls so we'll just stick with the total signal here all right here's the signal for nasdaq so this is another combined signal combining ndx and qqq options trades did give a good long signal in the morning let's just zoom in on this and note it was uh acted as a pretty good leading indicator and again price did not really get going until uh about 10 10 but the signal for uh the hero signal for nasdaq had already been moving higher all right let's take a look at one other signal the mag seven signal and this is what i typically look at for uh for nasdaq especially uh but i look at this signal every day and what this is is a combined signal for the stocks known as the magnificent seven apple amazon google meta microsoft and vidya tesla these stocks make up a very large portion of the nasdaq 100 especially and also the sp500 so if traders are taking positive delta positions in these mag seven stocks let's say they're buying calls market maker sell the calls and they have to buy stock to hitch their delta exposure so if this signal is moving higher it's difficult especially for the nasdaq to move anyway but other than higher so these stocks have been what is driving the market for quite some time so this is a very important directional signal directional indicator for the uh index spx sdb 500 and nasdaq index products all right let's zoom back in on this chart so note just like nasdaq uh wrb tesla is on my watch list it is and it is part of mag seven so uh here's tesla right here so it is on my watch list all right mag seven traders start taking positive delta positions right around 940 and then price starts to move higher uh just like the nasdaq and sp500 right around 1010 all right let's go to bookmap take a look at nasdaq so here's the the same consolidation as the sp500 around this time going down the volume dots just a little bit this is the 426 level right here there's a ndx level label on top of that the 426 is the the one to look at again aggressive buyers and sellers shown by the volume dots but did the dots aggressive sellers on the way down nq makes a slightly higher high aggressive buyers come in as traders started taking positive delta positions in uh both uh ndx qqq and the mag seven stocks and then price takes off higher that's shown by cumulative volume delta there also again buy stop orders fueling the move higher buy stop orders and really the only difference is um i'm sorry that's the 429 level not the 426 429 level so the only difference between nasdaq the only difference between nasdaq and the sp500 is the participation by large traders with iceberg orders so we know for the sp500 traders large traders were buying with iceberg orders on the other hand for nasdaq large traders were selling the move higher with iceberg orders that's more typical is buying weaknesses selling strength for large traders with iceberg orders all right so good entry point the way from the way i look this is really right around the 750 or the qqq 430 level as price breaks out price breaks out and then confirms that level all right so long entry for today the kind of the trade of the day all right does he only says it's starting to make sense great wealth of information you're welcome and i'm glad this is working that's this glad this is making sense for you it takes some time to comprehend this is a very new and different way of looking at the market in terms of the underlying index products as well as options trades and those index products driving es and and in q but i think it gets to the heart of i'm getting to the heart of what is driving price again in these equity index futures options trades and large traders with iceberg orders smaller traders with stop orders and then aggressive buyers and sellers so no indicators just looking at who and what is driving price all right let's take a look at some stocks and then we'll get to the live market all right so first stock i want to take a look at is meta this is very typical price action for meta blast off at the open as traders take positive delta positions so let's go take a look at hero go to meta all right i'm going to try and separate outputs and calls all right so what this is showing is traders were buying calls aggressively that shown by the rising orange line they also been they have also been selling puts sorry about that all right maybe that'll stick now all right so traders buying calls market makers sell the calls and they have to buy stock to hedge their delta exposure that's a very powerful driver price for for stock can continue to drive a price higher and higher and note this is also a very typical pattern is aggressive buying in the morning and somewhere typically anywhere between 10 and 12 options traders take the foot off the gas happened pretty quickly here in meta and price consolidates note around 1130 they started buying calls again price moves up a little bit and then just afternoon they took their fault off the gas and now price consolidating again options trades really drive price and a stock like meta let's go back to book map so there's the quick move up from the open now if i zoomed in you could see uh let's do that you could see more entry points and then consolidation quickly uh right at the 470 level note all the liquidity in the order book book map shows a history of the limit orders in the order book and those are limit sell orders and typically act as magnets for price and the most typically the largest orders for a higher price stock like meta coming at the zeros and the fives we'll zoom in someone i zoom out and look at take a closer look at the first hour of trade you can see there were multiple pullback entries for longs primary targets at 465 and 470 all right that's meta next i want to take a look at microsoft let's go see what options traders are doing go to microsoft all right so in the case of microsoft they were buying calls shown by the rising orange line also selling puts and these vertical lines indicate very large orders institutional block orders note that microsoft did breach its call wall the 410 level that's also the absolute gamma strike and there was some consolidation around that level and then price broke above it call wall breach so when that happens that's where most of the the calls are concentrated so for a stock spot gamma assumes that traders are long calls opposite of an index traders traders are long calls market makers short calls and those calls at 410 go deeper on the money as price increases so their delta is increasing market makers have to continue to buy stock to hitch their delta exposure all right so in the morning aggressive traders traders were aggressively buying calls and they started selling puts mainly those large block orders take their foot off the gas about 1030 and then price consolidates let's go back to book map so now it looks like microsoft trying to move higher again remember 410 is the call wall initially acting as resistance price moves down just below vwap shown with a light blue line there and then moves higher let me adjust these volume dots just a little bit and the reason i adjust the volume dots typically for a stock the opening print is so large that it dominates everything else note the point of control will remain at that level until the closing print all right the next stock i want to take a look at is invidia all right let's take a look at hero see what options traders were doing go to invidia in the case of invidia they were buying calls again shown by the rising orange line they've also been selling puts shown by the slightly rising blue line also the positive notion of value this is a pretty large number for invidia this is uh uh delta notional and dollar terms over one billion that's a lot of calls expensive calls all right so traders buying those calls and invidia it looks like probably the 700 call wall uh key gamma strike is an inevitable let's go take a look at the book map so uh invidia trading uh right around 695 now so in just another five points which is nothing for invidia it could do that in a few minutes all right so there's invidia let's take a look at one other thing i'm going to go back to the total signal and let's go to the mag 7 signal shift back to invidia typically there's a very strong correlation between the mag 7 signal and invidia invidia 1.3 billion mag 7 2.3 billion all right does anyone have any stocks they want me to take a look at all right zakari ask what is the delay on the hero signal there is no delay it's real time hedging impact real time options i'm in the eastern time zone so right now it is uh 221 so that's about what's showing here so there may be a a second or two delay in the hero signal but it it updates uh constantly so it is in real time all right let's go back to the sp500 again if anybody has any stocks they want me to take a look at uh please let me know and i'll be glad to do that all right so for the sp500 hero signal is turning lower traders starting to take negative delta positions as price is up near the 5000 level the call wall let's go back check a quick check of the mag 7 and that now has leveled off but it has been continuing higher go back to the sp500 all right zakari i'm glad that makes sense all right let's go back to book map now so we know uh for book map the hero signal for the sp500 is starting to move lower let's zoom in so it looked like he has reverse lower just below the 5000 level at that 4999 combo one level didn't quite make it to 5000 let's take a look at nasdaq so for nasdaq the uh the key call wall is qqq up at 440 so plenty of room to run for nasdaq so for nasdaq price consolidating somewhere between qqq 432 and nq 850 note the point of control that's shown by the purple line is right now right at 850 hold on steven says we lost audio give me just a moment i still uh it looks like ob s studio is uh uh still indicating my mic is working right cesar cesar says he can hear me all right great all right steven um all right cesar uh steven thank you all right uh robert and trading price and time indicate audio is good on youtube as well all right so nasdaq may be trying to break above 850 now let's go take a look see what options traders are doing mag 7 i'm going to zoom in or take a look at a shorter rolling window period so then this case this is showing that the hero signal just looking at the last 30 minutes of data is um is trending lower let's go back to one day the reason i did this is the the one day signal seems to be looking at the last the entire day instead of last 30 minutes is leveling off a bit flattening out a bit go back to the sb 500 so the hero signal for the sb 500 continues to move lower let's take a look at the last 30 minutes chopping up and down but since about 130 uh moving lower so this makes perfect sense somewhat mean reverting price action with options traders finally taking some profit up around 5000 separate outputs actually let's take a look at first of all next expiry so this will show options trades that expire today it's next expiry so for the sb 500 this is again options that expire today looks like that make that is making up a little over half of the total options trades today which is shown by the all expressions that's the purple line puts and calls so at this point traders have started selling calls and perfectly normal contrarian options behavior selling calls at a high sorry about that trader selling calls the puts line has leveled off so again trader selling calls at the highs and they have stopped put activity is pretty much level let's go back to book map let's go back to the sb 500 it looks like large traders have stopped buying with iceberg waters maybe a few cells cvd starting to move lower and the sb 500 may be breaking down below the 498 level so it looks like the sbx 49 99 level would have been a good short all right last call for stocks anybody have any other stocks they want me to take a look at let's check nasdaq still very narrow consolidation between 432 and 850 cvd definitely trending lower all right season i'll take a quick look at microsoft but i did show that was one of the stocks that i showed earlier bullish day in microsoft and let's go take a look at hero so cesar go back and watch the watch the recording call wall breach traders buying calls and selling puts and then the typical consolidation pattern as options traders take their foot off the gas all right you're welcome yeah it looks pretty stagnant right now just about everything prices made its move up to 5000 for the sb 500 all right tomorrow what we'll watch for is the shifts and levels our traders looking for and accepting even higher prices if so that would be reflected and perhaps higher call walls absolute gamma strikes volatility triggers all shifting higher so we'll watch that for tomorrow talk about that again to see if traders are looking for and accepting higher prices that what that would be indicated again by a shifts higher and these key daily levels that i talk about right so zachari asked if i'm understanding right the correlation between calls and puts is currently signaling dropped to a higher low well right now let's see first of all i these signals to me are more reliable in the in the morning than the afternoon a little bit easier to interpret you know that's because of this very typical price action right there very easy to interpret so what i'm seeing now is a bit of a divergence so the way that i would i would just stick with the sb 500 so the way that i would trade a divergence here with the hero signal starting to move lower at a resistance level is to watch then go to book map and watch the order flow and book map for a confirmation of that so i'm looking for short and then i'm looking for a confirmation of book map so here this may be it so there's the reversal just below the call wall 5000 and i've talked about the cbd starting to trend lower large traders taking their foot off the gas with iceberg orders yes making a series of lower highs so i again i'm just watching book map for a uh a signal so it went divergence in the hero signal at a potential resistance level and again watching book map for a uh a signal to trade in that direction all right my time is up i want to thank everyone for watching thank you very much for your questions and comments and i will see you tomorrow thanks again everyone have a great afternoon bye