 All right everyone I'm back. I'm sorry about that. Give me a moment to get back set up here just had a couple technical issues. So we're gonna sort things out and make sure that we are good to go. All right looks like we are good to go so let's take it from the top here and we're just gonna go right into book map. All right so we are back and we're looking at things in book map program here as we get ready for the market open just about 13 minutes from the open here. We had both building permitted static come in earlier just a little stronger than expected on that theme of the surprisingly strong economic data and we are seeing a little balance from section loads with the zooming out here so we can see that on the screen you can see that football offering a little bit of support free market. S&P implied open right now is down about a quarter percent and really the big event that everyone's talking about right now is going to be the Federal Reserve meeting tomorrow. I think that they may walk back. Great cut expectations just a little bit. We already see chances of the June meeting cut dropping pretty precipitously here. Now less than 50 percent and I think that's the story of 2024 in terms of monetary policy is just that we haven't had the reality is in a lot different than what the market was pricing in. So going into this year pricing in five to six cuts now markets pricing in three are pushing off June and it seems less and less likely given the kind of backdrop we have with data that this is going to be a year where the Fed cuts generously unless there's something big that breaks and we do see some signs underneath the surface in the labor market that things are not great. But unless we see some signs that things are really breaking in the financial system or economy I don't think we're going to get 100 bits of cuts. I think 50 to 75 bits is probably more likely and that's one of the reasons we're seeing some of the pressure pushing rates higher and any financial conditions over the last several weeks. So pre market here we're in a little bit of that repricing mode in equities. I think that's kind of the theme. I think we'll see a bit of hedging close today as well ahead of the Fed typically have a bit of volatility hedging a day or two before. And then you know if the event ends up being less than expected to get that counterintuitive pop even if it is hawkish Fed that's not as hawkish is what hedgers were thinking. So it's something to think about as we get into the trading day today. Some of those hedging close particularly first in the last hour of the day could be more pronounced ahead of the Fed. This was a meeting where there was near universal agreement in stock markets that there will be a cut this year as we got into this year. There was an early 2023 early 2024 now it's a meeting where there's 100% chance of no cut. And we do get the summary of economic projections which I think will be quite interesting as well to give us a sense as to what the Fed thinks. Economic growth will look like what we'll see from inflation in their view and then the dot plot which will tell us the consensus of how many cuts to expect. And I wouldn't be surprised to see a dot plot with just two cuts tomorrow particularly given the data flows we've seen. So we're just about seven minutes away from the open we do see S&P futures rising up to the gamma flip level that my SPX options visualizer is calculated. We were in negative gambit territory a bit there. Let's see how this goes. This can be an area of potential interaction with the market. We can zoom out a little bit and see some of the key levels that my SPX options visualizer has shown. We can see also there's decent rest liquidity at that put wall where there wasn't support. Let's see how that trades after the catch open with an ASAC here on screen. We do see a little bit of rebound from the pre market lows. Remember we did see a lot more pressure earlier this morning around 8.30 and we're up a good 60 points from those lows. So we're seeing a little bit of strength ahead of the open. We'll see how well that goes during trading day. We'll have to look at the first 20 minutes to really get a better sense. I'm sorry about the audio issues folks. I'll work on that after the screen. That's an issue I'll work out as soon as possible. So we're just about five minutes away from the opening bell and I think I solved that echo issue. My apologies for that. I did not realize that OBS decided to play around with my audio settings without my permission. So that should be sorted and we'll just kind of take things from here and I got some reconfiguration to do on that. I did some updates. My NVIDIA drivers I think got a little fussy and when you're playing on Linux, you know, and you're dealing with flat packs and all that, I'll save you the technical details. But there was some mismatching on the back end which caused me to redo parts of my install. And so here we are and I take full responsibility for the inconvenience for that part. At any rate, we're back in business. We're going to dive around the market. We've got at least another half hour of me poking around on markets and talking about what I'm seeing with you all. So let's have some fun with this. Got the Russell on screen. The Russell just likes to chop around. It's really trying to figure out what it wants to do today. I think it's going to have a lot to do with rates as we get closer to the market open here. We'll be paying attention to what's going on in some of these more rate sensitive areas. You know, we've got the twos that we like to watch and the tens. We do see a bit of a rate relief happening in the twos here. That bid off the point of control providing just a little bit of a drop on short end rates. You've got a similar although less exciting move in the tens as well. There's a lot of absorption of sellers down there that led to a decent spike. Let's take a look at Crude. Crude at 83. Can you believe it? Geez, this thing has really been running. I've been talking about Crude for, well, a lot of this year because I felt like it had room to run. There's this key pivot of 76. 76 was the level that I thought was a line in the sand between sellers and buyers. And once we broke above it, I was looking for mid 80s and we're seeing that play out. And as I've been saying, I'm quite excited about energy stocks as well. I've been researching different companies in the energy industry. There's just a lot of charts that look like they're kind of primed for a bigger move. And so energy has been an area where I've been really interested in expressing long trades. Mostly in the stocks, not as much in the commodity because I feel like the stocks have more upside potential and they also have been showing relative strength versus the price of oil for such a long time. That for me, that's telling me there's smart money going in. I also see hedge funds dumping energy and just going long bonkers, long tech. And I'm a bit of a contrarian when I see areas of the market getting real crowded. I'm less likely to want to be extremely long there. I still have long tech exposure, particularly in areas of cybersecurity where there's been some opportunities, some of which I've been sharing on trade raid, some of the areas that I like. But suffice it to say, I'd really rather be in the less crowded parts of the market. And I do think we're seeing signs of inflation picking up. We see that in the price of oil. So there are reasons to look at some of these companies that could be beneficiaries of that re-acceleration environment, right? Especially if we see central banks starting to cut and firming up demand in an environment where there isn't enough supply of some of these things. So oil I continue to like here. On an intraday basis, it's still enjoying positive momentum as we can see. Let's take a look at gold. Gold has been settling. It did have quite an impressive run. It made new all-time highs. We saw lots and lots and lots of inflows into gold funds, into gold ETFs, into gold miners, into silver, call exposure, ETF buying. Both of those were really surging over the last several weeks and we're starting to see that sort of catch-up flow, right? That catch-up flow being folks that missed out, that don't want to stay on the sidelines anymore. So now they're buying as gold has been surging. And you know, make of that what you will. I think that it usually makes for an opportunity for a consolidation or a correction in time or price or both. So for gold, I'm still constructive, but I think that rising rates on the long end is something to be cautious of and Fed weeks tend to be bad for gold. Now, the market's opening as I've been rambling here. So we're going to go back to the S&P and just watch this open play out. We'll zoom in a little bit more on the microstructure here. We could see we got to pop right up to the point of control, seeing a little bit of resistance there. A lot of rebalancing happening this week. And I think that you've got folks that are also just lightening up a little bit. We did see, you know, pretty significant inflows into tech over the last couple of weeks. I wouldn't be too surprised if some folks are taking some profits. Also just being frank here, you know, I wasn't incredibly impressed with the NVIDIA conference. I thought it was a little bit lackluster. So wouldn't be too surprised if some of that froth comes out of the stock here. I mean, I will say the Blackwell GPU looks awesome. Like that, that is a step forward in technology, but it's not necessarily going to be something that changes the company's outlook in the here and now. Because it's not going to ship until later this year and there's still a huge backlog for each 100. So, you know, I temper my expectations and then your term for that particular company, at least for now. And we saw what happened with SMCI, you know, that had a pretty nasty day yesterday. It's having another nasty day today. So yesterday it was down like 7%, then aftermarket fell another 3%. It's down 10% today. Let's go take a look at what's going on specifically with some of those favorites. First with SMCI, wow, look at it all over the map. Let's take a look at the, see if we can get any of the pre-market loaded here, if it'll backfill it. Yeah, so pretty choppy trade overall in SMCI, starting to get a bid off the open here. We do see some resting liquidity really on either side. This one tends to be a pretty liquid trade or a lot of interest in it. And it's popping off those pre-market lows. I mean, this thing was down another 20 bucks earlier. It's not having a great day. Met a pretty choppy open for this one. And I imagine we'll probably see somewhat similar with NVIDIA. Yeah, pretty choppy, but a bid right off the open in NVIDIA, although it's still down. Stock is down about 1.34% here. And we do see more NVIDIA call buying coming in as well, which isn't terribly surprising. 900s and 950s for this Friday, about 420,000 in premium paid for those right off the bat, like at the first minute of the opening bell. Let's take a look at Amazon. Amazon's similar to look drop and then pop. Similar with Microsoft, though, came into this a little bit stronger. Apple's just, ugh, not having a great day over at Apple. Soon as the opening bell rang, this thing started selling. And this is a company that I feel like has kind of lost its way. First it was the self-driving car. Then we're getting rid of that. Then we're working on AI. Then we can't really sort that out. So we buy an AI startup, but partner with Google for their problematic Gemini AI to put it on iPhones. Just, you know, this was supposed to be an internal Apple innovation, their AI, their language learning models. We've been talking a lot about how they were working on this stuff. And yet it doesn't seem to really be playing out at least yet. We'll see what happens. But this is a company that struggled to increase revenue for quite a long time. It's more of a value than growth stock, maybe even a bit of a value trap in the short term. Google, pop and kind of a chunky drop there. We'll watch some of these tech stocks as we go on throughout the day. And Tesla, Tesla also up just a bit of a pop and drop. And lots of resting liquidity down here at 170. Let's look at the semis overall. Very choppy, like Nvidia and SMCI, they had that drop. Now they're popping now, starting to fade back down towards that point of control. And MicroStrategy continues to crash. This one was down like 16% yesterday. It's down another 12% today. Michael Saylor on TV promoting Bitcoin, but behind the scenes selling his shares in the company, sending some mixed messages. And of course the crypto space having a rather nasty unraveling today. All these cryptos under pressure Bitcoin now 63,000 and change. Ethereum 3200 and change quite a turn of events in that space as we get closer to the having. Let's take a look at the Nasdaq here. Nasdaq under pressure after the open here. We've been open for just over five minutes, about six minutes now. And Nasdaq looks like it may be set to test those lows already. Very volatile start to the day here. And remember, this is post-op X. So we do not have those supportive flows that typically come in and bid that first hour from the decay of SPX puts. So that does lead to more, I would say actual price discovery. Less buffering. So something to be aware of. And when we go back over to the S&P, we are still chopping around that gamma flip level. But right now, based on this naive models calculation, we are in negative gamma territory. Now we see that put wall down there at 51 85 with some resting liquidity on the bid. We also see a reasonable amount of resting liquidity on the offer up here just around 52 13. And as you can see between pre-market and post-market, the liquidity picture changes quite a bit in the book map heat map, doesn't it? And that's one of the things to be aware of too. When you're trading pre-market, you are not trading against a liquid order book. You're trading against an order book that can be prone to slippage, particularly in single stocks, but to some extent the futures as well. So it's just a matter of being a bit more careful if you get any kind of event fall catalysts that can really add to the sort of choppiness that you see. Like if you have CPI, you remember how that type of trade tends to go, right? You get like all the liquidity just disappears, the event happens, the data is released and we just chop all over the map for a bit until the market figures out what it wants to do. Trading those events is a lot like a coin toss. Unless you have some kind of edge or insider info, most people don't necessarily do well on those consistently. And, you know, to do well in trading consistently, you have to know why you're trading. What is your setup? What is your strategy? Going into CPI or another event volatility catalyst blind can be problematic. I use that as foreshadowing because tomorrow's a Fed. I know people have strong opinions one way or the other about what's going to happen. But does anyone know with any certainty outside of the people at the Fed and maybe some of the privileged few that are in their circle? Not really. So what's the use of putting on a very high conviction trade ahead of what may be a very volatile event? For me, it's I'd rather wait, see how the market reacts, parse the data and get a sense as to whether or not there's an opportunity. I think in the world of trading, we're best served by being patient and not taking every single trade that our impulses tell us to take and instead really having setups. So we are making new lows in the S&P futures here. NASDAQ futures clearly making pretty nasty new lows. And look at that. The Russell's popping. This is one of those deleveraging days, I suppose, where the crowded long trades in the NASDAQ are being sold as the crowded short trades in the Russell are being covered. You guys have seen me talk about this before on the stream and it is a rather common phenomenon on a day like this where you see this type of dichotomy. So it doesn't mean necessarily rotation. I wouldn't call this a rotation in the small caps and I'm saying that on the basis of positioning. I would call this more of short covering by hedge funds that use Russell as a macro product to balance out their crowded longs and tech. Let's take a look at gold. Gold falling here, finding a little bit of support around the point of control, zooming out. You could see there's a decent amount of resting liquidity at 2150 and 2166 on the book. Crude continuing to slam higher, although there are large resting bids below us. This really does look like it's got more momentum. You can see that conviction increasing, these larger positive delta bubbles showing that buyers are really taking control so far. Two year futures starting to roll over just a little bit after that nice move. We'll have to see how rates trade over the next couple of days here. It's going to be very important. The reaction, the rates market to the Fed, more important than the reaction, the equity market early on in my humble view because it kind of sets the tone, particularly on the two year. Ten year also giving just a little bit back. We'll zoom in a little more on the microstructure and euro. Let's see how the euro fared. I haven't really watched it this morning. So a bit of a pop, but overall overnight this thing was dropping. This is probably going to move quite a bit tomorrow if we get anything outside of what the market expects from the Fed. The euro is 70% of the US dollar index waiting. So it does matter quite a bit. You can take a look at the yen too. We got very interesting news from the Bank of Japan last night and I felt like the overall situation was not what the market was really 100% expecting. This idea that they're going to raise out of negative interest rate policy and go into basically zero, but possibly positive interest rate policy. They have a range of zero to 0.10. And they also said they were going to stop buying ETFs and the Bank of Japan is pretty much become the Japanese ETF market. So that was interesting. They said they're going to slow down corporate purchases. They're going to scrap any remnants of the yield curve control program. So this was like a pretty significant pivot. My partner Aisha wrote extensively about this on macro visor. So it's something to check out if you're more interested in what's happening over by the Bank of Japan counterintuitively. You got the yen down 1% today. The Nikkei was bit up about half a percent last night. Not exactly what people would have expected on that initial move, but also there were folks setting up into this. There were people getting along into the yen ahead of it. So it became a bit of a sell the news event. And Coco tempting new all-time highs this morning. We can't have a day where we don't talk about Coco. It's now trading at 83, 83 up 2.58%. Not quite taking out yesterday's high, but could be setting up for closing basis all-time highs. We'll see how that goes over there. Let's take a look at some of the popular stocks and video now just dropping. It had that drop, the pop. Now we're taking out those lows and we have a large resting bid at 850 on Nvidia. And we are starting to see in the unusual options activity scanner more activity on puts than calls. Not by much, but just a little bit. We'll be paying attention to that because of how decisive options can be for price discovery in these markets. SMCI also making new lows just bouncing gently off those lows. And Meta stair stepping down. This is a very clear downtrend microstructure in Meta. There was an attempt by buyers to absorb selling pressure earlier. It lasted for just a little while, but then we started to see lower highs, lower lows, and that has become the more dominant theme for this stock. So, you know, tech overall not looking so great today. Meta was one of the former leaders this year. Amazon stable, but just sort of very, very volatile trade. Microsoft similar look to Meta in the sense that it does look like it's downwardly trending, maybe starting consolidation now. We do have a very large resting bid below us at 415 and Apple just continues to look pretty bad here. 173 seems to be an area to watch very closely to see if this large resting bid acts as support or if we just get pulled right under. There is another large resting bid around 172. A lot of this has to do with the way market makers are positioning themselves to hedge for some of the options flows that are happening in these stocks as well. And we're starting to see that negative, that put flow continue to exceed the flow of calls even more in those unusual options. And this is for puts in Tesla, spy, triple Q, Microsoft, TLT, Nvidia and some of these others, including Coinbase, which should surprise no one. Mara, Coinbase, MicroStrategy, all those Bitcoin peripheral stocks getting slammed today with crypto. Google also having a rather difficult day after yesterday's pop on the news that Apple would be partnering with them amid the AI conference from Nvidia. There was a lot of excitement. Now we're seeing this turn the other way. And Tesla just shedding more. We got right through that 170 level and we see resting liquidity building at 169 and 168. Let's go all the way back here. We can see now we're kind of stabilizing after making those new lows in the S&P, but overall markets have kind of a negative look here. Now we're not where we were overnight quite yet, but that is a key level to watch right just around that put wall. And so we're seeing sellers pull down that plenty of control. There's a lot more volume. There's a lot more interest in these lower levels. That is also a bit of a bearish look as we get into the trading day. And the Nasdaq has seen heavy selling and really not a lot of absorption by buyers overall. There's just lots of high delta selling happening overall. So Nasdaq tends to be the momentum leader. The momentum is leading us downward right now. Let's take a quick look at oil just pulling back a little bit, but we see interest building in this contract. And it's hard to get away from the fact that, you know, I still feel like this year if the Fed does cut, they're making a policy mistake. You can see it in the price of copper. You can see it in the price of oil. You can see it in some of these softs. For example, like Coco, I know that it's in related to environmental factors, but we're still pivoting towards demand creation by lowering rates. And I don't think we're in a situation where there's enough supply, particularly on the raw material side to fulfill that demand creation should it manifest. So just something to take into consideration. And again, this is not like bearish. It just depends on where you want to express your view of bullishness in the market. What do I mean? So from a swing trade basis, I'd be more excited about energy, materials, industrials and utilities in this type of an environment because in that regime, they benefit. Let's go back to the S&P here chopping along here below the point of control. We are starting to see options activity now coming in with the SPX options visualizer, which is going to be pretty interesting today. We are probably going to see some of those hedging flows in the put. So we see this most active put contract down here at what will be ES 5165. And we have the warm put, which is the second most active put contract, about 924 trading here, just around 5200 ES. These are SPX options. And what I'm doing is every minute I'm querying the flows and the positioning and I'm refactoring that into bookmap. So it's an add-on that I created that's in the bookmap marketplace that all it really focuses on is positioning and flows. And then it calculates things like the gamma flip level and also the volatility trigger call walls, put walls and so forth. And so this can help because if you're in bookmap already, you're seeing resting liquidity on the bid and the offer and you can get a sense as to where there's convergences. Where there are important levels, both in terms of where people want to buy or sell and where there's options positioning and flow. To me, it adds a little bit more, I'd say, clarity to where there's interest in price. There's no magical formula, but this is the closest thing, a combination of bookmap and this SPX options visualizer to having some level of cheat codes for the market. And of course, on any kind of training session, things can vary. So that's why you look for convergences to get a better sense as to whether these levels really matter. Like for example, gamma 2, we can see there's also a lot of interest right here. There's a large overall resting offer just below. So that gives me a little sense that this is an important level of positioning similar with the put wall where you do have some resting bids and then earlier this session pre market. We also saw that as a level of support for the market, right? So you just contextualize this as, you know, instead of using maybe Fibonacci or Bollinger bands or other things that are sort of extrapolations that are in some ways, you know, mathematical, but in other ways, a bit of guesswork. We can go with actual levels of expressed interest to try to find where we may want to exit and a big tip here. I don't go for the exact level because you never know when you're going to get a move where you just kind of get right next to it and then run away. So I back tested this and what I found is getting about, you know, one and a half, two handles away significantly improves my fill rate on getting in and out of these trades based on these resting liquidity levels. And options levels, particularly where there are convergences. And that would have, for example, given us the opportunity to get out of a short trade just above that put wall pre market. If we're looking at that as a level of support, we could say, OK, well, if we set our bid at like, you know, one and a half handles or two handles above there, we would have gotten filled, right? Because we don't need to be greedy. We don't need to get the exact level. What we want is to have more successful trades and to keep that system moving. So that's how I that's how I look at that, right? I don't I don't necessarily need the exact level hit. In fact, I don't even want that. I want to be inside the range and just right above levels of support, right below levels of resistance, because that improves my ability to execute. It improves the consistency and success rate of my trading. I know that seems maybe slightly counterintuitive, but I think with the way I explained it, it makes sense, right? But if folks have questions, please do let me know. And seeing a little bit of a pop here in S&P. It's been a pretty choppy trading environment so far this morning. Pre market and cash session. Not a lot of decisiveness. We are now within that 20 minute opening range. So we'll get a sense as to whether we're going to make a break in either direction. I've clearly defined the top and bottom of that range here. And typically I would be ending the stream in about seven minutes. But because we got a bit of a late start due to some technical issues, I will be going on a bit longer. Hi, Narav. I'm not sure exactly what you're asking. Could you tell me a little bit more about what you're asking? All right, let's take a look around here. NASDAQ also showing some recovery. You can see that conviction coming in with some of that higher Delta buying some some real aggression off. The lows still below the point of control and view app here. And we see resting liquidity actually building below more than above. So this may be just a temporary reprieve. Russell giving back some of those gains from earlier, but still above levels where it was pre-market at least for the moment. And gold continuing to enjoy a bit of a chop choppy trading session here. Again, thinking this looks like it's going to consolidate for a bit. Nvidia finding a bit of support at that 850 level where there's an enormous bid. That's really the largest resting liquidity level anywhere near pricing on the contract. So not too surprising that you would see a bounce there. That's kind of the auction telling you we can't fill that bid. So we're going to move the opposite way at least for now. So that can be helpful if you know you're trading this thing again. The way I look at it for something like this is if I was fading this move in Nvidia, I'd be taking my profits above this level, not at the level. Now we did get to the level, but you don't always get there. Sometimes you'll get a bounce and you'll just move clean away from it and you won't get that fill. So again, to kind of increase the ability for me to get fills to get in and out to be a bit more agile. I'll take my trades exits a little bit above those resting bids, a little bit below those resting offers, to prove the chance of getting my fills. Basically I'm getting ahead in line if you think about the way that that works. I'm taking a little bit of haircut on my profit, but I'm getting ahead in line and I'm proving the probability of getting my order filled. Now we can see SMCI on screen here also having a bit of a difficult day. This stock was crushed yesterday, you know, even when the Nvidia conference was going on. There really wasn't any excitement here. I do think competition is emerging for this company too. The Dell's and the HP Enterprises and other integrators that can ostensibly make all the same equipment because SMCI is not a semiconductor company. It's an integrator, right? So they just take hardware from other folks and they put it together and they sell it. Nothing stops Dell and HP Enterprise and other companies from doing the exact same thing and eroding their market share. And that is happening. We've already seen interest from those companies in building out the same sort of AI compute nodes and blade servers and, you know, rack systems. So I think that's part of what's happening in SMCI. The other part is it's a bit of a sell the news story. It's in the S&P now. Someone always does something, right? This thing was bit of aggressively shares and calls before it was included in the S&P. Now that it has been, it's a bit of a sell the news story overall. Let's take a look at Meta. Meta stabilizing, trading around 486. Really a bit of a reversal in Meta so far off of those lows around 945 AM. We'll be paying attention to this one. This was another one of those sort of AI peripheral stocks. Meta trying to get into a different area, kind of failing in the Metaverse, changing their namesake, their stock symbol, getting very excited about virtual reality. And that really went all of nowhere. Even changing the name of how they refer to their employees, they became Metamates, which personally I find quite cringe. If you said you're going to call me a Metamate, I'd say I'm looking for a new job. That's just me. But now they've pivoted to AI very significantly. And some of the stuff they're doing is kind of cool. They've also been a big buyer of NVIDIA hardware, you know, talking about filling up their data centers. With the H100s and eventually probably the B100s of the Blackwell chip that was just announced last night. So I think that this is a stock that has enjoyed a huge run. It's probably gotten a little bit frothy here. We still have yet to see how AI is going to supercharge Meta's core business. But market has certainly priced in aggressively this idea that there's going to be a lot of growth moving forward. We'll see whether that ends up being the case. But for the purposes of today, a bit of a stabilization off of those lows here. In terms of options flows, we are still seeing more unusual negative flows outpacing that a positive interest inputs in Adobe, NVIDIA, Tesla, Triple Cube, Microsoft, TLT, IWM kind of dominating it, of course, coin. And on the call buying side, Marvell, NVIDIA, Netflix, KRE, SMCI, AMD. That's where we're seeing most of the interest in call buying. Amazon, nice recovery off the low on this one. And we are actually seeing of all the Mag7 stocks that are getting institutional inflows. Amazon is one of the leaders. There may be outflows from some of these other stocks, but Amazon continues to see inflows. I think this has a lot to do with excitement surrounding their cloud, but also that management has done everything they can to ratchet up fees and cut costs. If you're an Amazon customer, you've probably noticed this. You can't return stuff as easily as you used to. Your shipments may be coming a little later. They may be coming in less packaging. You're also hearing sellers grumble about their fees going up significantly. There's a lot of things that are changing behind the scenes at Amazon so they can maximize their profitability. And they're kind of leaning into the idea that people are, even though they might grumble, even though they might not be happy about some of these changes that they're still going to stay with the platform. And so far, overall, management has been right about that. Microsoft also having a nice little recovery off its lows. You can see just between 940, 945, a lot of these things started to bottom out and push higher. Apple even, you know, and look at this. This is another one where it got right above that resting bid and then pop. This is why I talk about I don't want my bid. If I'm covering a short, for example, or if I'm trying to get long on something like this, I don't want it to be at the level where the market's showing the most interest. I want it to be just right above. So in stocks, obviously it's going to be a different scale. You know, I was talking about futures, maybe like a handle or two. In stocks, it's going to be like 50 cents a dollar, depending on the stock. And in some cases, like you can see an Apple here, you could even have given yourself a 20 cent buffer and been just fine on that fill. Apple now climbing back up to this large level of resting offer at 175. It is top of the hour, 10 a.m. Typically I end the stream here, but I'm going to stay on just a little bit longer because I got started later today. And we've got Google on screen. Google's actually starting to try to follow some of its tech brethren higher here, getting a bit of a bit off of those lows. And even Tesla, even though, well, Tesla shedding 170, first of all, that's kind of important to contextualize this because it doesn't look great over there. This thing has had a pretty rough day, but it's getting a tiny little pop. But of all these mag stocks, this one's continuing to look quite weak. And then here's micro strategy, just getting a bit of a bit off of those lows. But, you know, the crypto space is pretty precarious here. I don't know that I would really want to be playing around in it too much. And here we are back in the S&P. We are seeing that microstructure change. We went from that downtrend to an uptrend. You could see higher lows, higher highs becoming a bit of a theme. Let's see where the most interest in this is. The 5240 level in ES, translated from SPX, that's where the most interest is in is in calls right now. But we can also see that that interest in calls and inputs is relatively even. There is more on the call side, but it's relatively even. So I think, Nirav, you're talking about high frequency algorithms used in the NASDAQ. By institutional traders. So my thought on that is that, you know, there's a variety of different market participants that have different algorithms in terms of how they're going to trade the market, what kind of strategies they're going to employ. My thought on that is that, you know, there's a variety of different market participants that have different algorithms in terms of how they're going to trade the market, what kind of strategies they're going to employ. So, you know, there's a convergence, right? There's momentum algos. There's algos that are for hedging in real time. There's algos that are event-driven that are trading based on headlines. There's algos that are trying to arbitrage differences in like triple Q and NQ or in a basket of stocks. So there's so many different algorithms that trade the NASDAQ, is there a specific kind of algorithm that you're more interested in? We do see the NASDAQ here speaking of which now pushing into this point of control. We do see some more aggression by buyers here. We'll zoom in a little bit on the microstructure just so we can see what all is going on here. How they operate, okay. So, most of these algorithms are hosted at the exchange or in New Jersey right across, you know, from the exchange or in Chicago, you know, right across from CME or in CME depending on whether they're trading stocks or futures, you know, and what they're trying to do is minimize latency, first of all. So their physical proximity is very, very close. They're basically able to kind of front run everyone else. And there's a variety of different types of algos that work in those markets, right? So you've also got market maker algorithms that are hedging exposure in real time. Maybe they're, you know, selling triple Q options and hedging that in the triple Q ETF or the NQ futures. So I would say that in terms of how they operate they're automated trading. They have pre-coded entries and exits based on different parameters, different conditions. Like for example, you might have a news driven algo and they weight different headlines on levels of positivity or levels of negativity. If you get a very heavy negative headline they're inclined to sell futures positioning into that headline. Just like if you get a very positive headline they're inclined to buy futures positioning into that headline. So those are sort of those event driven algos. Those are wildly inaccurate by the way. A lot of the time they misread headlines and then the human managers of those algorithms have to come in and kind of correct what they're doing. Other algos you have could be driven by, you know, momentum. Like for example, now we're starting to see positive momentum coming into this market. If we look at the NASDAQ, we're gonna zoom back out here and just look at this as a 20, or like really if we look at that 20 minute opening range, you know, we're starting to get a sense here that we've have a really large range in the NASDAQ today. Some of those algos are gonna look for a pierce above or below that opening range for a potential trend day to decide their positioning as well on an automated basis. So the biggest thing to understand about algos is they're a big part of this market. They're like 70, 80% of volume exchanging in options, they're even higher. Like in SPX, it's like 90% of zero DTE flow is driven by algos. They're on the other side of a lot of trades and that's one of the reasons it's important to kind of be aware that they can be a little erratic particularly during days where there's not a lot of liquidity. So the biggest thing that I would say, you know, for folks that are trying to learn more about how these algos affect the market is to go around, look at some of the research that's out there, like you can go to scholar.google.com. They have all kinds of academic papers. They talk more about high frequency trading. They talk more about algorithmic trading. I could do like a two hour presentation on this stuff but it would have to be very, very contextually specific to what kind of algorithms we're talking about. So I hope that's at least helpful as a starting point. And Tim, I've written a lot about how SPX options influence the market on Traderade. So if you go to traderade.com, click on the feed link and then click on the educational category. You can find a lot of articles and many of them that I've written about SPX options will give you a better sense as to how options influence the market. And then if you check out the link that Alois sent to you, that gives you a better, broader description. And then there's also a lot of resources, right? So if you buy the visualizer or if you go to traderade.com and you look at the pinned post about the SPX options visualizer, if you scroll all the way down, you'll see in that pinned post on Traderade and I'll just share it in the link in the chat room here on YouTube. If you check out that post, there's a bunch of resources that go into more detail about how this all ties together. So I'll share that link for you all in here. Just scroll all the way down to the bottom and you can see the resources that I shared there as well. All right, so let's take a look at the S&P here. We're gonna just zoom this in a bit. And if we're looking at this, whether we're looking at a 20 minute opening range or a 30 minute opening range, we really haven't gotten any sign of directionality here. It's not a very big opening range for the S&P either. So we could have a bit of a chop fest today. That wouldn't be terribly surprising ahead of the Fed. I think some of these flows that we had earlier today, we're hedging flows. I was talking about that earlier on in the stream that during that first hour, probably see some hedging flows ahead of tomorrow. Hi, Darren, could you tell me a little bit more about what you're talking about in terms of reviewing stock suggestions in a book map call? I mean, we can look at intraday liquidity but in terms of like, is it worth getting into a swing trade on one of these stocks? I'd probably wanna zoom out a little bit more on a day-to-day and week-to-week chart. But we can take a look at Lunar inside book map today and see what's going on in this thing. I'm just gonna take off micro strategy because I'm rocking 20 symbols inside book map. So I gotta take something out to put something in. So let's load Lunar up and let's do a backfill on the data here. Let's say two hours and let me just clean up the chart a little bit. All right, so here's Lunar on screen. What were we looking for specifically on this one? Gotcha. What volume is telling us about Lunar? And okay, so this is Intuitive Machines. This is the company that recently landed a pod on the moon and then it kind of flipped over. So it wasn't the best that so it had this big pop and a drop after the excitement faded. Not a terribly expensive stock just looking at the fundamentals here. I know that's a little outside of the scope, but on the other side of it, it's not a company that is really making money either operating margin of negative 182% leverage free cashflow of negative 31 million. So I'd be a little cautious. It is a speculative stock. I think this was a de-spack. That's why there's so much volume around that $10 level. And I've been very cautious of SPACs. They often don't have happy endings here, but you look at the last two quarters of earnings, they did beat pretty handsomely. So we'll see how it goes. But yeah, for this stock, I don't have a strong opinion on it. I have to admit I have not been following it closely. I would say the market has some views about $4 and $5. There's a lot of resting liquidity at those levels, not quite as much above us here. So not as much interest in higher prices until we get to what, about 7.25 or so. I don't know if there's so much of a story in the volume in book map. I think if I pull it up in TradingView and take a look at the volume profile, there might be more of a story in that volume profile. I'll take a look at that. Yeah, so if I look at it in TradingView, I'll just pop this on screen so everyone can see what I'm seeing because that's the most helpful way to do it. Yeah, so you can see here, we're kind of stuck at the point of control. This is where auction participants, you look at the market as kind of like a three-way auction, excess demand, excess supply and balance. You can see we're right at the area where there's the most interest in this stock, okay? So what that's telling you is that this can kind of get stuck here for a while. This is between like 6.30 all the way down to like five bucks. There's just a huge amount of interest. You could also see at the bottom of the value range, that's kind of where this bottomed out recently after that drawdown. So you could probably say, okay, there's a decent amount of support around 4.41. That was an area of low volume nodes. That was an area where the stock had to kind of make a decision. Was it going to be rebid? Was this going to be kind of a fake look below or we were going to get back to this much lower volume node, right? Around two to three bucks. Well, market made its decision at least at that point, push this thing higher up to the 20-day moving average and we see resistance there. So I'd say the point of control in the 20-day moving average are your obstacles overhead. You need to see this thing make a major push. And really, and I know it seems like it's a long way away, but the biggest area of decision is going to be right around this gap that happened here, right? Right around like 8.29. If this thing's really going to break out in a big way, it has to climb above there and build acceptance or transact and consolidate above that level. So for right now, I'd say we're kind of stuck in a volume node. And to your earlier question, how do I see interest in higher prices? Because when we go into book map and we look at resting liquidity, you can see offers, right? You can see these offers in the heat map on the current order book. And so that's where you see there's this interest in higher prices and lower prices based on these resting offers. So hopefully that's helpful to contextualize what's going on in Lunar. And this is why book map can be helpful because you can look at things on a longer timeframe and you can zoom in and see what's happening in the present time. And when I'm zooming out, I'm looking at where people had transacted. When I'm zooming in, I'm looking in where they're interested in transacting. Right? So you can see those convergences and get a better feel for things. All right, folks. So I'm going to close out the stream. I really appreciate everyone tuning in. I hope that this was informative to learn more about my work. Feel free to visit traderade.com. And we have a sale right now for 33% off your first month or quarter. Spring Swing is the coupon code, spring swing. You can find it pinned to the top of the Traderade account on Twitter. If you're interested in longer term investing, feel free to visit macrovisor.com or macro meets momentum. And that creates opportunity. And then finally, if you're interested in book map, you can get up to 40% off by visiting traderade.com slash book map. That's traderade.com slash book map. Scroll down to the specials. And finally, check out traderade.com slash SPX if you're interested in the SPX options visualizer. Thanks everyone for tuning in. I'll catch you next week, Tuesday at 9 a.m.