 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the general disclosure. All Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. This 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 in Bookmap Discord, there's an options-Doug Chat channel that is a great place to post questions, comments, and content related to the topics of the channel, which I'll go over in just a moment. Then I'm also on X, formerly known as Twitter. My name there is at Doug Plus. And normally when I post on something on Twitter, I post it in Discord as well. In Bookmap Discord, Spot Gamma Discord, so multiple locations. The focus of my presentation and the focus of the options-Doug Chat channel in Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning. And I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step of my process is execution. I look at real-time order flow in Bookmap, real-time market maker hedging flow in Spot Gamma 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. My analysis is based on the options market and of course order flow as well, but setups can be taken any number of ways. For example, the S&P 500 can be, trades can be taken with the S futures, spy shares, spy options, SPX options, or even ES options. Those comments are welcome, and I will be watching both the options-dash-dug-chat channel and Discord as well as the chat and YouTube for your questions and comments, so please feel free to post. And hello, Derek. It's afternoon for me. Welcome. Glad you're here. My agenda for today, the items that I want to cover. First of all, news items, economic data and events for today as well as the rest of the week. And I'll go through my positional analysis, then I'll review some setups from this morning, and then I'll talk about 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. All right, so first of all, news items, economic data. There were several pieces of data released this morning. First of all, the ADP employment data came out at 8.15 a.m. Eastern Time, and that was much less than expected. So in this case, bad news was good news. So at least initially, the market interpreted that as bullish. And then PMI data came out, Services and Composite PMI data at 9.15, 9.45 and 10 a.m. Eastern Time, and that data was mostly in line, slightly greater than 50, indicating expansion. And then also, factory orders came out at 10 a.m., and that was greater than expected. So greater than 50, I believe. Anyway, greater than expected. All right, so that was data for today. And then on Friday, the employment report comes out. That's the big monthly employment report that comes out at Friday, the first Friday of the month at 8.30 a.m. Eastern Time. And that can be a pretty big market mover. All right, so that's the data for today and the rest of the week. All right, let's get started with positional analysis now. I'm going to start with the ESB 500. This is the ES Futures in Bookmap. 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 the ESPX. This is a 30-day one-hour chart for ESPX. Just showing price and key levels. I've highlighted the September 15th expiration. That was large, call-dominated expiration. And the downtrend began then and still really continues. Price is still making lower lows. All right, let me point out some key levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. And note that ESPX was testing that level earlier today, the lower weekly expected move. We'll take a closer look at that in just a moment. So that is the weekly expected move. That's based on the options market pricing in risk for a one-standard deviation move for the week. So 68% of the time, ESPX should trade within that range. All right, the dash blue lines are showing the lower and upper daily expected move. ESPX trading within that range as well. But up toward the earlier today, up toward the upper daily expected move. There are also some spot gamut levels on this chart. These are key, these are proprietary spot gamma levels provided to spot gamma subscribers. I'm going to point out the key daily levels. First of all, here's the put wall at 4,200. That's a strike with the largest net negative gamma that can be expected to act as support. And actually below that, rather odd to see the absolute gamma strike. That's a strike with the largest absolute gamma. We'll take a look at that closer in just a moment. That's at 4,000. So very unusual to see that level below the put wall. Typically the put wall is the lowest of the key daily levels. The call wall, which we'll take a look at in just a moment, is the highest of the key daily levels. So now the absolute gamma strike did move pretty significantly lower from 4,300 to 4,000 today. So above that, again, the 4,200 put wall expected to act as support. And then above that is the volatility trigger at 4,350. That is spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility both up and down. And then finally the call wall is at 4,450. That's a strike with the largest net positive gamma. And that can be expected to act as resistance. So those are the key daily levels. And the only level that shifted lower was the absolute gamma strike from 4,300 down to 4,000 today. So pretty bearish shift lower for that absolute gamma strike. All right, let's take a look at another SPX chart for today just to take a look at the levels that are in play for the day. I'll zoom out just a bit. So I have part of yesterday here showing a gradual uptrend that began right around 215 yesterday, shown by this yellow trend line, SPX traded below the lower weekly expected move. And that level stays the same for the entire week and gradually made a series of higher lows. And today traded above the lower weekly expected move, came close to testing it but never really did. And then up until maybe an hour or so ago, price was headed up toward the upper daily expected move. All right, so that is the SPX actually looking at two days worth of data there in a one-minute chart. And the only spot gamma level that's in play here shown here is this combo level at 4,251. There's also the 4,250 was noted as resistance and the spot gamma am founders note. All right, let's take a look at book map now. And I've zoomed pretty far out showing the European open here. Let's see, that's right around 3 a.m. Eastern time right about here. And this uptrend began then right around the European open. My steady uptrend, I'm going to zoom in a bit. So here is the initial reaction to the ADP data, quick up move. Then right around the cash open, just after the cash open, price moved down, back down to the SPI 421 level. And then for the S&P 500, there was one initial move higher right around 1030 and then the real move higher right around 11 a.m. I'll talk more about setups in a few minutes. And that was really the best setup of the day, this reversal higher right around 11 a.m. Again at the SPI 421 level around that level. All right, so here's this, when we were looking at the SPI chart, we saw that combo level that's right here and the 4250 resistance level just below that. So those are SPX levels and note there is a difference in price between ES and SPX. And let's see what it is right now. I'm using 35, it may have changed a little bit. So it's somewhere between 34 and 35 today, ES minus SPX. So I'm using 35, so that may be a little bit different. But anyway, I have in my cloud notes, so I have the SPX levels corrected to the correct ES level. Also the SPI levels, there's the 421 and no SPI, SPOT gamma levels in play for today. There's primarily the lower weekly expected move in the SPI round number levels 421 and 424. And then for a while the 423 was acting as resistance. More or less, not exactly around those levels. All right, so those are the levels in play for today for the S&P 500. For SPI, the put wall did shift lower from 425 to 420. Call wall shifted higher from 432 yesterday to 455, so the call wall is not really in play. And then the absolute gamma strike just like SPX shifted lower down to 420 for the SPI. I'm going to zoom back out. So this is the SPI 420 level right here. And that level was in play right around 480 on Easter time. Price moved quickly above it, did a retest, and now continues, the SPI 500 really continues to trade higher. All right, so those are the shifts in levels and the levels in play for the SPI 500. And mostly I interpreted the shifts in levels for the SPI 500 as bearish. All right, let me check for questions. UberTrader says, hit the like, thank you, and good afternoon trading for a living. And UberTrader, is this any better? I have a headset with a mic just right in front of my face. I have the gain turned up as high as I can. So let me know if this is any better. As far as I know, I've done all I can. All right, let's take a look at NASDAQ. And you're welcome, UberTrader. All right, let's take a look at NASDAQ and a reversal higher. Much more of a steady uptrend here in NASDAQ, reversal higher. All right, slow down says, mic sounds great, loud and clear, great. Thank you, slow down. All right, so the NASDAQ uptrend began at the European Open, 3 AM Eastern time, with a test of the lower weekly expected move, and now price is trading, was trading up above the upper daily expected move. Big move in NASDAQ, a lot of levels here. Let's take a look at a QQQ chart first, so we can isolate the QQQ levels. And there's that uptrend, so if we can adjust this a little bit, make that a little bit more realistic. All right, so there's the uptrend again that began around 3 AM Eastern time at the 352 level, round number for QQQ. And QQQ traded up to the 359 level. And the only, there are a couple of spot gamma levels in play for today. This combo level at 354.92, and then this large gamma two level at 355. So that's in range, but not really in play for today. All right, so round numbers 352 at the European Open up to 359 during the US regular trading hour session. All right, let's take a look at NDX just for completeness. So NDX, here's this combo level, same combo level combining QQQ and NDX, gamma weighted open interest, and the one level in the previous chart in terms of QQQ price, and this chart in terms of NDX price. Let's go back to book map here again, NQ futures, support around the QQQ 352 level, NQ 14600, as well as the lower weekly expected move, and resistance at the QQQ 359 level, which is just above the upper daily expected move. And note all of the pink volume dots in here as aggressive sellers come in. And we'll take a look again at setups in a few minutes so we'll see what options traders are doing. All right, there were a few shifts in levels for QQQ. The call wall shifted lower from 400 to 380, so still not in play, but a big shift lower, and the absolute gamma strike shifted lower from 360 to 350. So the absolute gamma strikes shifted lower for SBX, SPI, and QQQ, and there were no shifts in levels for NDX. All right, let's take a look at gamma notional now and see how market makers were positioned on the gamma curve at the beginning of the day. And as you can imagine from the move yesterday, move down yesterday, that gamma notional is quite negative today. So this is gamma notional. This is what I'm looking at. And I look at gamma notional for SBX, SPI, and QQQ. So again, these numbers are quite negative, SBX 1.264 billion, gamma notional for SPI almost twice as large as SPX at minus 2.58 billion, and then also minus 1.022 billion for QQQ. So what this means for each of these products, traders are long puts, market makers are short puts, and when price decreases, those puts are gaining value and they have to sell futures to hedge their delta exposure. On the other hand, if price increases and applied volatility increases, those puts lose value, and market makers can buy back short hedges. And that is a put banner rally, and this is something that you always want to look for. That's one big reason I look at this. Gamma notional every day is look at the potential for big moves up and down. We'll take a look at the VANA model in just a minute. So if in this situation a price moves higher, applied volatility drops, that is, we know that the tank is full for a put banner rally. This put banner fuel, the tank is full, and can lead to big rallies. And it, again, works the other way around as price continues to drop, and apply volatility increases, market makers need to sell futures to hedge their delta exposure. So let's see what that looks like in just a moment. One thing that I did want to point out is the absolute gamma for SPX. Excuse me. This is the 4,000 strike that I was talking about earlier. All right, it's hard to get it exactly 4,000. That's the absolute gamma strike. What this chart is showing is absolute gamma for SPX. The orange bars are showing call gamma or positive gamma, and the blue bars showing negative gamma or put gamma. And combined, that's the strike with largest absolute positive and negative gamma. So that is the absolute gamma strike. All right, let's take a look at the Vantemodel now. I'm going to go to SPX. What this chart is showing is market makers delta notional on the vertical axis and price on the horizontal axis. So there are two curves on this chart. The first, the light gray curve, is showing how market makers delta notional changes with changes in price only. Then the purple curve adds implied volatility to the equation. So that is showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with a change in implied volatility is the van effect. And there's a second order of Greek. All right, let's take a look at price. We'll take a look at the lower day and then we're price, the current location for price. So I have the lower the day for SPX during the regular trading hours when SPX trades right around $42.20. So that's right here. So what this chart is showing, we'll focus on the purple curve as price increases, prices increasing, implied volatility drops. Market makers can buy back short futures. And that is a put van rally that will tend to increase the range and volatility of any moves, again, up or down. All right, let's see where SPX is trading now. And remember, it did trade higher than earlier in the day. Right now, SPX is right around between $42.35 and $42.36. Let's go back. All right, so somewhere between these two levels, there's been a slight put van effect with the move higher. Let's just go check and see what the high of the day was. Back to this chart. So SPX high of the day around $42.56. So that's somewhere between these two lines. So there was definitely a put van effect helping to fuel that initial move higher. All right, so that is the SPX Vana model. Let's take a look at SPI. By the way, this curve with very steep skew to the left is typical of a negative gamma environment. SPI, the low of the day, was right around $4.21. So that's right around here. So SPI is trading slightly above that. So for the move higher today, so far there was a bit of a put van effect as well. And then let's take a look at QQQ. QQQ is the low of the day around $355. Currently trading at $357. So there are definitely other factors in play, but this is always something to keep in mind in this very negative gamma environment. All right, my thesis for the day based on this was basically two parts to it. First of all, volatility, looking for higher volatility, no matter what. And based on the shifts lower in these levels, especially the put wall for SPI and the absolute gamma strikes for SPX, SPI, and QQQ, thesis was bearish. And on the other hand, what has really been driving price for the last few days is treasury yields. So key for today was just like yesterday, watching treasury yields. So for today, the 10 year, 2 year, and 30 year that I track are all negative for the day. Let's just take a look at treasuries. So this is VIX for today. And VIX is slightly lower for the day, but now starting to pick up just as price has been dropping. Let's just check the 10 year. So this is the 10 year micro futures. And note the sharp drop that began, this is right at 3 AM, coinciding with the rally that began at the European Open. And this downtrend continued up until about around 8.30. And now really seems to have leveled off, maybe moving a little bit higher again. Let's go back to VIX. So these days it is important to watch both treasury yields and VIX along with the rest of your analysis. So I talked about my bearish thesis based on shifts and levels, bullish thesis, alternate thesis, depending on the move, the direction in treasury yields. Let's take a look at some setups now. Let me check for questions. So Truman asked in a positive gamma, notional market, market makers are long, are traders long calls and market makers short calls? No, it's the other way around. So in a positive gamma environment, on the call side of that gamma curve, first of all, I believe this is, well, let me just tell you what my gamma assumes. It's not 100% this way, but first of all, market makers assume that traders are long puts and short calls. Now, I'm assuming they are assuming that traders are buying puts and paying for them by selling calls and just think of the JP Morgan collar. That's exactly what JP Morgan does for their fund. That's a topic of discussion, especially at the end of every month. Instead of buying a put, JP Morgan buys a put spread and then they sell a call to pay for that. So that's the assumption that traders are long puts, market makers are short puts, and then traders are paying for those puts by selling calls, so market makers are long calls. So when they're long calls and price increases, they have to sell futures to hedge their dealt exposure. And Truman says, I have to remember that as for index products and not stocks, that's correct. So it's a different assumption for stocks, but for index products, Smart Gamma assumes that traders are long puts and short calls, market makers are short puts and long calls. Alright, I hope that makes sense. Alright, let's take a look at some setups now. I'm going to start with the hero signal here to see what options traders have been doing. And this chart is showing price for SPX and the hero signal. And the hero signal is hedging impact real-time options, H-I-R-O, that's what that stands for, showing options trades and market maker hedging activity for a combined signal for SPX, SPY, XSP, and ES futures. So if you trade any form of the S&P 500, this is the signal that you want to take a look at. Alright, let's zoom in on this. And I'm going to focus on really just highlight one setup here. And this is the, and I don't know why all these flow alerts are here. This is not typically the flow alerts are on SPY rather than the combined S&P 500 signal. But what this chart is showing is right around 1050, traders started taking positive delta positions. And we'll see in just a moment they were buying calls. So the call buyers became more aggressive and price responded about 10 minutes later right here. Traders are buying calls, market makers sell the calls and they have to buy futures to hedge their delta exposure. Let's zoom in just a bit more. So that's a clear divergent setup. That's one of my favorite setups. Let's see. Separate outputs and calls. So you can see the slight slope in the put line pretty flat and they were selling, oops, I don't know, I need to report that to SPY Gamma support. I don't know why it jumps like that. There's nothing I did. Sorry about that. Buying puts. Right around 1050, that stops. They start selling puts. You can tell by the slight upward slope in the put line, the blue line. And also about the same time they start buying calls. That's shown by the rising orange line. So when both lines are rising, SPY Gamma has pointed out this is a very powerful signal. Traders selling puts and buying calls at the same time and that supports that move higher. Alright, let's go take a look at book map. So that's about 11 o'clock. It's a slightly higher low from 1030. Let's go to book map. Zoom in a bit. And we'll take a look at the clues that were available in book map as well. So in both of these moves higher than 1030 and 11, you can see the shift in order flow. The magenta volume dots are showing aggressive sellers. Those are buy minus sell. And the green dots are showing aggressive buyers. These dots are delta, so buy minus sell when they're more buyers than sellers. The color of the dots is green. And aggressive buyers start to come in at 1030. Price goes back and rechecks the 421 level. And the moves higher again as aggressive buyers start coming in. Let's take a look at the sub chart here and we can see all along with this rising light blue line that there are larger traders buying with iceberg orders. The rising light blue line is showing us a sum or cumulative of the large traders buying with iceberg orders. They use to hide their size. Also the dark blue line showing cumulative volume delta that's also increasing. And then finally as the move gets going buy stop orders help to fuel the move higher. And that's also shown by the on chart indicator there. With the small green dot those are buy. That's 1070 contracts by it's aggregated into that if I zoomed in it would separate out lower but that's aggregated. 1070 contracts buy stop order. So all of the lines and the sub chart are rising we know aggressive buyers are coming in we also know that traders are buying calls and selling puts market makers take the opposite side so they have to buy futures to hedge their doubt exposure. So very clear setup shown both in book map here as well as a hero spot game a hero for this long setup. Alright so that was the really the setup that I wanted to highlight for the SAP 500. We'll take a look at the live market in a few minutes we'll see what options traders are doing. Let's take a look at NASDAQ and zoom in. Pretty similar story for NASDAQ here Here is the 1030 reversal higher. It takes a while but aggressive buyers come in and note the reversal higher at VWAP and that is kind of a theme of the day of the stocks that I'll take a look at in just a minute and then the higher low at 11am and you can already see the shift higher in the sub chart. Let's take a look and see what options traders are doing. Let's go to back to hero go to the total signal let's take a look at NDX or NASDAQ this is a combined signal for NDX and QQQ zoom in a bit here So here is the 1030 reversal higher very strong correlation with options trades and price action then the higher low at 11am let's separate out puts and calls so you can see that really call buyers all these numbers are pretty evenly matched but call buyers I think are helping to drive this move higher call buyers become more aggressive and for just a few minutes they are selling puts they start buying puts again that activity levels off call buyers continue to buy calls price moves higher let's go back to book map so we know that overall net during this time period traders were taking positive delta positions we can see that there are aggressive buyers coming in at these low points a lot of green volume dots large traders steadily buying with iceberg orders they used to hide their size buy stock orders helping to fuel the move higher and also cumulative volume delta increasing so right around the same time bullish that up in NASDAQ as well as the ESP500 let's take a look at some stocks let's go back I'm going to go through a few pretty quickly here first AMD traders taking positive delta positions up until about 12 noon they take the foot off the gas and price drops this very very typical pattern I show this every day let's go take a look at book map and here is a pretty typical pattern that I'll show in multiple stocks today is this reversal higher at VWAP there's the 1030 test of VWAP that's the light blue line that's VWAP and then the 11 am test alright the next stock is meta and here's the 1030 VWAP test price moves higher base order flow is a lot more bullish a lot more green volume dots in meta versus AMD let's see what options traders are doing in meta not quite as clear a lot of flow alerts here's the sharp shift higher and hedging flow options trades right around 1030 traders start taking positive delta positions price responds higher at 300 which is the key gamma strike so there was an initial test of the 300 level and then price made a higher low did that test of VWAP as traders started taking positive delta positions price moved higher let's go back to book map so 300 is the key gamma strike report price moved higher came back and tested VWAP and now moved higher from 300 up to 306 note the side liquidity at 305 primary price target that liquidity that is showing resting limit orders in the order above price is limit sell orders and buyers seek sellers and that liquidity tends to attract price and then price made it all the way up to the meta made it all the way up to the 306 liquidity there as well and note this liquidity typically comes in just a few moments after the cash open and typically stays in the order book until it's filled so that's where the traders want to do business pretty typically at the at the round numbers especially the zeros and the fives alright so that's meta the next one Microsoft let's go see what options traders are doing and Microsoft so options traders taking positive delta positions very strong correlation sorry about that there was a an emergency alert test just about blew out my eardrum sorry about that alright so pretty typical pattern again traders take positive delta positions up until about noon take their foot off the gas in this case they start taking negative delta positions and price moves lower alright let's take a look at and note 320 is the key gamma strike so let's go to book map 320 key gamma strike first at the 315 hedge wall right at the open let's go to book map Microsoft 315 level and the 320 key gamma strike target B-wap test not exactly but close enough as traders were taking positive delta positions let's take a look at it in video alright Abou says he got that alert too I guess alright so here's the video choppy day today in the video let's see what options traders are doing here's the 1030 reversal higher hedging flow shifts from negative delta to positive delta flow alert comes in price moves higher traders take their foot off the gas options traders take their foot off the gas start taking negative delta positions price moves lower let's go to Nvidia and book map 1030 reversal higher this time well below B-wap then the 11 am retest higher low price moves up to 440 again high liquidity price target alright then finally let's take a look at Tesla very nice uptrend in Tesla today let's see what options traders are doing and Abou says yes and I'm in Cincinnati Ohio I think this was a national thing so it was all over alright so very nice uptrend in Tesla today options traders definitely helping to drive price higher note 250 is the key gamma strike 260 is the call wall and really the move higher began at the open consolidation and then just after 10 am traders started taking positive delta positions again price moved higher and really continued higher until about 130 then options traders took their foot off the gas so very bullish day in Tesla let's see let's just see what options traders are doing so really call buyers driving price higher shown by the rising orange line notional value here is almost is 206 million and this for the put line that's 531 K so they are selling puts but not not to any extent the call buyers are really driving price higher so that was the key to look for with Tesla today and when traders buy calls in a stock market maker sell the calls that's a negative delta position and they have to buy stock to hedge their delta exposure so very simple mechanism that can drive a stock a lot higher all right let's go take a look at bookman big move open from the open 1030 oops 1030 reversal at the web a lot of aggressive buyers here as well as options traders buying calls this very bullish for Tesla note all the green dots starting just after 10 am we can take a look at cvd for Tesla and it should be a straight line up starting right here aggressive buyers call buyers all driving Tesla price higher all right let's take a look at the live market now let's go to the S&P 500 so this area between wrong tool area between the 40 to 50 level and spy 424 really acted as resistance now large traders are selling with iceberg orders so the iceberg flow shifted from positive to negative cumulative volume delta flattened out and now sell stop orders are helping to fuel the move lower maybe back down to the lower weekly expected move let's see what options traders are doing let's go back to the S&P 500 zoom in on this chart so right around 130 when I began today options traders started taking positive delta positions just a little bit that really doesn't add a lot of clarity the call line sloped up slightly and the put line sloped up slightly let's see if we can shorten the look back period to get more clarity oh this is nice that must be new so normally the this chart normally begins before the cash open so I deselected that now we're just seeing RTH regular trading hours zoom in on this a bit so what this is showing is that right around 130 traders started selling puts and buying calls that's shown by the rising blue line for puts the rising orange line for calls and price has not responded yet so let's take a look now and see what zero GTE traders doing so they are driving a portion of the options trades and hedging flow today but it looks like the options trades and hedging flow are really dominated by the all expirations all expirations shown with the purple line the typical hero signal and the zero GTE traders trades are shown with the green line right let me check for questions Truman says that flow alert would have really helped me yeah these flow alerts are definitely helpful it's something that the way I look at it is something to draw my attention another pair of eyes looking at a list of stocks to draw my attention and Carl asked what happened on ES big sell orders nice big buy just odd price action I suppose I'm not sure I understand your question alright so that's ES and B500 options traders started taking positive delta positions right around 130 let's go back to book map so it looks like ES may be finding support at VWAP zoom in on this I'm going to focus on this little consolidation pattern here so a couple of checks of around below VWAP around the 422 level just below price makes a little final move lower final shake out aggressive buyers are coming in as traders are taking positive delta positions cumulative volume delta starting to shift higher as again traders are taking positive delta positions alright taboo asked can you please look at NQ okay let's see what NQ traders are doing alright so it looks like NQ was trading between QQQ 357 and 358 one last final shake out here just below that range almost down to 357 and now aggressive buyers are coming in and during this time large traders were buying with iceberg waters they've let up a little bit but still there are some large traders buying with iceberg waters and now it looks like maybe bystop orders helping to fuel the move higher let's see what options traders are doing and then we'll call it a day alright so for the SMB500 traders continue to take positive delta positions one final shake out and now price may be moving higher for the time being let's see if it can break past this resistance level and so far not let's go to NASDAQ see what options traders are doing alright so for NASDAQ options traders are they started taking positive delta positions just after after one o'clock that leveled off and then has been trending lower just from this simple chart looks like maybe NASDAQ has broken out of the top of that range let's go back to book map so far right now looking at this it looks like 850 and the QQQ 358 acting as resistance looks like some aggressive buyers coming in again alright my time is up I want to thank everyone for watching thank you very much for your questions and comments and I will see you tomorrow thanks again bye