 Hello, everyone. Welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all Bookmap limited 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 involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also on Bookmap Discord, there's an options-dash-doug chat channel. That's a great place to post questions, comments and content related to the topics of my presentation and the topics of the channel which I'll go through in just a moment. Give me just a moment. I need to adjust my screen resolution on YouTube. Just a reminder, I am streaming at 1080p on YouTube. If you have any issues with screen resolution, you can change your settings on your YouTube stream. That's what I just did. So I'm watching on another computer and I can see the stream now at 1080p. All right, Bookmap Discord. Just a note about Bookmap Discord is free and available to everyone. Whether you subscribe to Bookmap or not, there's a lot of great content there, highly recommended. And of course, my channel is there as well. I'm also on to X, formerly known as Twitter. My name there is at Doug Pless. The focus of my presentation today and the focus of the options-dash-doug chat channel is options order flow, the impact of options markets on stocks and futures and the influence of market maker hedging flow on price action. 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 in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step of my process is execution. I look at real-time motor flow in Bookmap and real-time market maker hedging flow in SpotGamma Hero to confirm my thesis and for setups for injuries and exits. And when I talk about setups today, I will be talking about setups in an underlying asset and those setups can be taken any number of ways. For example, S&B 500 setups can be taken with ES futures, Smy shares, Smy options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the options-doug chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. Alright, here's my agenda for today, Friday, December 1st. First of all, I want to go over news items, economic data, and events to wrap up the week. Then I'll go through my positional analysis. Then I'll talk about setups earlier today and then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I will be glad to do that. Alright, let's get started with news items. So there were a couple of news items today, one economic data and one event. So first of all, the economic data at 10am, the ISM manufacturing PMI data came out. Let's just take a look at ES Futures and Bookmap to see the reaction. So initially there was a bullish reaction. That data came in in line, or less than expected, and also less than 50 but in line with the previous number. And then at 11am, much more importantly, Jerome Powell was speaking and the market interpreted that as bullish. So here's the reaction to the 10am PMI data. Initially bullish, SMB500 found a resistance at the SPI 457 level. I'll go through these levels in more detail in just a minute. And then Jerome Powell started speaking at 11am and overall net the reaction was very bullish. Kicking off a pretty strong rally up to the SPX 4600 call wall. Alright, so again I'll go through these levels in more detail in just a minute. So that was the news. On a Monday I'll talk about the news upcoming for the next couple of weeks. And note today, for some reason I guess maybe because of the holiday last week, the jobs report did not come out today. That's normally on the first Friday of the month at 8.30am Eastern time. That will be next Friday, December 8th, the jobs report next Friday. Alright, let's start with positional analysis now. I'm going to start with the SP500. And before I take a closer look at this chart, I want to take a look at a larger time frame. I'm going to go to a chart of the SPX. This is a 30-day one-hour chart in thinkorswim. First of all, I want to point out the key turning points on this chart. And this is the start of the rally, current rally. This was October 30th. On the Friday before, traders were loading up on puts concerned about weekend risk. And then on Monday, price started to move higher, implied volatility dropped. Market makers could buy back their short hedges. This was a very put-dominated, negative gamma. Market makers' position on the game curve was very negative gamma. And that means that traders were long puts, market makers were short puts, as price increased, implied volatility drops, market makers' delta notional dropped, and they could sell their short futures, buy back their short future hedges. So during this time, this negative gamma started to shift to positive gamma. The next turning point here is the November 14th, CPI data that came in much better than expected. And since then, the rally has continued with slower in a positive gamma environment, but has continued to move higher. With longer periods of consolidation, again, more typical of a positive gamma environment. So a shift from a very negative gamma environment to now a positive gamma environment. I'll talk more about that in a few minutes. All right, so those are the turning points. Let me point out some levels on this chart. And actually, I'm going to zoom in just a little bit. So we can see the current price and levels a little bit more clearly. So first of all, the dash purple lines, this one may be hard to see, are showing the lower and upper weekly expected move. It's based on the options market. I update that once a week. It does not change during the week. Then the dash blue lines are showing the lower and upper daily expected move. And that's also based on the options market that changes every day. That's based on the expected move at the close of the previous day. And note SPX has traded above its upper daily expected move, now trading lower. So those are the daily and weekly expected moves. There are also spot gamma levels on this chart. These are proprietary spot gamma levels provided to spot gamma subscribers provided on a variety of platforms. Again, this is thinkorswim. I'm going to point out the key daily levels. First of all, here's the put wall at 4400, back where it was two days ago. There was kind of an odd shift up to 4530 yesterday. And that was kind of an anomaly based on the lack of call gamma at that 4530 level. But put wall is back to 4500. So it did shift lower, but I don't really, I consider yesterday more of an anomaly. Alright, so that is the put wall. That's the strike with largest net negative gamma that can be expected to act as support. The next level up is 4500. That's the absolute gamma strike. That's the strike with largest absolute negative and positive gamma. So that's where most of the gamma weighted open interest is concentrated. The next level up is the volatility trigger at 4545. And that is spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. At a negative gamma environment, they have to trade with price to edge their delta exposure. And that tends to enhance or increase volatility when market makers are trading with price in both directions. On the other hand, above that level, like SBX is trading now, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to edge their delta exposure in both directions. And that tends to subdue or decrease volatility. And then finally, the call wall is at 4600. That's the strike with the largest net positive gamma that can be expected to act as resistance. So the range is potential floor at 4400 put wall and then the potential ceiling at the 4600 call wall and in between the 4500 level being the level with the largest amount of absolute, largest absolute gamma, largest amount of gamma weighted open interest. All right, those are the key daily levels. Now let's take a look at a shorter time frame chart. Just so we can see the levels and play for today. This is an SPX one day one minute chart. Note SPX trading above the volatility trigger at 4,545. Here's the call wall at 4,600. Price did not quite make it up there before our reversing lower. Also the upper daily expected move. SPX traded up above that level. Now maybe acting as resistance. Note also this that the SPX was making slightly higher lows before drone pile began to speak. So a slight bullish tilt to the SPX before drone pile began speaking. Here's the reaction to the 10 a.m. PMI data. And drone pile, the initial reaction was bearish moving down and then shifted to bullish. All right, let's take a look at book map now. So in book map, I have my own cloud notes. So I can show SPX levels. So here's the 4,600 call wall. That's SPX 4,600. Note there is a difference in price between ES and SPX. And today it's around eight points. That's what I'm using. So ES minus SPX equals eight. So I'm showing SPX 4,600 at ES 4,608. I also have SPI levels on this chart. So here's the SPI 456, large gamma 2 level. Note that volume was clustered around that level this morning. Price oscillating up and down around that level. That was kind of the launching point for the move higher at 11 a.m. Notice the session volume profile here shown on the far right column showing most of the volume today concentrated around that level. The purple line is also showing the point of control also just above that level. All right, so those are the most important levels for today. The 456 level for SPI and then the 4,600 call wall. The SPI call wall is just above the SPX call wall. All right, shifts and levels for the SP500. I mentioned the put wall for SPX really shifted back to a more normal level. And then for the volatility trigger, it shifted slightly lower to 45,45 today. All right, for SPI, the volatility trigger also shifted lower. And then the put wall also shifted lower to 450. So kind of a more, I typically expect these levels to be like put wall, call wall, absolute gamma strike at the round number levels like the zeros and the fives. All right, so overall you could potentially interpret those shifts lower for the SP500 and slightly bearish. All right, let's take a look at NASDAQ now. And, you know, of course, that's all considering positioning yesterday before Jerome Powell spoke today. All right, let's take a look at NASDAQ now. This is the NQ futures and book map. And before I take a closer look at this chart, I want to isolate first of all QQQ levels. I'm going to go to a one day, one minute chart for QQQ and note the, let me point out a couple levels and play for today. Here's the volatility trigger. QQQ briefly traded below that level and now is trading above. Above that is the 386 zero gamma level initially acted as resistance. And now price trading above that level. And now price looks like may have found resistance around the 390 level. And 390 is the absolute gamma strike. So that level for QQQ is back in play. All right, let's take a look at NDX now. So NDX below price. This is the call wall absolute gamma strike at 15,280, 15,825. I'm sorry, 15,825 as the absolute gamma strike and the call wall. And then here NDX moved back up to the 16,000 level that has been in play for a while. Trend break. And then the 16,000 level actually that combo level just below that. Then acting as resistance with a retest of that level. Let's go to NASDAQ now in QFutures and book map. Again, I have my own cloud notes. So I can show QQQ levels, NDX levels. And then the round number levels for or the big zeros in the 50s for NQ. So here's the 16,000 level NDX 16,000. And there is a difference in price between NQ and NDX. That moves around quite a bit during the day. I'm using 34. So NQ minus NDX equals 34. That's what I'm using today. And then there's the QQQ 390 level. Also the QQQ 388 and the 387 volatility trigger also in play. Mainly as a launching point for the rally after Jerome Powell began speaking. Alright, there were just minor shifts in levels for the NASDAQ. First of all, the volatility trigger for NDX shifted slightly higher. And then the volatility trigger for QQQ shifted slightly lower. So really overall today, kind of minor shifts in levels, mostly in the volatility triggers. And I'll talk about setups in a few minutes. So as Zari mentions, spot gold hits all-time highs. Anything on the GLD ETF. Well, I'll take a look at that. I'll make a note of it and we'll take a look at GLD. Alright, so based on this, actually, sorry, let me get to... First of all, we need to take a look at Gamma Notional to see how market makers were positioned on the Gamma Curve at the beginning of the day. This is information that's updated once daily. It's available in the Spot Gamma AM Founders Note. I'm going to take a look at a little portion of this data here. This is the Gamma Notional. This is market makers position on the Gamma Curve at the beginning of the day for SPX, SPY, NDX, QQQ, RUT, and IWM. So the SP500, NASDAQ 100, and the Russell 2000. Note all these numbers are positive. For an index, Spot Gamma assumes that traders in a positive Gamma position, traders are short calls, market makers long calls. So they have to trade against price to hedge their delta exposure, and that tends to subdue or decrease volatility. So again, all these numbers are negative. A positive, sorry, a positive in a positive Gamma environment, and some shifted higher. All the numbers actually shifted higher, more positive, or in the case of SPY from negative to positive, except for QQQ, which shifted lower but is still positive. All right, so back to positive Gamma across the board. Let's take a look at the VANA model to get a graphical representation of what that means. So this is the SPX VANA model. What this chart is showing is market makers delta notional on the vertical axis and the spot price for SPX on the horizontal axis. There are two curves on this chart. The first, the light gray curve, shows how market makers delta notional may change with changes in price only. The purple curve adds implied volatility to the equation. That shows how market makers delta notional may change with changes in price and implied volatility. And that change in delta with a change in implied volatility is the VANA effect. VANA is the second order Greek. And the purple curve is the one that we want to take a look at. All right, so let's check on current price. For SPX, right around $45.87, somewhere between these two lines, right at the bottom of the curve. So that's showing there's no, at this point at the bottom of the curve, there's really no VANA headwind or tailwind. Now price starts to move, price continues to move up. Market makers will need to sell futures to hedge their delta exposure. On the other hand, if price starts to drop, market makers will need to sell futures to hedge their delta exposure. Remember, market makers always want to remain delta neutral. Their job is to make markets and manage their risk. All right, so in this case, not much of a VANA headwind or tailwind. Note this V shaped curve is very typical of a positive gamma environment. Let's take a look at SPY. SPY currently trading around $458. Also near the bottom of the curve. So market makers, according to this, will have to sell futures if price drops. Or price increases. Finally, let's take a look at QQQ. QQQ trading around $389. Also close to the bottom of the curve earlier today. Let me check on, let's go back to the daily chart for QQQ. So the bottom was close to $386. No price of the day. So at this point, there has been, there's $386. So a little bit of a VANA tailwind. And remember, gamma notional for QQQ was $41.5, so just slightly positive. So as QQQ has risen today, that indicates that market makers can buy back short futures. So they're trading in the direction of price. And that tends to help, that provides a tailwind for price. All right, let's take a look at some setups now. And I'm going to start by looking at what options traders have been doing. And I'm going to start here. I'm going to talk about the ESP500. We can take a look at the hero signal for the ESP500. ESP500, but this Magnificent 7 has really provided the clue for the move higher today. So let me just explain what this chart is showing. So first of all, this is the hero signal. Hero is hedging impact real-time options. This is available to SpotGamma subscribers. So what we've looked at so far, other than the bookmap charts, has been static data. SpotGamma obtains data from the OCC that is the open interest. They apply their own algorithms to come up with the levels and data that we have been looking at. So that is static data, updated once a day. And this is real-time data. So this is showing market makers, this is showing options trades and market maker hedging activity for a combined signal of SPX, SPY, XSP, and ES futures. Again, all into one combined signal. So the white line on this chart is the SPY price for SPX and the purple line is the hero signal. Again, and that is showing options trades for all those instruments, market maker hedging activity. A rising purple line indicates traders are taking positive delta positions. Let's zoom in on this chart. I'm going to zoom in just so I'm showing the signals from the cash open, which is right here at 9.30 a.m. Eastern time. So what this is showing is just a couple of minutes after 11, the hero signal shifted higher, really just confirming price, indicating traders were taking positive delta positions. So notice they started, so initially they were buying puts. That actually led to a small short set up in the morning starting around 9 a.m. turned out to be not significant compared to the move higher. So right around 11 a.m. traders started buying calls and they started selling puts. Notice the orange line and the blue line moving in the same direction. That's a very powerful signal, powerful directional signal. Notice this large kind of a block order here, big call buyer. It may be just a few trades, large trades. Let me zoom back out. So after that initial thrust higher, it looks like call buyers were really driving price. Notice how as SPX approaches the 4,600 call wall, the call buyers take their foot off the gas. Then around 12.45, 1 o'clock, they start selling calls, now price moving lower. So call buyers really driving price higher. Slowly at first, large block order coming in and then aggressive call buyers moving price up to the 4,600 call wall. Now it looks like the call buyers may be coming in again. Alright, that is the SP500. Alright, another signal worth taking a look at is this Magnificent 7. This is another combined signal, in this case combining the options trades, market maker hedging activity for the stocks known as the Magnificent 7, Apple, Amazon, Google, Meta, Microsoft, NVIDIA and Tesla, and these stocks make up a very large part of both the SP500 and NASDAQ. So this is a very important signal, it can often provide a leading indication of price. So taking a look at this closely, the hero signal starts to rise around 10.30 before Jerome Powell began speaking. Then it starts to move sharply, wrong tool, starts to move sharply higher after Jerome Powell began speaking. And notice that this combined index for those 7 stocks began to move higher before 11 a.m. So this was actually kind of a leading signal for this move higher. Let's just see what traders were doing. So right around 10.30 they start selling puts, buying a few calls. Then that activity accelerates both the blue line and orange line start moving higher. Note orange for calls, rising orange line indicates traders are buying calls. When traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. And again, just like the SP500, they took the foot off the gas right around the same time as the SP500, taking negative delta positions and price moves lower. Let's go take a look at book map now. And we'll take a look at the setups in both the NASDAQ and SP500. Let's start with SP500. Since the Magnificent 7 signal is a very strong signal for both the SP500 and NASDAQ, let's zoom in. Notice that the, and I pointed this out on the SPX chart, was starting to make higher lows. Initial move down when Jerome Powell began speaking, a retest of this cluster of levels here. This is the SPY 456 pointing control with a dark purple line and then also VWAP, the light blue line. So that cluster of levels, a launching point for the move higher and a very steady mechanical uptrend began with the price targets, I guess the ambitious price targets above the, well, let's see the upper daily expected move, some consolidation of that area. Then the next level up is the 4600 call wall and then above that is the SPY 460 call wall. Let's just check on VIX. Let's go to take a look at today. So VIX was already moving lower before Jerome Powell began to speak at 11. Now rising again overall down slightly for the day, still at very low level, 12.71. Let's take a look at the 10-year. So the 10-year started to move lower, 10 a.m. with the PMI data and then continued that move lower when Jerome Powell began speaking and continues to move lower. This is the 10-year yield. This is the, again, the 10-year note and the yield for the 10-year note now down to 4.22. So a little bit better clue than VIX or additional confirmation of the move. And reading order flow here, the volume dots show market buy minus sell. The magenta dots indicate more sellers than buyers. That's volume delta. Green dots indicate more buyers than sellers. So this retest of this cluster of levels, aggressive buyers start to come in. The dark blue line showing cumulative volume delta increasing. Rising blue line, cumulative volume delta increasing. Also the rising yellow line showing buy stop orders help to feel the move higher. That's very typical. Also this, these on-chart indicators, small green dots indicating buy stop orders fueling the move higher. Notice that large traders are selling the strength with iceberg orders that's shown by this falling light blue line. Alright, that's the SB 500. And Sandman, yes, this is recorded. It should be available on the Bookmap YouTube channel very shortly after my presentation ends. Alright, NASDAQ, very similar setup. Again, we looked at the Magnificent 7 chart being a primary signal for NASDAQ. 10.30 a.m. traders started taking positive delta positions net. And all of those stocks, Magnificent 7 stocks and price moves higher. In this case the launching point for the move was also very similar. Actually, I'm looking at, let's go to NASDAQ, sorry about that. So the launching point for the move higher was the QQQ 387 level and the NQ 15900 level. And noted in this case the rising light blue line was showing that large traders were initially buying the move higher with iceberg orders they used to hide their size. And it took a little while for the aggressive buyers to come in. Note the sharp move higher in the cumulative volume delta and all the green volume dots coming in just after 11.30. I thought the read in the SB 500 ES futures was a little bit easier than the read here in NASDAQ. Alright, let's take a look at some stocks. So the first stock I want to take a look at is Apple. So Apple's been bullish all day and started making higher lows, 10, 10.30, a couple of tests at the 190 level. Let's see what options traders were doing in Apple. So for Apple 190 is the key gamma strike. Let's zoom in on this. Separate outputs and calls. So this is pretty clearly showing that call buyers have been driving price action in Apple. Notice all the flow alerts here indicating significant options activity with the sharp move higher in the call line. So the put line, it's almost flat. Notional value is negative indicating traders are buying puts. The call buyers much more aggressive. When traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. So call buyers clearly driving price higher in Apple today. Let's go back to book map. 190 key gamma strike. Good entry point for long. Not a lot of movement in Apple. Pretty typical, but retested the 190 level and also VWAP. Shown by the light blue line there. That's Apple. Let's take a look at Microsoft. So Microsoft's struggling a little bit today. Let's go take a look at Hero. See what options traders have been doing in Microsoft. So Apple starting the uptrend before Jerome Powell began speaking. Now let's take a look at Microsoft. Separate outputs and calls. This large, this straight vertical line indicates a large institutional block order. Makes the hero signal a little bit different. Makes it a little bit difficult to read. So what I'm going to do is I'm going to zoom just a little bit until that doesn't help. So anyway, net. It was...let's zoom out a little bit. So we're just looking at the first 90 minutes of data or so here. Let's just compare. Notional value. Negative 103 compared to positive 12. So traders were buying calls. Also buying puts, put buyers more aggressive. Especially with this large institutional block order. Helping to drive price lower in Microsoft. So just the opposite of the calls when traders buy puts. Market makers sell the puts. And they have to sell stock to hedge their delta exposure. And so does Ari says, Jerome Powell getting ready to speak again. Alright, so we'll take a look at that in just a moment. Alright, so that's Microsoft going the opposite direction of Apple. Let's go back to BookMap. Alright, so now Microsoft struggling to move up after that start move lower. Let's take a look at Nvidia. So it looks like dip buyers coming in on Nvidia. Initially pretty weak in the morning. Let me make these volume dots a little bigger. Let's go take a look at Book Hero and see what options traders have been doing in Nvidia. Up and down. So initially setting up a short. Note the flow alerts there. Setting up this short. And then 1030. Again 30 minutes before Jerome Powell began speaking. Traders started taking positive delta positions. And price started to move higher. So the dip buyers coming in just before 1030. So initial short. As price reversed at the 470 key gamma strike. We'll take a look at that in BookMap in just a minute. So traders were initially started selling calls that shown by the falling. Falling orange line then started buying puts. And then right around 1015 they stopped buying puts. Started selling puts. And then 1030 they stopped. Stopped selling calls. That was enough to get the price to move higher. So they're selling puts. Stopped selling calls. Then maybe 30 minutes later they started buying calls. And price continued to higher. Let's go back to BookMap. And here's that. Early reversal lower. Right below the 470 strike. Note all the green volume dots here. A lot of aggressive buyers. A lot of traders taking advantage of this weakness in NVIDIA to buy stock. Alright let's take a look at one other stock. Tesla had its Cybertruck event yesterday afternoon. And mostly a bullish reaction to that. Notice again all the green volume dots. A lot of aggressive buyers. Let's take a look at HERO. See what options traders have been doing in Tesla. So pretty much bullish hedging flow in Tesla all day. And just right around the same time as everything else. Options traders took their foot off the gas. Let's zoom in on this. So in this case around 120. Options traders finally took their foot off the gas. Now price is moving lower. Up until then HERO was pretty much steadily trending higher. As well as price. So they up until 115, 120. They were buying calls and selling puts. So the blue line, put line, and the orange line, called line. Both moving in the same direction. Very powerful directional signal. And then just before 130. They start moving lower in the same direction. So instead of a swinging up and down that 130 reversal lower. It looks like it's continuing so far. Alright so that's Tesla. Let's go back to book map. So Tesla reversed at the 240 level. Let's just go back to HERO. So 240 is the key gamma strike. Acting as resistance. Back to book map. No double liquidity at that level. This is the cash open right here. So there were a lot of sellers. That's what the heat map is showing here in book map. A history of the limit orders in the order book. And orders above price indicate limit. Sell orders. That liquidity often acts as a magnet for price. Price made it up to that level. And then started reverse lower. Trend line breaks. Price makes a lower high. As options traders take their foot off the gas. Alright. Sorry I wanted to see GLD. Let's take a look at that. So bullish day in GLD. Decent notional value for GLD. Let's see what traders are doing. So they're buying calls. So traders are buying calls in GLD. Looks like they may have taken their foot off the gas. So again when traders buy calls, market makers sell the calls. And they have to buy stock or buy the underlying. Whatever it is to hedge their delta exposure. Maserati wants to take a look at upstart. Oops I thought that had been fixed. That auto zoom. So there you go. Bullish. Traders are buying calls. Showing by the rising orange line. So very pretty good move. In UPST. Looks like from 26 up to over 31 today. Very nice move. In UPST. Note the very timely flow alert here. If you were watching this stock. So Maserati says calls went up 45,000%. Yeah I can believe it. Yeah if you bought a call in upstart today. Obviously doing pretty well. So traders are really. The last few days have been. Seems like they've been rotating out of. The magnificent seven. Into a lot of other areas of the market that are doing well. All right. Thanks slow to Zari and. Maserati for these suggestions both. Both looking good today. All right. Let's circle back. IWM also. We can take a look at that. So the hedging flow for IWM. Has shifted negative. Right around 12 o'clock this. Large block order institutional order there. Taking negative delta positions. As IWM has approached its. It's 185 call wall. Check the SB 500. Now options traders starting to take. Positive delta positions again. In the SB 500. Here we're starting to shift up. Let's go take a look at book map looks like the. SPX not responding so far. Let's go take a look at book map. So he has back to its upper daily expected move. Check NASDAQ. All right. NASDAQ also is trying to move higher. Let's check the what the magnificent seven. All right. Slow Zari mentions Amazon. All right. So slow Zari says Amazon. In space X deal. Excuse me. So. I'll have to look at that. That could be interesting. So space X of course. Is Elon Musk. I guess space exploration company. And then Amazon has blue origin. So I'll take a look at that so far. Not a lot of response in Amazon. And toss and ask what's your interpretation of divergence. And hero signals. Between IWM. And spy S&P 500. Or is it common to see I don't look at IWM every day. So. I really can't say I look at. Both the S&P 500 and NASDAQ every day. All right. Thank you. Thanks for posting that news. All right. So as far as the divergence in hero signals. Between IWM S&P 500. Again I can't answer that. For sure. I don't look at IWM every day. I think. IWM is not necessarily. As strongly driven. By options trades. As. Of the S&P 500 and NASDAQ. Let's go back to the S&P 500. And let's check the hero signal for the magnificent seven. So what I check. The primary signals that I check. First of all the S&P 500. Showing the combined signal for S&P X, spy X, S&P. And ES futures. Magnificent seven. Again that combined signal. For those seven stocks. And then the NASDAQ. Which is combining. NDX and QQQ. Into one signal. All right. Slow Desiree post the news. Amazon signed contract with space X. For three Falcon 9 launches. Okay. Interesting. Thank you. Thanks for posting that. All right. Last call for stocks. My time is up. Book map. All right everyone. My time is up. I want to thank you very much for watching. Thank you for your questions and comments. Stock suggestions. Have a great weekend. And I will see you on Monday. All right. Caleb with a late request for Meta. We'll take a look in book map. And bullish afternoon here for Meta. Coming back to it. Looks like it's close to its opening print. All right. I'm going to wrap it up. Thank you very much. And again have a great weekend. And I will see you on Monday. Bye.