 Good morning. Good morning. Good morning. How's everyone doing out there this fine Tuesday? I hope everyone's had a good trading week and a lovely Thanksgiving break to all those who celebrated. It is 9 a.m. on Tuesday, so you know what that means. It's time for me to stream the open and I'm doing so in partnership with book map. We're gonna talk a little bit about a pretty exciting opportunity that they have going on right now, but first a little bit more about me. My name is Marketson mayhem. You probably know me from Twitter or YouTube or other places like trader aid and macro visor I'm an experienced trader and investor. I started in 2005. I navigated my way through the great financial crisis which got me really interested in how all the financial plumbing comes together and I work at trader aid and macro visor so at trader aid we focus on education and we focus on providing actionable insights and at macro visor we focus on tying the big-picture themes into investable and tradable ideas. So check those both out. You can actually get 30% off on trader aid right now. If you visit the website and use the code book map 30 at checkout and we also have one day left at our 30% off macro visor Black Friday sale. So visit macro visor.com slash upgrade and you can take advantage of that. Now I'm going to quickly go through the fine print and then we're going to talk about that exciting opportunity that book map has going on right now. All book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Trading futures equities and digital currencies involve substantial risk of loss and it's not suitable for all investors. Past performance is not necessarily indicative of future results. So now that we've gotten through everyone's favorite part of the stream for those that are still with me book map is running a Black Friday sale. You can take advantage by visiting trader aid.com slash book map. This offer is ending today so it's a good time to check it out. You can get also 60% off of some of the plans like digital plus global or global plus monthly by using the coupon B M B F 6 0 percentage sign off. That's B M B F 6 0 percentage sign off. And again the landing page is trader aid dot com slash book map. So today coming into this market the heat map is a bit of a mixed picture. This is from Finviz. I really like using this website just to get a broader overview of what's going on in the futures market. It tends to be a pretty helpful resource. And so what we're seeing coming into today is a little bit of strength in oil. It seems and we'll get into the charts here. It seems like it might be getting to an area where we could see a little bit of a short term bottom. We'll have to see what the price action tells us there. We're also obviously keeping a close eye on equities. Little bit of softness in the S&P this morning. It's off the lows that are printed on screen here. The cash implied open right now for SPX is 45 43. There's about seven handles below where we would see that really important level of options positioning. We're also looking at notes and bonds a little bit of softness this morning though yesterday's auctions were actually overall pretty good. So we have another seven year auction today with results posting after 1pm. That'll be pretty important to the market important to remember to with bond auctions right now. They've actually been a larger mover of equity prices than non-farm payrolls. So we're starting to see the market pay a lot more attention to what's happening in rates. And these auctions are an important part of that rate setting process giving us a sense of supply and demand. And so we're now starting to see that really play a bigger role. All right. So let's go ahead and take a look here at a factor comparison. This is value versus growth. And it's interesting to see this because we do see some signs that value is really starting to come back and perform. And to me that's actually pretty encouraging because what that tells us is some of these areas of the market where there's companies that are producing strong free cash flow. Where there's opportunities of companies that have been beaten down haven't participated in this year's rally. Like if you look at the S&P in glorious 493 the average of them this year is up about three and a half percent. An equal weight similarly underperforming so are small caps. We think there's opportunities in value. So this is an area that we're continuing to look at and seeing relative strength give us some validation of that is helpful. Next up we have the NAMO oscillator. This is the NASDAQ oscillator. We're really looking here at performance in terms of breadth and momentum. And we can see it rolling over just a little bit of late as we see in the markets just a little bit softer. And I think that tells us that you know we may be getting a little bit exhausted positioning in the NASDAQ is very very long right now. And that's another issue that I think that we need to just keep in the back of our minds that positioning in this index in the futures has been pretty stretched lately. And that could have an impact on the total amount of upside that we could expect from here without it taking a breather doesn't mean it necessarily has to go down but at least sideways long enough to get some of the momentum players out of being so long in their positions. We do see retail also quite bullish here in terms of double A double I this is the highest level of retail bullishness that we've seen since summer. So we are back into those levels of potential euphoria something to think about something to keep an eye on as we get a sense as to how flows are impacting positioning those flows really start from a place of sentiment. So we'll be watching this measure but we're getting closer to a point where I would say people are very very bold up they're happy to buy risk. And we've seen that then translate into positioning becoming stretched as we can see here from this chart from Goldman Sachs we're now back into stretched territory which we haven't seen again since summer. Right. So this is something that we want to keep an eye on just as a sense of you know where things could go over a longer time frame. We are seeing some of the major allocators get a little bit more stretched here and global equity fund flows have also been pretty solidly positive. Another sign that we are seeing just all rush back into risk something that I think bears watching here just from the standpoint of wanting to get a sense as to where this may be going. We may be again getting closer to a point of exhaustion doesn't mean that it's imminent but it does mean it's time to put on the yellow flags in terms of upside from here after such a big move and such a short period of time. Testing. All right. Just wanted to test my mic there real quick seems OK. So moving on to the next area here we have CTA positioning in US equities. This has gotten to the highest levels that we've seen since 2014. And so this does imply if there is a major change in momentum that this could roll over pretty meaningfully. And that would add to selling pressure to equity. So just another thing to add to that theme that maybe we're just a little bit stretched here. And when we look at managed money positioning here for the NAI M number this is another area where it is starting to get a bit stretched is it's closing in on 80 which it's not the highest levels we've seen in 2023. They were actually above 100. But it is high enough to raise an eyebrow because these guys have been selling the dip and buying the rip to the point where it does start to question what happens if the market turns the other way. And a bunch of their positions go underwater. Are they going to be like CTAs and add to that momentum selling. So again another bit of a cautionary flag there. And this is dealer positioning in the VIX. They're very short VIX exposure here because on the other side of it there's a lot of folks that are long vol as a cheap hedge. Right. As one of the event volatility hedges with everything going on and equities rallying as much as they have one way firms can increase buying power or at least hedge the value at risk that they have is gaining some exposure to long VIX via calls via short puts by index futures or otherwise. So dealers are quite short the VIX here. That does mean if we have a really big turn in the other direction we could see some fireworks there. I do think vol is cheap. The other reason I think vol is cheap is you can see there's a decent gap here between the VIX and the Bofa move index. And that doesn't necessarily mean the VIX has to move higher but often is the case that rates lead volatility. So it would make more sense to see VIX move higher than rate vol move lower. But we'll have to keep a close eye on the bond market. And in particular these auctions that we're seeing like today's seven year just after one p.m. We also have the price of gold which has been very resilient compared to rates on screen. We have gold in light blue 10 year real yields in darker blue. And the difference there is is quite stark. It does suggest that the relative strength in gold is rather impressive. But it also says there is some degree of appreciating risk here. If the catalyst for gold moving higher aren't able to keep these flows coming in that could put the metal at greater risk. And we have seen an interesting development. We are going to see GLD the ETF along with a number of others like USO, UNG, SLV, TLT. They're all going to have zero DTE options. More expertise are going to be added. That has net net been a compressor of all and overall supportive of price. We'll see if it has a similar effect on these other ETFs. But at least interesting to note that will change some of the dynamics of gold price discovery within GLD. But GLD also, they aren't just going and buying and selling futures based on positioning. They're actually more slow moving, acquiring physical and selling physical based on positioning. So it may not have the same impact in the gold market that say SPY and QQQ ETF zero DTE options have on the underlying indices. This is another chart that's pretty interesting. This is looking at small cap value versus growth and there has been continuation here. We do believe that's a theme that's set to continue looking at options here. We have some pretty important levels to just put on your radar for this week. 4600 is a wall of calls. You can see it as a largest level of positioning above us on SPX on that chart on the left. You're welcome to screenshot this if it's helpful to your trading. Then we've got 4550 that level where just about six handles below as we approach the open just about 17 minutes away here. And we're calling that a vol trigger. We are below it. If we get more, if we push further below it, I believe that will set off some more selling pressure. And then we have 4497 as our naive models gamma flip calculated level. That means that we're currently in positive gamut territory by about a percent. That implies that dealers are buying dips and selling rips in a hedging flow that compresses volatility. If we move below that gamma flip level, we do start to get more and more into territory where that reverses and it becomes dealers selling dips and buying rips, which actually can increase volatility. So it's something to just keep an eye on and be aware of these levels. And then finally there's a pretty decent wall of puts down there at 4400. That could act as support if we see a meaningful about 3% retrace. So these are levels that we calculate. They're updated every minute on the trader aid website and on our discord and they're available through our bot gur on the discord as well. And it can be helpful to be aware of this as well as the zero DTE positioning, which we also track and have charts for as well. And we have that information inside of book map for our members as well. So looking at ES here, we can see we're kind of at a decision point. It does look a little bit like buyers got a little exhausted. You can see relative strength peaked up here. It's rolling over a little bit from that peak of just above 70. We also got to a pretty key level of resistance and we're seeing price roll over there. This had been support prior. It had been resistance prior. So that's why we're qualifying this level as we are. So I see this as a key pivot area. If we're able to push above 4566, I think we've got room to run higher by about another 60 points or so. So that would be a decent point to look for longs. On the other side of it, if we're just going to keep on this trajectory and it seems like as we approach the open, we're seeing a little bit of selling pressure. There's no reason we can't retrace down to 4492 50, maybe taking a breather around this point of control on the way. So right now I don't have a very strong directional feel. I'm going to let the opening and really the first 20 minutes give me a better sense as to what this market wants to do today. Because we have some pretty key levels right near where if we push above, we could unlock some pretty robust buying. At the same time, this 4550 SPX level, because of the amount of options positioning there, it has been like a magnet keeps pulling price back towards it. So I don't want to get too married to the idea that we're going to have a big directional move in either way until we move farther away. And I'd say eight handles plus building some acceptance would get us that. So maybe today's open, we start to see that kind of move below that vault trigger and we get pulled down to the point of control and possibly lower. But let's keep an open mind as we navigate this market. Because I think one of the most important things that has really caught a lot of people off guard this year is how much the market can move or just not do anything at all. There's no reason to get too excited and amped up about having to take a trade. I really like to look for when risk is much more guarded than reward where there's much more favorable odds so that I can have a more systematic approach. I'm not taking as many trades. I'm not paying as much commission. I'm really going for the higher probability setups, particularly as it pertains to day trading. I don't want to just sit around my screen all day. I'd rather look for a trade or two or three and then that's it for my day trades and I'm focusing much more on my swings and my research. Yeah, I saw someone said in the YouTube. Thank you for your hard work. You're welcome. Thank you for tuning into this stream. Really appreciate it. Now we're going to look at the NASDAQ here and Q futures contract on the front month for December. Similar picture is the S&P. So this is another one where I still need to see a little more upside before I say we're ready for that next leg up. But that next leg up could take us back to those late 2022 highs if it does materialize. At the same time, we saw some pretty big resistance around the same time we're getting oversold and rolling that condition off a little bit with this weakness. We see the breadth in the NASDAQ declining a bit and so there is some possibility we get continuation lower. But basically the way I look at the NASDAQ is over 16 0 33 25. We've got some room higher and under 15 9 21 75. We've got some chunky room lower. I don't want to take a position in the chop zone that we're in right now. So I'm looking for price to tell me where it wants to go so I can get into that higher probability trade. Right. Let's let the bigger institutions do the work for us as smaller traders. There's really no reason for us to get in front of a freight train, especially if we don't know with certainty which way it looks like it wants to move. So I like to try to look for these decision points and then where the market goes. Am I going to miss a little bit of the move? Sure. Am I going to have a much higher probability trade set up that it works in my favor? Yes. So there's a cost to pay, but that cost ends up being worth it over time because over time you're going to have better consistency, better discipline, and you're not going to get into some of these trades that can eat you alive. Good morning trading for a living. So the next one we have is the 10 year futures. Right. These are the rates that everyone watches so closely. Mortgages are keyed off of them. We hear about them on the news constantly. The yield curve is often look at twos versus 10. So it's a very important contract to watch. And this is another one that's in a decision area. I would say it's more likely to continue its way upward to the point of control based on momentum. It does look pretty constructive here. It's not super overbought or anything like that, but we are at an area of resistance. So we just have to be mindful of this 109015 level. Pushing above it definitely gives us some more room for prices in the 10 year note futures to move higher, which again means rates moving lower. Right. There's that inverse relationship. I want to explain that to some folks, you know, aren't 100% aware of that. And so just be aware that when bond prices move higher rates move lower, when rates move lower, it's good for equities, particularly the more rate sensitive ones. You look at the longer duration risk, the tech, the growth, the biotech, things like that tend to like those lower rates. And when we look at crude here, this one is looking like maybe it wants to give us at least a countertrend pop. This level that we're pinging around right now just above 75 is pretty important. We are seeing a bit of a better bid on this this morning. So I would just be keeping an eye on this one for the chance that it starts to get re-bid and maybe moves back up to that 77 and change level if it can hold. But this is consolidating. This is not a reversal. A reversal would be a decisive move above 78, getting us through that low volume node and giving us the potential for some continuation to 80. So I'm thinking crude is more of the potential for it to kind of retrace, ping in this range, maybe give us a sense as to whether it has enough gusto to move higher. I believe we're going to have some OPEC talks remotely this week. Maybe we'll get some news of broader cuts. If we do, that could be a positive catalyst for this black gold as it's called. And then we've got gold itself, which really of all the charts that I have shown today, this one looks the most constructive in terms of clear directionality. Gold looks like it wants to move higher and it looks like it wants to move back to around 2080. So gold is supported by this backdrop of a falling dollar. My partner Aisha posted a great chart on Twitter talking about how November has been the worst month for the dollar in a year, really since the prior November. Maybe there's some negative dollar seasonality playing out. Nevertheless, a falling dollar and falling rates are great for gold. Even with the backdrop of geopolitical tensions simmering, they're not as high as they were, gold is still catching a bit. We still, however, need to be aware that real rates are much, much higher than where that correlation with gold says they should be. So either real rates need to fall or the price of gold needs to fall. One or the other for that correlation to remain. And it's a pretty key and important correlation. There are deviations from it, but the catalysts for that are typically these exogenous risks of which we're starting to see them fade into the background a little bit. So with gold constructive on this one, it's pretty clear it wants to move higher. Maybe we get another 60 points out of it. And then if I was long this thing from here, I'd be stopping out below 2013 because that would be the level where I'd look at it going back into that consolidation range and not really having much energy behind it. So that's all of the charts I have. We're going to now dive into book map. And we've got a bunch of different instruments that we're going to be looking at today. Right now we have on screen crude, which has bounced. As we're talking about when we're looking at the levels on the chart earlier, that was just trading below 75. We bumped up about 60 cents, so almost a percent off those lows. Looking a little bit more chipper buyers have pulled this point of control for that contract, just about 65 cents higher, 70 cents higher. So that's also a little bit bullish, but let's see if we can build some momentum here, particularly after the cash open. Gold this morning is looking pretty strong. It is continuing that appetite for further upside. We do see some decent liquidity above us, which does suggest that there is some more room for that to act as a magnet kind of pull price higher. 2030 seems like a decent level to look at in the very short term here. We've got the ZN contract. This is those 10 year note futures that I was talking about. This is a pretty important part of the market to watch closely in my opinion, because what you're really seeing here is how the world is trading the most important benchmark interest rate contract. It's a very liquid contract, too. You've got just about 450,000 contracts on the book. That's much more liquid than all of the other contracts I have on my screen put together. So it takes a lot to move this thing, and that's one of the reasons it's important to watch how it moves, particularly how it moves when it's reacting to key data points, right? So we do have some data coming in this morning. We had the home price index that came in at 9am, little stronger than expected for the month over month, a year over year reading, a little weaker than expected. Now we have consumer confidence coming up at 10am. That's going to be the most important data point of the day, but just after that we've got Richmond manufacturing. I know everyone loves having a constant parade of Fed speakers. So today is going to be another day that you'll celebrate because we've got one, two, three, four Fed speakers and somehow five speeches with Bar speaking twice. That party or those festivities start at 10am, then 10.05, 10.45, 10.05, and 3.30. And again, we have a seven year auction just after 1pm. So it's a day full of fun. Before the open here, we've got the Nasdaq on screen. It's just chopping sideways a bit overall. I would be looking for this thing to make that push again. We've got some of those levels marked off on the charts, but we're going to be looking for this thing to make that push above 16.050 to get a better feel for more upside from here. But near term also would just like to see it above that point of control and view app to give a sense that very near term buyers have gained an advantage. And then everyone's favorite contract, the S&P 500. We've got this on screen on the right side of the screen. You'll notice we've got our trader aid options level tool. This actually goes through 10,000 contracts on SPX, calculates all the key options levels. It also looks real time during the day at the most active calls and puts. So this is from yesterday's levels and it inputs that. So we get a better sense of near term directionality in these charts and it's built right into book map. Now it's not available on the book map marketplace yet. We'll be working with them on that. But for now it is available exclusively to trader aid members as our on our discord as a part of our stream. So that just plugs right in to book map giving us a better sense. You can see also how important this can be to some of the levels of resting equity. Once the market opens, you can kind of see where the dealer market maker algos are putting in these offers around some of these key levels as well. So before the open the S&P looks a little more constructive than the NASDAQ got just over three minutes left before the open here. So we'll be watching that first 20 minute period to really get a sense of the opening range and whether or not we get any kind of trend day out of this or if it's just more sideways chop. And remember 4550 is going to be the key level on SPX that we're watching really closely. That's a level that there's so much options options positioning there that moving above it would be very constructive for price continuing to move lower would also potentially trigger more volatility. So when we're looking at that here that's going to be it's going to be about a 10 point delta basically to ES. So yes it'll be about 10 points higher than that. So we'll be looking at like we'll call it 4559 on ES and 4550 on SPX. So you can see we're below that level that is actually a level where there's a decent amount of resting equity above us at 4560 got 225 contracts up there. And we're just less than two minutes outside the open. If anyone has any questions about anything feel free to reach out on the discord. Tag me in or on the book map chat. I'm sorry on the book map YouTube chat just over one minute from the open here getting a little bit of a bid just as we're about 20 seconds before the open opening bell here. Now these really really early flows where you see all this chop. I know some folks just want to get right in. They feel like they're going to miss something if they don't. Honestly from a statistical perspective it's better to sit and watch and see what the institutions really want to do. If they're more constructive or if they're more you know distributive about their flows. So the idea of FOMO for a trader is often what's going to burn you out and hurt you. It's much better to be disciplined and look for the probabilities to be in your favor before taking a trade in either direction. NASDAQ bigger pop than the S&P on that open lot of volatility in this contract here. I like to call it the beta machine because of how it trades like this. It tends to lead the S&P. So it's always interesting when you see these divergences. Let's see what we end up having happen here. We do see some more liquidity below in S&P than above as we test VWAP and the point of control here. Got some unusual sweeps in Apple options here just out of the open as well. About $120,000 paid for the 190s expiring this Friday. Once again kind of choppy price action to start the day here. A bit of a continuation of yesterday's feel about two minutes post open here so far. NASDAQ looking more constructive than the S&P overall. Rates have a bit of a bid which is good. We do want to see rates moving lower if we're going to get constructive on equities here. Gold continuing to be bid as well pulling up to that 2030 level we talked about earlier. Liquidity there actually building and oil retreating just a little bit here but overall consolidating. Seeing some Tesla 245 calls coming in for this Friday $52,000 in premium paid for those. Those are relatively aggressive sweep. So far we've got that in Apple. We've got a little bit going into IWM as well but since it's an index it's not nearly as noteworthy. NASDAQ retracing some of that earlier strength here. Again the theme being more chopped than certainty of directionality. We do have some chunky liquidity building below us here in the NASDAQ worth watching that. And the S&P seems to be trying to really put in these, like we can see buyers getting more aggressive around that point of control defending that. Maybe trying to put in a bottom there. But at the same time there is a decent amount of liquidity below us here. Pretty chunky band of it. So similar to the NASDAQ we'll want to keep an eye on that. And as we approach that 10 a.m. release of consumer confidence that's going to be another thing where the market probably pulls back a bunch of that liquidity minutes beforehand before that event. And then we get a better decision about directionality right after it. So that's another kind of event volatility catalyst that can change the trajectory of price discovery. It's something important to watch. So let's take a look at what the expectations are. We're looking at 101 for the forecast, the prior reading of 102.6. So a strong variation away from forecast is what unsettles the market one way or the other. And so that's what we'd want to watch for at 10 a.m. We also get Richmond manufacturing. That's expected to come in at one previous reading was three. So just above contraction, but that's not nearly as consequential. Fed speakers, the market's going to start to pay attention to a little bit more here as we're closer to the Fed meeting. And we've seen more data come out since the last meeting. We are seeing a bit of a retracement here from S&P heading towards that pocket of resting bids below us. Cash price 45.43. So we're just kind of retesting that pre open low here. Sure, someone asked me to open the gold chart on the stream. Here's the gold chart. You can see there's a large resting offer here just around 2030. And there are a little bit more of that sort of liquidity pocket building up above us here, right? Here's two more resting offers. And gold is not a very liquid contract. Look at this 1.4,000 above 2000 below spot. So that were the book depth on gold is 3.4,000. So anytime you see these resting offers, particularly ones that are in the triple digits, that's significant. That's worth watching. And within the context of gold rising today, they may act as a bit of a magnet, particularly this 2030 zone. Oil's kind of continuing to chop sideways here, retracing a little bit of those gains that we saw pre market after the open. Several more Tesla calls sweeping in 240s and one 250 for this Friday, a total of about 194,000 in premium paid for these. And there's another 240 sweep on Tesla. So these are coming in. This is the sixth sweep this morning. And that was another 92,000 coming in. So quick check on that. That's about 420,000 in premium paid for the Tesla 240s, 245s and 250s to expire this Friday so far this morning. Y'all can probably see what I mean about the chop, though. It's not like we're seeing any real decisiveness here yet. And so that's what's got me sitting on the sidelines for right now, waiting for a good opportunity if one should arise. And just watching what's happening with the news, with the flows, with some of the options activity. So far, at least in the options market, things have looked more constructive. There's a lot more premium being paid for calls and puts in terms of unusual flows. So we would put that one in the corner of the potential for bullish price action, but we need a little bit more confirmation from price here. And we may need to have a little bit of a drop before we pop kind of, you know, situation if we're going to get that type of a move. We might need to push some stops out first. Rates are continuing to move lower. We can see that here on this chart of the 10 year note futures contract now crossing into 109. This was something we talked about in the pregame in my presentation. And we're seeing a little bit of that continuation. So I think this does open us up for lower rates just as we move throughout the day and potentially the week. That should be good for gold, although gold is retracing a little bit here. We saw that offer at 2030 pulled and it looks like that's now off the books. We did see the offer at 2035 grow a little bit and we also saw a 2028 offer come back. So we are looking at a little bit of shifting and positioning, or at least in the offers on gold so far. Long term, the chart still looks constructive like a breakout, but we just need to watch this type of movement intraday if one's trading it. And, you know, I would not want to be long this thing if we really cross below the point of control and build acceptance there. For now it still looks okay, but it's a little more tenuous. It has a similar kind of look. It's pushed below that point of control. It's testing VWAP. It's retracing some of that earlier strength. And S&P now continuing to move lower into this big area of liquidity we were talking about earlier. So it's starting to look more like this is a day to fade the market. I want to see a little bit more volume down here to get that sense. And I also would like to see the options market confirm that. Still very strong flows towards calls versus puts in terms of unusual flows, which tells me often sentiment for the market. So it's kind of like a confluence of two different parties that don't agree. You've got folks particularly in single stock calls expressing bullish views, but we can see pretty clearly in the futures market and in SPX options the opposite that there's a more bearish view. Seeing the market reject that liquidity there is very interesting and can potentially be bullish if we can get some continuation. You kind of have two scenarios play out with this resting liquidity. Either the market gets drawn towards it and these orders are filled, or the market runs away from it. And when you get that type of reversal, if there's decent continuation, that can be pretty constructive for a situation like this where you've got basically over a thousand contracts sitting below us and acting almost like support so far. Let's see how this goes. We are just less than 15 minutes away from consumer confidence. We've got some NVIDIA 500 calls coming through with a pretty aggressive sweep for this Friday. About 89,000 in premium paid for those. So far still seeing that rejection from filling those bids, liquidity moving up just a little bit here. And we're starting to see some offers above us. So this is looking a little more interesting. Let's see how we do at the point of control and view app, which have nearly converged. And let's take a quick look at the cousin, the NASDAQ here. It pushed below view app and point of control, but now we're actually seeing the opposite pushing above point of control and view app here. Don't see the same liquidity building above yet. We do see that pocket below. We didn't see that sort of clean rejection that we saw in the S&P either. So a bit of a different look here in the NASDAQ so far. Rates continuing to move lower. That's constructive for equities. Gold getting this nice bid here really just kissed the view app and now getting this nice bid. And guess who's back? Mr. 2030 offer after that vanishing act has come back and we see some increased liquidity at 2035 over here in oil land. Just a bit of chop here continuing that pattern. Let's get back to our friend, the S&P, as it looks like it wants to push above view app. Now remember, I'm still looking for a little more continuation above this 4550 level on SPX, which would be about 4560, 4559 on ES. It's right about where this gamma 2 level is. So I'd really like to see a push above this resting offer in this gamma 2 level to get a sense that we've got some real room for continuation. If we see that though, then I think it's time to take some longs into today's price action. Particularly if our 10am data doesn't ruin the party. There's that little bit of continuation we're looking for. Let's see if we can build on this. NASDAQ we also want to see that kind of lead the way. So far not really seeing the relative strength of the NASDAQ yet, but we'll give it some time. The volume there is at least healthy and the order book is getting just a little chunkier as well, which is good. So we're just over 10 minutes away from that data point. I also am wrapping up the stream at 10. You can always check it out again on YouTube, on Bookmap's YouTube page. Highly recommend checking that page out anyway. There's tons of great content learning more about this product where you can visualize liquidity in so many different instruments. I wouldn't trade without it and they do have an awesome Black Friday sale. You can check that out visiting Traderade.com slash Bookmap and you can get up to 50-60% off. There's also a coupon code. You can use B-M-B-F-6-0 percentage sign off. That's B-M-B-F-6-0 percentage sign off. If you like the work that we're doing over at Traderade and you want access to some of these tools like the options tools we have, where you can visualize, as you can see now, the most active put and call are now on screen for today. We have all this available on our Discord and get 30% off your first month by using the code Bookmap30 at checkout. And finally, if you're interested in the big picture view and longer-term investment ideas, check out Macrovisor. We've got a 30% off sale on your first month or year going on. It's actually going to end later today. So just zooming out on that most active put, that's going to be about 45-35 on ES levels and the most active call, 45-80 on ES levels. That asterisk on the right is telling us that this is also the most active contract in the entire SPX and that there's more puts being bought overall than calls. We are seeing some more flows coming in, some NVIDIA 480s and 485s, a little closer to the money there, but about 250,000 in those. And then some Microsoft calls, 380-5s, about 150,000, all these expiring this Friday. There's a lot of bullishness being expressed in single-stock options leading into this Friday so far this morning. S&P now making a round trip couldn't stay above that view app and point of control. And now we're getting close to that real big pocket of liquidity below us. So again, chop-chop all the way through. Maybe we're going to fill that liquidity this time. If we do, I think that's going to put the sellers in a better position here. We also want to watch to see if more liquidity builds below us. Let's see what the high beta cousin of the S&P, the NASDAQ, is doing a similar look here. So we'll be watching this pretty closely. Remember, we saw that put activity get a little heavier. That is helping to draw price down as well. And folks, I've got seven minutes left. So if you have any questions about anything, let me know. In the YouTube chat or on the Bookmap Discord, just tag me in on the Bookmap Discord. Use my name mayhem, Marketson mayhem, so that I'm able to see that. Because a lot of kind of stuff going on on screen and a lot of screen. So I seem to make sure that pops out to me. But I appreciate everyone tuning in. It really is a pleasure to stream for you all. I love the market. I love talking about finance and trading. And so it's always fun to have people that are interested to tune in and check out what's going on and compare notes and everything. And again, this is just my view on what's happening. It's my analysis. I'm looking at things from the way that I've been looking at them for about 18 years of trading. I hope it benefits you, but your style might be different than mine. We might have different timeframes. You might trade different position, different ideas of what our risk and reward is. So there's no one right way to trade. But hopefully at least the way I approach things and analyze things is helpful to the way that you trade. So once again, a little reflection off that liquidity. And you can see that that heat built up, right? It moved up, let's call it maybe about a half point or so. And now we're reflecting once again off of it. Very interesting price action so far. NASDAQ, not quite the same, just kind of languishing here, not really reflecting. And its liquidity is quite a bit lower when we look at it. We can see these resting bids. And you can see the NASDAQ now starting to make new lows here, post-cash open. So pushing towards that resting liquidity below us. And S&P chewing through the same. So we're kind of letting go of that idea of reflection as we start to chew through that liquidity here. It may end up being more like a magnet. We've got to keep our mind open to all possibilities as they play out and then adapt our trading plan accordingly. So so far this is looking more like the sellers are taking control. We do have data coming out in just about four minutes. That may change things. So I'm not inclined to take a position, but I am feeling more like fading this. And I want to see what the data reaction is and what the data is. The reaction I'm most interested in is what the rate markets tell us, particularly in that 10-year note futures contract, because that is likely to help to give us a sense as to where the NASDAQ may go. There's usually, and especially lately, a decent correlation between the two during times of ample and scarce liquidity. That's some more Nvidia sweeps coming through on those 480s. And S&P is making, looks like it wants to make new post-market open lows here, very close. Yeah, we're just about touching those now. But it chewed through this liquidity here. Now let's see if we get through this zone below us. That's going to set us up for a pretty nasty look ahead of that data if we do. And I am being asked to show gold on screen. So gold 202640 still have a large resting offer at 2030 and 2035. Just a bit of a retracement here. Still looking good overall, but this is something where we need to see it move into this 2030 area rather than push below VWAP and the point of control. If it gets below these levels, it's not looking quite as good. But if we can chew through this offer here, it's likely we'll keep pushing higher and we can see some more resting liquidity above there as well. Really keeping our friends on the bid waiting, you know, for quite a while before they get filled. It's a good thing they're patient. Let's see what else we have here. So now we're actually seeing a bit of a reversal. The hot call now is implied at 4570 ES and there's 6000 having traded, which exceeds that of the hot put. Now 7000. So that's giving us a little bit of a sense that now call buyers are starting to get a little bit more aggressive. Still the put call ratio favors puts. That's why there's a plus up here rather than an asterisk. So it just gives us a sense of market pressure implied by the hedging that will take place from dealers when they're buying these S&P futures for calls in excess of selling them for puts. That's why that indicator is helpful. And now we're just about a minute away from data. So at this point, really important to watch how the data drop is processed. Looking at the 10-year rate, the NASDAQ and the ES will give us a better idea of how the market is digesting this news. To see a bearish reaction, I think we need to chew through all this liquidity and continue to build acceptance lower. For a bullish reaction, we need to push through 4560 build acceptance and then start to move higher. So that's the way I would trade this, the sort of two sides to the book. It's not a very wide range that we've had at the opening. So this could be a pretty sleepy choppy day. We don't have any certainty of any trend in the first 20 minutes. So that kind of tells me that this might not be a day that's worth trading too much, at least as it pertains to equities. So I'll hang on for that data drop at 10. And then I'll pop off here just about a minute after that. Hope everyone enjoyed the stream. Check out the book map Black Friday Sale Traderade.com slash book map. You can also get 30% off Traderade with the code book map 30 at checkout just for the next couple days. And for a limited number of people and checkout macro visor.com. We got our Black Friday sale ending today 30% off your first month or year at macro visor.com. Data is coming out right now. Data came in at 102 for CB consumer confidence reaction. The rate market is muted. The reaction in the equity market is positive here so far. So let's see what we do. If we can get about 45, 60 and build acceptance, I think it's a buy. And if we take out this liquidity below us and build some acceptance around 45, 45 or so, I think it's a sell overall. But this could be a choppy low range day overall. Look out for that bond auction, the seven year notes at 1.01pm or so. You'll get the results from that. That might be the real market mover today. Until next week at 9am. I hope everyone has a great rest of your week and weekend ahead. I'll catch you soon.