 Hello, Trader HE. Hello, everyone. Welcome to Options with Doug, streaming live daily. I'm Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure. All Bookmap, Levement, and 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 involve 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 in 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 at 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 and I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamma Hero to confirm my thesis and for setups for entries and exits. And just to be clear, when I talk about setups, I will be talking about setups in an underlying asset. The basis of my analysis is primarily the options market and order flow. And again, I will be talking about setups in an underlying asset and that doesn't necessarily mean that you have to trade shares or futures. You can certainly buy or sell options or options spreads based on this analysis or your own analysis. Again, I'll just be talking about an underlying asset. And finally, questions and comments are welcome and I will be watching the options-dug chat channel in Discord and the chat and YouTube for your questions and comments. So please post your questions and comments. It will make it more interesting for me and hopefully for everyone else involved if this is more of a interactive session. All right, let's get started. So my agenda for today, what I want to talk about, first of all, news items, economic data and earnings for the week. Then I'll go through my positional analysis and then finally I'll talk about setups. So today, the durable goods order were reported at 8.30 a.m. Eastern time. Not much of a market mover, but that number did come out better than expected. And yesterday, actually, there were a couple of large earnings. Microsoft and Google both reported earnings after the close yesterday. And Microsoft is up sharply over the last time I checked about 8%. And let me check on Google. So Google is pretty much flat. Google is up slightly and Google is down slightly. So pretty much flat for Google and up around 8% for Microsoft after reporting yesterday. All right, so that was yesterday, today. Again, durable goods orders this morning reported better than expected. And then after the close today, meta reports. And then tomorrow, the GDP report comes out at 8.30 a.m. Eastern time. And then Amazon reports after the market closes. And then Friday, the PCE number comes out at 8.30 a.m. Eastern time. And then consumer sentiment, Michigan consumer sentiment at 10 a.m. Eastern time. All right, that's the news economic data earnings. And now let's take a look at charts and I'll go through my positional analysis. So first of all today, this is the S&P 500 futures, ES futures. And before I dig into this chart, I'm going to take a look at a larger time frame. This is the SPX, a 20-day one-hour chart showing just price and key gamma levels as well as the expected move for the week that's shown by this purple dash line here. And that's the lower edge of the expected move for the week for SPX. Here's the upper edge of the expected move. And then this dash blue line is showing the lower and upper edge of the expected move for the day. And this is based on the close yesterday and the expected range yesterday. So that I was able to remember to do that yesterday. So there it is, again, for numbers taken yesterday for today. All right, and then there are some key gamma levels here. And first of all, this is again SPX. Here's the put wall at 4,000. And that is also the key gamma strike. So the put wall is the strike with the largest net negative gamma that can be expected to act as support. And the absolute gamma strike is just what it sounds like, the strike with the largest absolute gamma. And then the volatility trigger is at 4,100. That's spot gamma's proprietary gamma flip level. And below that level, like SPX is trading now, market makers position on the gamma curve is negative. And that means they have to trade with the price to hedge their delta exposure. And that tends to enhance volatility when market makers are trading in the direction of price. And then above that level, like the SPX has been trading for most of the month of April, 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 tends to subdue volatility. Again, right now, SPX is trading below its volatility trigger. And then finally, here's the call wall. Moved up to 4,300, way out of play. So that's the strike with the largest net positive gamma can be expected to act as resistance. And that does not appear to be in play anytime soon. By the way, that increased from 4,200 yesterday to 4,300 today. All right, so those are the primary levels that I track. The put wall, the absolute gamma strike, the volatility trigger, and the call wall. Let's take a look at another thinkorswim chart for SPX and just for today. So this is a one-day one-minute chart for SPX showing the levels that are in play for today. So there are some combo levels which combine SPX and SPY gamma into one combined level, shown in terms of an SPX number. And note that SPX is now traded below the lower edge of the expected move for the week. And now it's trading above and it is trading within the range of the lower and upper expected move for the day. And then here's the volatility trigger, up at 4,100. And by the way, that did decrease from yesterday. It was 4,115 yesterday. All right, so those are the levels that are in play for today. And primarily the level in play today is this 4080 combo level that acted as resistance this morning, then support, and now resistance again. So it looks like a lot of volume is clustered around that level. And we'll see that in book map in just a moment. All right, so those are the levels in play for SPX. And by the way, I've tried to get this chart for NDX, and so far have not been successful. So for some reason it should be showing, this think script should be showing levels for NDX, but it is not. So we'll just look at book map for the NASDAQ. So anyway, here is the, and again, I'm just focusing on levels now. And I'll talk about setups in a few minutes. So here's that 4080 level. And note I have two columns of notes here. This is the Spot Gamma Cloud Notes. And this is provided to Spot Gamma Subscribers for a variety of platforms. And here Hector asks, is it possible to have access to that think or squim script? And no, I'm sorry, I can't do that. That is provided to Spot Gamma Subscribers. It changes every day. So as opposed to the Spot Gamma Cloud Notes that I'm showing now, those are updated automatically. The think script is not. I have to copy that and paste it into thinkorswim every day. So I delete the current think script, paste in the new think script. There's some manual intervention involved. So if you want those levels, I suggest subscribing to Spot Gamma. I think the levels are very, very valuable. All right, so I have two columns of notes here. This is the Spot Gamma Cloud Notes. And these are showing the key SPX levels. And note there are a couple of combo levels here. And these are showing combined SPX and SPY levels converted to an equivalent SPX number and then converted to an equivalent ES number. Right now Spot Gamma is using a 21 point difference between ES and SPX. So that is why this 4080 level is actually showing a 4101. And I calculated about a 19.5 point difference this morning between ES and SPX. So I'm showing that same level down a little bit. And this is a little bit more accurate. So I'm showing my levels in my Cloud Notes here. So there's the 4080 level. And here's the 4052 combo one level. And then also I'm showing key SPY levels. And that level, that's the 405 key gamma strike for SPY converted to an equivalent ES number. And note that level was a key support today. Setting up the best trade for the day so far. The long off of the 405 key gamma strike for SPY. Alright, so those are the levels in play today. Again, primarily the 4080 level, the combo level for SPX and SPY, and then the SPY 405 key gamma strike that acted as support. And note finally, this is the session volume profile. So this is showing the volume profile for the entire session. And that is showing the peak and volume at this 4080 level as well as the SPY ES 4100 level. Alright, let's take a look at the NASDAQ now. And again, I'm just focusing on levels now. This is part of my positional analysis. And I was looking at these levels prior to the open. There are really no gamma levels that are in play today other than the QQQ 315 volatility trigger. And note that it did act as resistance today. And otherwise, NQ has been trading around just the NQ numbers, like the 12,900 level that acted as support. So other than the QQQ 315, no gamma levels that are in play. And spot gamma is showing these levels here. And they're using the same 21 point difference between NDX and NQ as they are for ES and SPX. And that is not correct. There's a much larger difference between NQ and NDX. I calculated that today at 79 points. And that changes a bit during the day. And both of those numbers, by the way, those differences between the cash and the futures, tends to reduce over time as the next rollover approaches, the next options expiration. All right, so those are the levels in play. And let's talk about shifts in levels now. And there are quite a few. So first of all, for SPX, the volatility trigger did drop from 4115 yesterday to 4100. And as I mentioned before, the call wall actually increased from 4200 to 4300. What we'll see, I doubt it will stay up there very long. And then for SPI, the volatility trigger dropped slightly from 411 yesterday to 410. And the call wall, more significantly, dropped from 420 to 412. And then SPI also, the key gamma strike, dropped from 412 yesterday to 405. And let me show something. Spot gamma provides these pop-ups. Spot gamma provides these pop-ups for all the indices, the cash indices themselves as well as the ETFs. So this is for SPI. And yesterday in the pop-up, and I tracked this in my spreadsheet that I used to populate the columns here, there were a lot of gamma levels up here, and all of that disappeared. 13, 14, 15, 16, 18, 20, all that gamma above 412 that was there yesterday disappeared. And based on the shifts in levels lower in SPI, I definitely interpret that as bearish. And we'll look at the gamma levels charts in just a minute, and we'll see where those levels come from. All right, so that is the S&P 500. And then for QQQ, the volatility trigger dropped from 318 to 315. And the key gamma strike dropped from 315 yesterday to 310. And actually it looks like the call wall did increase from 320 yesterday to 330 today. All right, let's take a look at the gamma levels. So we'll go to the Spot Gamma website, and this is showing absolute gamma levels. And we'll take a look at all the index products here, the S&P 500 and NASDAQ. So this is SPX, and there's the 4,000 key gamma strike and put wall. And here's the call wall way up here at 4,300. This is the strike with the largest net, positive gamma. It can be expected to act as resistance. And here's the put wall. And this is obviously the focus of gamma concentration here. And by the way, this chart is showing positive gamma or call gamma above the zero line with the orange bars. And the blue bars are showing negative gamma or put gamma. Both the floor at 4,000 and the ceiling at 4,300. And also important gamma at the 4,100. And that is the, again, the volatility trigger. So that's SPX. Let's take a look at SPI. And there is still some call gamma up here, but nothing like yesterday. So today, 405 is the key gamma strike. That's mostly put gamma, mostly put bar there, but that is the key gamma strike. And the put wall at 400, the strike with the largest net, negative gamma. And the call wall at 412, strike with the largest net, positive gamma. So there's the ceiling, there's the floor. And right now the gamma is concentrated at the 405 level. Let's take a look at NDX. I probably have to do a refresh. We'll try. I'm going to do a refresh. Go to NDX. And this is the concentration of gamma at the 12,975 level. That's the key gamma strike and the call wall. And that's mostly call gamma at that level. Now let's take a look at QQQ. We'll zoom in. So QQQ, for QQQ. Now 310 is the key gamma strike. And the put wall is also at that level, 310. So that's the put wall and the key gamma strike. And then the call wall, there it is, is up at 330. All right, so that's QQQ. All right, let's take a look at the Vana model now. So I need to do a refresh again, make sure I've got everything. All right, so I'm looking at SPX. And I know this may seem like repetition, but I think it's very important to keep track of how market makers are positioned on the gamma curve, how their delta is set and their expected, the way they are expected to hedge. So what this chart is showing is how market makers delta-notional changes with changes in price. So delta-notional is shown on the vertical axis and the strike price shown on the horizontal axis. There are two curves. The first, this light gray curve, is just showing how market makers delta-notional changes with changes in price, in price alone, not accounting for any change in applied volatility. And note, this has shifted somewhat to the left now. And by the way, according to the spot gamma-gamma index, now market makers position on the gamma curve has shifted to negative. This is the first time since the gamma-notional shifted to positive since March 30th. So what this is showing is now, as price decreases, market makers delta-notional will increase and they have to sell futures to hedge their delta exposure. So that's just the change, that's how their delta changes, just with changes in price shown by the gray curve. And then the pink curve is showing how market makers position on the gamma curve changes with changes in price and implied volatility. So as price drops and implied volatility increases, market makers have to sell futures to hedge their delta exposure. And let's just take a look and see where SPX is trading now. Give me just a moment. So right now SPX is trading at about 40.65, trying to find that level. So this is pretty close. So where I'm holding my cursor now, this vertical line is pretty close to the current price of SPX. And note, it is, SPX is trading below the 4100 volatility trigger and it's on this portion of the FANA model, indicating that market makers in this current state, in this current position, will be trading with price to hedge their delta exposure. And again, this is a change from the, all of the month of April so far, now from a positive gamma environment to more of a negative gamma environment. And JEC says a breakdown from here could really be volatile. Yeah, that's correct. Right, so again, I think this is important to keep in mind that now, unlike all of the month of April, which was on this portion of the FANA model to the right, now it has shifted back to the portion of the FANA model on the left. Alright, let's take a look at some data now and we will see a confirmation of that. And I'm going to point out both gamma notional and the spot gamma index, but I'm going to focus more on the spot gamma index. And the reason I'm doing that, and this is for SPX, SPI, NDX, and QQQ, these numbers changed when spot gamma changed this interface on April 1st. So before these numbers were entirely different, they changed, but the spot gamma gamma index remains the same. And this is, let me just show a pop-up indicating what this is. So this is a proprietary measurement of the total amount of market gamma. This is market maker's position on the gamma curve. And spot gamma used to have a scatter plot that showed how this, when the gamma index, this number changed to negative, the daily trading range expanded. And that is typical of a negative gamma environment. And then above a positive level, that daily trading range tended to contract. So right now for SPX, and that's the primary number that I'm going to follow, that number is negative. And it has shifted to negative from yesterday. So yesterday that gamma index was 0.77. And again, it has been positive all month and shifted to negative today. And it looks like JC agrees with me, he likes the gamma index. The thing that I like about the gamma index, it's consistent over a large period of time, whereas these gamma notional numbers that have somehow changed. So I can compare this gamma notional, the gamma index, with numbers from a year ago or a month ago. Right, so that's the number that I will be concentrating on going forward. All right, that is my positional analysis. And based on this, I'm looking for, and it may not be every day, but looking for a wider trading range, higher volatility, market makers trading in the direction of price to hedge their delta exposure. And also based on the information today, the shifts in levels for SPI, shifts lower, my directional bias was bearish. That doesn't always mean that it's going to work. But anyway, that was just based on the numbers. That's what I was thinking. All right, so this is the S&P 500 now. And in YouTube, Anthony asks, is it possible for you to stream in 1080p? And I really, I'm doing everything that I can in YouTube. And what I'm seeing in YouTube is a max of 720p. On Discord, I am streaming at 1080p. And I do have better control over that. So if you want to see in 1080p, I urge you to join us here in Discord. It's free for everyone, whether you have a bookmap subscription or not. All right, let's get started. Let's talk about some setups now. And I'm going to start by looking at Hero, the hedging impact of real-time options. And this is a combined signal for the S&P 500. Showing SPX, SPY, XSP, and ES futures options trades. And XSP is not significant. So it's really combining SPX, SPY, and ES futures into one signal. And this signal is showing, again, options trades and the market maker hedging activity for those options trades is that shown by the purple line. And then the price line is shown with the white. So that's the combined signal. And let's take a look and see how the different components of that signal are impacting that signal. So I'm going to start with SPX. And let's note the number here, this notional value, at minus 3.2 billion. So that is the combined notional value. So let's take a look at SPX. So right now, the combined notional value for SPX options trades is about half of that, 1.5 billion. Let's take a look at SPY. There's minus 550 million. And recently, there has been a much stronger correlation between the SPY signal and price than, I'm sorry, SPX. A much stronger correlation between the SPX signal than SPY. And let's now take a look at the futures. And there's the 107 billion. So 1.5 plus 0.5 plus 1 equals 3 that we see on the total signal. And there's the combined signal. And so now let's take a look at setups using this signal. And this was definitely a confirmation of a short. So let's go take a look at ES. So this was a short. Actually, let's go back. Let's take a look at the time just to make sure we're looking at the correct time here. So let's go to hero. So this is chopping around up until about 10, 10. And then price drops lower as the hero signal was dropping, indicating that traders were taking negative delta positions, options positions. So there's the first setup. And we'll go back to book map. And it took a while for this to play out. But the key here in the order flow was the this level acting as let me zoom in was this 4080 SPX 4080 level and also the ES 4100 level acting as resistance multiple times until finally price breaks lower. And then the you can see the order flow shifting bearish the pink volume dots coming in. And also the cell stop order shown by that yellow line. They're fueling the move lower. Also cumulative volume delta shifts lower. So that's the short setup. And now let's talk about the long setup, the reversal off the 405 spy 405 key gamma strike. And in the me just see if I can clean this up a little bit. So that one of the big keys here, look at this number right here. This is an iceberg. These are iceberg orders, six executions for a total contract size of 6,190. That's large. So these are this is orders that larger traders use to hide their size and book map can detect them as they're executed. And that's also shown by this rising light blue line. All right. So that's the setup in book map. Stop run down to the 405 key gamma strike level. Large traders taking the opposite side of that. They're buying weakness into the 405 level. And then let's go take a look and see what options traders were doing. We'll go back to hero. And by the way, I have two screens. So when I'm trading, I don't have to jump around like this. I'm just showing I just I'm just presenting on one screen. So I'm just showing this on one screen. So this is really more of a confirmation setup. As traders were taking positive delta positions and that lasted about halfway through this move. So there's a combination of water flow, definitely confirming this move higher. We have a key support level as well as the larger traders taking positive trades with the larger traders using their iceberg orders to to buy that weakness. All right, let's zoom out now and note this options traders start taking negative delta positions as price reaches this level. I don't know if there's any key level there. But options traders started fading this move higher, really starting about 11 o'clock. Join the move a little bit then started trading taking negative delta positions. All right, so let's go back and take a look at that book map. So we saw the confirmation short confirmation long confirmed by order flow. Now let's go back to book map and it looks like the reversal as is that about the 41 10 level. Excuse me for just a moment. I need to take care of something on another platform. All right, so this is the short setup. Let me increase this liquidity here. So here was the in this case is just a lot of sell orders limit sell orders up at the 41 10 level. He has 41 10 level price reverses at that level. And order flow shifts start to shift bearish as traders were taking negative delta positions and prices now trading below the trading below the 405 spy 405 key gamma strike level. Sorry, I'm trying to trying to manage a position here. Okay, took care of that. All right, so that is the shift lower at the liquidity at the 41 10 level. All right, so that's the setup in the SAP 500. Let's take a look at NASDAQ now. Yeah, I just had to take care of something. All right, so let's take a look at NASDAQ now. And again, remember for NASDAQ that these levels are shown for NDX here, and they're really not not in play that spot game is using the wrong point difference between NDX and NQ. So let's take a look at. At hero first. So we see that the hero signal for the SAP 500 has provided a very good signal today, both for longs and a short along then a short again. All right, let's take a look at NASDAQ now. And I'm going to look at separate signals for NDX. First, and it's not really significant, but it is it is something to be accounted for. And I'll show you how to do that. So there's NDX, the cash settled index. There's QQQ. And note this number significantly larger, 592 million versus 14 million. But you can take a look at a combined signal. I just found this yesterday. And this is combining the QQQ and NDX into one signal. And for some reason I'm not able to save that to my watch list when I want to see it. I have to search for it every time. So let's zoom in here. And what I saw this morning was a just a beautiful divergent setup for the NASDAQ. This combined signal of NDX and QQQ indicating traders were taking net, negative delta positions from the open as price increased. And then finally reverse lower just after between 1010 and 1015 price finally moved lower. So let's go take a look at the NQ first. Go back to book map, NQ. And there's the reversal lower right at the 315 level. So price reverses lower at 315 and also the NQ 13,000 level. Pretty clear trend break here. So price reverses lower just below the 315 level. Does a slight, doesn't quite retest the 13,000 level. And then now is traded back down to the support level that was support earlier. Oops, wrong tool. The 12,900 level that was support. And note the order flow today, the cumulative volume delta has been trending down all day. And now when this reversal happened, the yellow line started dropping, showing that sell stop orders were helping to fuel the move lower. So there's the NASDAQ and the S&P 500. Let's just go back to hero now and see that it confirmed a long setup at about the same time of the S&P 500 long setup and then also now set up a nice divergent short that started about 12,10. So one confirmation long, two divergent shorts, really great signal here for this combined signal that again is mostly QQQ. But this is something to keep in mind for those of you who do have access to hero, this combined signal is available now for NASDAQ. All right, let's take a look at some stocks. Here's Apple. There's a confirmation long in the morning. So let's take a look at book map now for Apple. Confirmation long and then looks like a divergent short that took a while to play out about 12,15. Let's go take a look at Apple now. So confirmation long in the morning. Let's go back to hero just to point out the 165 level is the key gamma strike. And that is that was the target for this morning for this long target for the long and also the area for the reversal. So the way the reversal works as price as hero starts to fall, you look for a level where price is likely to reverse. And it's the 165 key gamma strike. Let's go take a look at map again for Apple. And there's the target achieved the 165 key gamma strike note the high liquidity at that level and then price reverses lower. All right, the next is Google. And remember Google reported earnings yesterday and this the earnings was not was not met with the same enthusiasm as Microsoft. And Google trading now lower on the day. Let's take a look at hero Google and confirmation long in the morning. And then confirmation for this reversal lower and note the levels that are in play the 105 key gamma strike and the 104 hedgewall. All right, let's go to back to book map. So 105 is the key gamma strike and then 104 is the hedgewall. So now price is trading below the 104 level. Let's Google and let's take a look at Meta now and remember Meta reports earnings after the close today. Let's go take a look at at hero for Meta. And this was setting up this divergent short list will zoom in on the morning and there was a confirmation for the long in the morning. Confirmation long couple of minutes about five minutes after the open wrong tool hero rising price rising and then hero starts to drop. I'm going to zoom in on this. Look at this full screen. So then hero starts to drop continues to drop traders taking negative delta positions as price moves up. And then a reversal at the around the two 1350 level around 12 10 12 15. Let's go back to take a look at take a look at book map now. So here's the the short set up trend break. Remember traders have been taking negative delta positions for quite a while now and price finally breaks lower at this two 13 level. So heading down to the two 10 level and the liquidity concentrated at that level. Let's go back and take a look at hero. So no no gamma levels are in play right now for Meta. All right the next is Microsoft. Let's zoom out on this. And again remember that it is trade it has been trading up significantly. Let me just check. Let's see where it's doing now. So Microsoft is up about seven and a half percent for the day. And there was definitely a divergence long set up this morning. Notice the rising hero line from the open price drops setting up a nice divergence long around 945. Let's go take a look at go take a look at book map. And let's just see what traders are doing and separate outputs and calls. And this is pretty much to be expected. They were buying calls and that's shown by this rising orange line traders buying calls and note the 300 call wall. It looks like price did not quite make it up to that target the 300 call wall. Let's go back and take a look at book map. So traders buying calls and Microsoft actually let's let's take a look at that one more time. So note how price levels off as traders stop buying calls. So they're buying calls aggressively almost to the 300 call wall and then they stop and price starts to drop. And now they are start buying puts a little bit more aggressively. But this number is not significant minus that's actually positive still positive. So net net they are they've been selling puts but primarily buying calls. Let's go back and take a look at book map. We'll go to Microsoft. Here's the long set up divergence long price drops down to the 293 level that makes a series of higher lows heading up to the 300 300 call wall. It looks like I need to update my spreadsheet. I don't have a line at 301. So Microsoft is up about 20 points. I need to update my spreadsheet. So anyway, there's the 300 call wall and note the high liquidity at that level. All the resting sell orders. And there were plenty of liquidity targets up at all the round number levels from 296, 298, 299 and price again did not make it up to the 300 level before falling off. All right, let's take a look at Nvidia and bullish Nvidia today. Let's take a look at hero. And as usual, there's a very strong correlation between hedging flow and price action and note the 275 call wall at price and continued up that would have been a target. Let's just see what traders are doing. Mainly calls driving today. So they are selling puts and buying calls. But this notional value for calls 64 million versus 11, around 11 or 12 million for selling puts. So call buyers driving today for Nvidia. And if you're looking for a long setup in a stock, that's what you want to look for. When traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. So that's Nvidia. Let's go back to book map now. Definitely a bullish bullish setup. And reversal lower about the same time that everything did. Everything else did around 12, 1215. Let's take a look at Tesla. So remember Tesla yesterday was bullish when everything else was bearish and definitely bearish today. Let's take a look at hero go to Tesla now. And note the reversal at the 160 key gamma strike right at the open. And a very strong correlation between hedging flow and price action. And let's see that traders were buying puts. Not doing much with calls. They are selling calls, but the put buyers were definitely driving price action this morning. Let's take a look at the total signal. So as traders stop taking negative delta positions in this activity, options trading has pretty much leveled off. Price has moved slightly higher, but the best move definitely was in the morning. Let's take a final look at the indices and then we'll call it a day. So let's go back to the S&P 500. Now it looks like traders are starting to take positive delta positions as price has reached this around the 4060 level for the SPX, which was noted as a support level as well as the 405. So the SPY 405 and the SPX 4060 level both noted as support today. So let's go take a look at book map now. Go back to the S&P 500. And again, price is trading around the lower edge of the expected move for the week. And that's shown by this purple line. And that's separate from the SPX. That's calculated just for ES. And we can zoom out a little bit and see where the lower and upper edge of the expected move for the day. I may have the upper edge in the wrong place. I don't see it, but here is the lower edge of the expected move for today. You really can't see it, but that's that blue line there. All right, so that's SPX. Trading low of the day. Let's take a look at NASDAQ. Then we'll call it a day. So it looks so far like the NQ 12,900 level has held its support. And order flow still appears to be bearish. CVD falling, stops falling. We'll take one final look at hero. And we'll take a look at QQQ. And definitely bearish for the day. All right, that's all I have. I want to thank you for watching. Thanks for your questions and comments. And I will see you tomorrow. Thanks again. Bye.