 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. I'll bookmap them in materials, information, and presentations are for educational purposes only and should not be considered specific, investment advice, nor recommendations. Disclosure, training 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-doug chat channel. That's a great place to post questions, comments, and content related to the topics of my channel and the topics of my presentation that I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Place. Here are the key tenets of my approach to trading. This is the basis of my approach to trading. I believe that options trades and market maker hedging activity are key drivers of the price of many stocks and futures, and certainly in the equity futures that I follow, the SP500 and the NASDAQ, as well as the large cap tech stocks. For the SP500, SPX is the underlying index, SPY is the ETF version of that index, and ES is derivative of SPX and SPY. When traders take positive delta position, buy and sell calls and puts in SPX and SPY, market makers take the opposite side of those trades, and they hedge their delta exposure with ES futures. For the NASDAQ 100, NDX is the underlying index, QQQ is the ETF version of that index, and NQ is a derivative of NDX. When traders buy and sell puts and calls in NDX and QQQ, market makers take the opposite side of those trades, and they hedge their delta exposure with NQ futures. The focus of my presentation today and the focus of the options-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 in the first is planning, and I use positional analysis. I look at how traders and market makers are positioned to 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 just note, on Monday, my directional bias was bearish based on the shifts in levels lower, and that's how the day resolved. In the yesterday, my thesis for the day was bullish based on the shifts higher in the spy and QQQ key daily levels, and that's how the day played out toward the end of the day as well. All right, the second step in my process is execution. I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups. And when I talk about setups today, I will be focusing on an underlying asset. And setups in that asset can be taken any number of ways. For example, the SB500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. Questions and comments are welcome, and I will be watching both the options-chatshug-chat channel and Discord, as well as the chat and YouTube for your questions and comments. Please feel free to post. I'll do my best to answer your questions. And hello, Suzette. Suzette, welcome. Glad you're here. Hello, Steven. Anirag, welcome. Glad you're here as well. And Slow Desiree says, spy call wall 50-20. Maybe we get there. Maybe we do. If the market likes what the drone pal has to say. In the FOMC meeting, which is coming up, announcement at 2 PM. So here's my agenda for today, Wednesday, March 20th. First of all, I want to go over news items, economic data, and events for today. First of all, there was a VIX expiration at 9.30 a.m. Easter time. And the big event of the week is the FOMC announcement at 2 PM and then the press conference at 2.30 PM. And the FOMC announcement is right in the middle of my webinar. I will stop whatever I'm doing, and we'll take a look at the live market at that time. We'll see what options traders are doing, as well as traders in the SV500 and NASDAQ. And before that, I'll take a look at my positional analysis for today. Then I'll review some setups from earlier today. And then I'll take a look at the live market. And that will probably be about 2 PM at the time of the announcement. And I forget to live market before that. If anybody has any stocks they want me to take a look at, please let me know, and I'll be glad to do that. All right, let's get started with positional analysis. Oh, let me just point out, this is the CME FedWatch tool. And according to this, so the current target rate, this is the current rate, is 525 to 550 basis points. All right, there's a question in Discord, mic off. No, I, OK, all right, that was something you were doing. All right, so let me just check. Yeah, my mic is working fine. All right, so this is the FedWatch tool. Current target rate, 525 to 550 basis points. There's a 99% chance that the Fed will leave that rate unchanged. And a 1% chance of a 25 basis point cut. All right, so the expectation for today is pretty much unanimous at no change. So really, what the market will be looking for is the change in the statement as well as the press conference. All right, so let's move on to positional analysis now. I'm going to start with the SB500. This is the SB500 futures and book map, ES futures, before I take a closer look at this chart. I do want to take a look at a larger time frame. And I'm going to take a look at the underlying index, again, which is SPX. This is the current rally began last year, October 30th. So far, SPX has rallied up about 1,080 points. So that's the current context of a very large rally in the SB500 SPX. Now let's take a look at a one-hour chart. So this is a 30-day one-hour chart. This is thinkorswim, just like the previous chart. Again, a 30-day one-hour chart. This is the top of that trend line, that green dash line, trend line, high for SPX, 5189. And SPX has been approaching that level today, not quite there. All right, let me point out some additional levels on this chart. Well, first of all, note that since reaching that high, SPX has been consolidating between around 5100 and that high of 5189. I've shown that by this light gray shading here. Consolidation after reaching that high. All right, let's take a look at the levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. That's based on the options market. That's also based on the closing price for SPX last Friday. Those levels remain in place for the entire week. And then the dash blue lines are showing the lower and upper daily expected move. That's based on the closing price yesterday, also based on the options market. Those levels change every day. So note again, SPX is trading right up at the, was trading just slightly above the upper week they expect to move earlier today. And within the range of the lower and upper daily expected move. So again, both those levels are based on the options market. And I post those levels in Discord every day. I will post those in the evening the day before. So I posted the numbers that shown on this chart yesterday evening. All right, so the other levels on this chart are spot gamma levels. These are proprietary spot gamma levels that are based on gamma weighted open interest. These levels can and do change daily. No changes for SPX today. Let me point out the key daily levels. First of all, the put wall at 5,000. That's a strike where the largest net negative gamma that can be expected to act as support. The next level, and that's also the absolute gamma strike. So that's a strike where the largest absolute positive and negative gamma. Next level up is the volatility trigger VT. That is spot gamma's proprietary volatility 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 to their delta exposure that tends to enhance or increase volatility. Above that level, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge to their delta exposure. And that tends to subdue or decrease volatility. And Actin Bull, sorry about if I'm pronouncing your name incorrectly, ask in Discord, where do you get gamma levels that comes from spot gamma? And there may be other providers, but these are proprietary to spot gamma. And you'll just go to spotgamma.com and you can see the prices for subscriptions. I think spot gamma's well worth it. Hello Caesar, welcome glad you're here. All right, so the next level up is the call wall at 5,200. That's strike with the largest net positive gamma that can be expected to act as resistance. So if SPX continues to move up, that is the next level up. So that's the potential ceiling for price and the floor being at the put wall at 5,000. No, there were no shifts in levels for SPX today. All right, Caesar says my mic sounds like laptop or camera mic, not my usual mic. Is anybody else having a problem? It could be. I have a headset with a microphone. I don't know, maybe my headset microphone is not working. Hold on, let me try. All right, Gray says, sound is fine. Give me just a moment. All right, does that any better? All right, Stephen Teal says, sound has been great the whole time. Okay, let's move on. I'll look into getting a new headset. Maybe there is a problem. All right, so I'll have to do that later on. Okay, let's move on. All right, so let's take a quick look at and wrap up our view of SPX with a one minute chart. I'm looking at about two and a half days worth of data. Dark shaded portions are the regular trading hours. This is the move up that began yesterday up to the upper weekly expected move for today. Now it looks like SPX is making a series of lower highs, moving lower. All right, let's get to book map now. All right, book map, showing you yes, futures. I have my own cloud notes. So I'm showing SPX levels on this chart, spy levels, and also key levels for ES. In this range of the chart, there are no SPX levels. There are some spy levels in play. Here's the spy 515 absolute gamma strike. Here's the upper weekly expected move for ES. I do calculate that separately from the upper weekly expected move for SPX. That level did act as resistance earlier today. And again, ES making the series of lower highs, finding resistance at the spy 516 level. And now moving down again toward the 515 level. All right, for spy, there were a couple shifts in levels. The volatility trigger and put wall both shifted higher. So slightly bullish for spy. All right, so that is the SP500. Let's take a look at NASDAQ. This is the NQ futures and book map. Let me take a quick look at the underlying asset charts. First of all, this is QQQ resistance at the open at the 440 level. That is the absolute gamma strike. And then QQQ trading in a very narrow range between 439 and 438 volatility trigger. Also now making a series of lower highs. Again, 438 is the volatility trigger. That level did move lower from yesterday. And the call wall also moved lower from yesterday. So two levels move lower for QQQ, slightly bearish. And let's take a quick look at NDX. NDX trading just above the 18,000 level and note the call wall absolute gamma strike for NDX. Is it 17,900? All right, so here's this QQQ 440 level absolute gamma strike that acted as resistance before the cash open and just at the cash open. And then now NQ trading at a very narrow range between 438 and the 18,000 level and the NQ 18,300 level. All right, so again, I have my own cloud notes. All right, shifts and levels for the NASDAQ again, none in NDX and the volatility trigger and call wall shifted lower for QQQ. All right, let's wrap up our positional analysis by looking at gamma notional. This is market makers position on the gamma curve at the beginning of the day. For the SB500 and NASDAQ, this is what I'm focusing on. Note all these numbers did shift higher from yesterday. So SPX became more positive gamma notional for SPX. Again, in a positive gamma environment, market makers have to trade against price. Smart gamma assumes that in a positive gamma environment, traders are short calls, market makers are long calls. Hence the positive gamma and they have to trade against price. For spy, gamma notional is still negative. Same for QQQ and negative gamma environment. Spot gamma assumes that traders are long puts, market makers are short puts. Hence the negative gamma and they have to trade with price to edge their delta exposure. All right, so based on this, really today's an FOMC day and nothing much to do both the SB500 and NASDAQ trading in a very narrow range this morning, pretty much waiting for the FOMC. All right, so again, we know if the FOMC announcement, there's a 99% chance that rates will be unchanged. So the algos will be parsing the statement and then listening to the press conference that begins at 2.30 p.m. Easter time. Let's take a quick look at some setups from earlier today and not really much to see here. Again, price trading in a very narrow range, waiting for the FOMC announcement. So I'm gonna start with the SB500. I'm gonna take a look at what options traders have been doing today. This is the hero signal, hedging impact real-time options. So everything that we've looked at so far is based on static data. Spot gamma takes open interest data. They apply their algorithms to that data that come up with levels that I've shown on my chart, the key daily levels. Again, I'm looking at how those change from day to day to develop my thesis regarding the sentiment and how traders are positioned at the options market, what they expect. All right, so that's based on static data. Now let's move on to execution to real-time data. So again, this is the hero signal, hedging impact real-time options. This is available to spot gamma subscribers. What this chart is showing is price for SVX with a white line, and the purple line is the hero signal. Again, hedging impact real-time options. It's showing options trades a market maker hedging activity for a combined signal of SVX, SPY, XSP, and ES futures, all under one combined signal. So if you trade any form of the SB500, this is the signal that you wanna take a look at. A rising hero signal indicates traders are taking positive delta positions. They're buying calls and or selling puts. Market makers are taking the opposite side of those trades, and they're buying futures to hedge their delta exposure. A falling hero signal indicates traders are taking negative delta positions. That means they're buying puts and or selling calls. Market makers take the opposite side of those trades, and they have to sell futures to hedge their delta exposure. So let's focus on the long setup of the morning and then the short, long about 9.45, somewhere between 9.45 and 10 o'clock, then a short as the hero signal starts to move lower, right around 11.15. All right, so I'm gonna zoom in on this chart. So again, note how the hero signal really chops moving slightly lower, then reverses higher 9.45, 9.50. So let's go take a look at book map, go back to ES, zoom in, so notice how ES was making a series of higher lows. So here's that reversal higher in hero that started right around 9.45, 9.50. There were some large iceberg orders here. You can see that by the on-chart indicator, as well as the spike up in the light blue line on the sub-chart, or large traders use iceberg orders to hide their size. That's showing that 1,680 contracts were executed in 10 separate executions. If I zoomed in on that, that would show the separate executions. And note at this time, cumulative volume delta was slightly rising, and then as price moved up to the upper weekly expected move, there was a stop run up to that level that's shown by the rising yellow line in the sub-chart. These numbers are very small, but there was a stop run up to that upper weekly expected move. All right, let's go back and take a look at hero. So a move up, not the most clear here in the SB 500. All right, let's go back to hero. So here's that run up, that peak in hero. Hero starts to make a series of lower eyes that was right around 10.30, and continued to move lower. As traders were starting to take negative delta positions. So that's right at 10.30, right after that stop run up to the upper weekly expected move. Then again, SB 500 making a series of lower highs. Note in the sub-chart, cumulative volume delta, that show them of the dark blue line to magenta falling, so aggressive sellers. And you can just see the volume dots. The volume dots are showing market buy minus sell. Green dots indicate more buyers than sellers. Magenta dots indicate more sellers than buyers. So aggressive sellers really started to come in right at that sharp reversal lower. Let's take a quick look at NASDAQ and then we'll pause for the FOMC. NASDAQ, again, resistance at Kukuku 440, reversal lower at the cash open. Here in the sub-chart, this is showing a falling light blue line indicating large traders have been selling this move with iceberg orders. Also sell stop orders shown by the falling yellow line also have been moving lower. And cumulative volume delta was positive for a while now shifting back down. So all three lines of the sub-chart currently moving lower. As NASDAQ makes a series of lower highs. Let's take a look at HERO real quick. For HERO, I like to look at this Mag7 signal. This is the, let me just zoom out real quick. This is another combined signal. Showing options trades and market maker hedging activity for combined signal for the stocks known as the Magnificent Seven. That's Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. Note at 950, the HERO signal does move higher, kind of choppy, but does move higher. Peaks around 1030 and is now moving lower. The SB500, zoom in. All right, I've got less than a minute left. Quick look at NASDAQ. Traders taking positive delta positions. Price moves up, cumulative volume delta. 1030, they start taking negative delta positions. And NASDAQ makes a series of lower highs. As traders were taking negative delta positions. All right, I've got less than 30 seconds to FOMC. So we'll zoom in a bit here. So we'll watch this and then we'll take a look and see what options traders are doing. All right, initial reaction bullish up above highs of the day. We'll give this a minute or two and then we'll see what options traders are doing. Zoom in a bit more. Move these volume dots just a little bit. All right, so the Fed fund rate is unchanged as expected, 525 to 550 basis points. So now the Algos are parsing the statement. So buy-stop orders as well as aggressive buyers fuel that initial move higher. Buy-stop orders continue to fuel the move higher as well as aggressive buyers. ES above highs of the day. Remember that was right around the upper weekly expected move. Let's take a quick look. So again, upper weekly expected move was around the high of the day. All right, let's see what options traders are doing. All right, so Caesar says, Fed does not expect to cut rates until it has greater confidence. Inflation is moving sustainably to 2% target. Fed projections show 2024 policy rate view unchanged at 75 basis points of reductions. All right, so a sharp move higher. The SB 500, let's see what options traders are doing. Let's go to hero. I'm gonna zoom out on this chart. By the way, this is the preferred way for zooming in. Just I'm scrolling with my mouse wheel instead of changing the look back period. This is the way that Brett, the founder of, Brett Kachuba, the founder of SpotGamma Provers to do this. All right, so initial burst higher. Traders taking positive delta positions. I hope that SPX is approaching the 5,200 call wall. You know, options traders taking their foot off the gas. Let's just take a quick look at a chart of SPX. Let's go to our one day chart here. One minute chart. Let me just check on that 5196 level. Give me just a moment. 5196, that's a combo one level. So combining SPX and SPY, gamma weighted open interest into one level converted to an equivalent SPX price here. All right, so that's a combo one level. It should show up on book map. Yeah, there it is. 5196 combo one level. Maybe acting as resistance. So the SB 500 testing that level again, that combo one level. Aggressive buyer still in charge. Note some large traders have been coming in buying with iceberg orders. All right, there's the 5,200 call wall. So right now SPX trading at all time highs, breaching the 5,200 call wall. Let's go back and take a look at hero see what options traders are doing. So they continue to take positive delta positions. I'm gonna shift to puts and calls to see what they're doing. All right, so not a lot of clarity there. They are buying calls. I'm gonna shift back to the total signal. Those lines were just too flat. All right, I'm shifting to the mag seven signal. Again, this is what I use for the NASDAQ. Gonna zoom in on the signal. So in this case, there's more clarity by shifting out, splitting outputs and calls. Traders are buying calls on the mag seven stocks back to total. All right, so we know they're buying calls on the mag seven stocks. Let's go back to the SP500. So traders definitely like what they hear. All right, Suzette, thank you very much for your kind words. Right now, options traders taking the foot off the gas. That is entirely to be expected at the 5,200 call wall. Major level of potential resistance. Doing its job, acting as resistance, note the aggressive sellers come in. As options traders take their foot off the gas and aggressive sellers start to sell ES. Wall has remained at 5,200 for quite some time. And again, so far that level doing its job acting as resistance. So if this continues, stay tuned till tomorrow. We'll see how the levels shift. If traders are taking long-term positions in higher levels that will show up in the shifts in levels for tomorrow. The SP500 and NASDAQ. I did not mention this earlier today. There were no SPX levels on the chart. Now here's this 5196 into 5,200 call wall. Note there is a difference in price between ES and SPX. Earlier today that difference that offset was about 63 points. Now it looks like it's closer to 62 points. So I'm showing the 5,200 call wall at ES 5,263. It maybe should be closer to 5,262 right now. But again, earlier today when I set these levels it was closer to 63. Note I do post the index relationships that I'm using for the SP500 and NASDAQ every day. I post those in Discord, right? So nothing going on in the morning but plenty of price action this afternoon in the SP500. Let's take a look at NASDAQ, right? So NASDAQ moves up to the NQ 18,400 level that's shown with red there. This 440 level, QQQ 440 level that acted as resistance earlier today acted as resistance again, now support. That just shows you how important the QQQ levels are for NASDAQ. And let's go back to hero, hero shifting higher for the SP500. Let's go back to mag seven. So the hero signal continues to move higher for the mag seven. Trader still buying calls for the mag seven stocks. Let's just take a quick look at some stocks. Let me take a look at one other thing. Let's take a look at NVIDIA. See what they're doing in NVIDIA. Right, for NVIDIA 900 is the call wall. That acted as resistance earlier today. That's the call wall, key gamma strike. NVIDIA did trade lower, note the flow alert. Now trading up just below that level. So this line right here, that's the 900 level. Call wall, key gamma strike. And traders continue to take positive delta positions in NVIDIA. Looks like they were in earlier before the FOMC taking positive delta positions. Then started aggressively buying, most likely buying calls. Let's go back to book map. We'll take a look at NVIDIA. All right, does anyone else have any stocks they want me to take a look at? Any other stocks, anyone have any other stocks they want me to take a look at? We'll zoom out to the full day. There it is, 900 key gamma strike. That's also the call wall. Price did move higher at the cash open, then move lower. NVIDIA made a series of lower highs, reversed. Now moving higher back up toward that 900 call wall key gamma strike. Let's go back to ES. Right now moving lower. Call wall did its job, acted as resistance. CVD starts to shift lower. Also now sell stop orders, fueling the move lower. Or at least my stop orders are no longer fueling and move higher. So both the CVD and the stop orders now trending lower. Light blue line showing iceberg orders has pretty much leveled off. So first leg up, now on the second leg, moving down. Let's go back and see what options traders are doing. Let's go back to the SV 500. Again, this line is 5,200 call wall. And this is entirely expected behavior. Traders start taking negative delta positions, taking profits at the call wall. Now price moving lower. That may be just the first test of 5,200. Let's go back to NASDAQ. All right, back down to the 440 level. Resistance, support. Let's check the MAG7 signal again. Call buyers have taken their foot off the gas. Krishna asked, would you be a buyer here with a liquidity below on ES? All right, so let's take a look at ES. All right, I would not be a buyer of ES as long as this hero signal is moving lower. To be a buyer, I wouldn't wanna see heroes starting to rise. Let's go take a look at book map. All right, so now NASDAQ is broken below the 440 level. Let's take a look at ES. All right, so what Krishna asked, would you be a buyer here with a liquidity below? What Krishna is talking about is all this liquidity. That's the heat map and book map showing history of the limit orders of the order book. It looks like there are a lot of buyers there. These limit orders below price or limit buy orders from around 52, 42 to 52, 45. A lot of buyers, and that could certainly act as support. It looks like traders may be front running that. Some iceberg orders coming in buying buy iceberg orders. Rising light blue line. All right, so just looking at order flow here, I would certainly consider a buy. Let's go back and take a look at hero. All right, so the hero signal now leveling off. Not a trade recommendation, but certainly looks like could be a potential buy. Let's check hero again. All right, so the hero signal is starting to level off. Looks like price may be stabilizing. All right, Krishna, thank you for pointing that out. Trend break. Aggressive buyers starting to come in. Hero signal leveling off. Liquidity in the order book. Passive orders, limit buy orders down below. Traders coming in and front running that liquidity. Knowing they have probably a potential support at that level. Let's check Nasdaq. Nasdaq did trade below the 440 level. Now maybe moving higher as well. Another trend break. Good long entry at 440. Let's go back and check hero. All right, so the hero signal did shift higher. Traders start taking positive delta positions again. To Nasdaq, back to hero. Check the mag seven signal. Moving slightly higher. Right now for the S&V 500, it looks like the hero signal is now. Looks like maybe just making a lower high. Let's go back to book mount. Go to ES. Let me do a sound check. How does my sound? How's my sound? I'm hearing a lot of buzzing in my headset. Is my sound still okay? All right, uncle says sounds fine. Thank you. Suzette and Ragh says good, it's fine. Thank you. Caesar says sounds the same, no change. All right, I've got about five minutes left. Thank you, Stephen says it's fine as well. All right, does anyone have any questions, anything they want me to take a look at? Please let me know and I'll be glad to do that. Check Nasdaq. All right, I would say at this point after the move up, reversal at the call wall, move down to the liquidity just above 516, right around the 52 to 5245 level. Now, ES is probably gonna consolidate the index, indices are probably gonna consolidate until the press conference. And Ragh says the liquidity we see today, we see below the current price in red is that limit buyers or sellers. That is limit buy orders. So below price, this is showing a history of the orders in the order book. Those are buy orders, limit buy orders. Always below price, limit buy orders. These are the current orders in the order book shown right here. And then this is history of the limit orders in the order book. So they started coming in right around 208, 210, something like that. They started coming into the order book and they so far remain in the order book. Let me check the questions and comments. All right, Caesar says, I've only been using book maps since December. So still not that much experience, but it feels like the last two weeks, I've been seeing way more of those large thick walls of buyers on ES take up three whole points. Do you feel that's a new phenomenon or just something I'm just noticing now? I don't know, it's not something that I don't have any stats really or anything. I don't think that happens all the time, but I don't know. I really don't have an answer for your question. I don't have a feel for how unusual that is. I don't think it's that unusual. And Rex says, but when buy orders are enacting, then there must be sellers also. Yeah, that is correct. So that's what the volume dots are showing. But these, so we're looking at passive orders and active market orders. And the heat map, again, these are passive orders. These are limit buy orders. They remain in the market, typically in a stock, they will remain at that level. They come in at the cash open, remain at that level until they're filled. So that's limit orders, passive orders. The volume dots are showing the aggressors. Green volume dots indicate they're more buyers than sellers. So there are buyers and there are sellers, but in this case, in this volume dot, they're more buyers than sellers. The buyers are more aggressive in this case. So here, looking at this liquidity, again, these are resting orders in the order book. They're still in there. They have not been filled. They have not been enacted. All right, so Krishna, good call on this. Trend break above liquidity. Aggressive buyers starting to come in, showing by the green volume dots. The hero signal was shifting higher. And he has moved back up to the 5,200 call wall, again, doing its job acting as resistance. So a quick move up, 10 minute move up from the upper weekly expected move to the 5,200 call wall. Let's check hero. Caesar, you're welcome. Maybe you can ask Bruce. I suggest you ask your question to Bruce. He may be able to give you a better answer than that. He watches ES more than I do. So ask Bruce about that as well. Let's take a last look at hero. All right, so hero moves up again, back up to the 5,200 call wall. And just in the last couple of minutes now, shifting lower. All right, start move lower at the 5,200 call wall. All right, let me do a quick check for questions. All right, Joan Powell has started speaking now. Press conference has begun. All right, I'm gonna wrap it up. At this point, let me just summarize real quickly. For the SB 500, the 5,200 call wall did a great job acting as resistance, supported at this high level of liquidity, right below the upper weekly expected move, acted as support for a move higher. Now maybe the 5,250 acting as support. All right, everyone, I wanna thank you very much for watching. Thanks for your question to comments. Enjoy your afternoon during the press conference and I will see you tomorrow. All right, thanks again, everyone. Have a great afternoon and I will see you tomorrow. Bye.