 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 them and 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 involve 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 presentation and the topics of the channel that I'll go through in just a moment. And note that Bookmap Discord is free and available to everyone, whether you subscribe to Bookmap or not. There's a lot of great content there on a wide variety of topics and a number of experienced traders already and willing to help other traders all working together to become better traders. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. 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 at 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 in my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGammaHero to confirm my thesis and for setups, for entries and exits. And when I talk about setups today, I will be focusing on an underlying index. And for example, setups in the S&P 500 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-Doug chat channel and Discord as well as the chat and YouTube free of questions to comments. Please feel free to post and I'll do my best to answer your questions. Here's my agenda for today, Wednesday, January 24th. First of all, I want to go over news items, economic data, and events for today as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today and then I'll take a look at the live market. All right, so first of all, news items, economic data, and events. Today there were some PMI data that came out. Both services and manufacturing PMI both were greater than expected, greater than the previous number, and also greater than 50 indicating expansion. Note that Netflix reported earnings after the close yesterday. It is up huge today. We'll take a look at Netflix. Also, Tesla reports earnings after the close today. So Netflix reported yesterday and Tesla reports today. Then tomorrow, there are a couple of data releases at 8.30 a.m. eastern time, durable goods orders, and GDP. Also, the ECB makes a rate announcement sometime tomorrow morning, and then finally on Friday, 8.30 a.m. eastern time, PCE data comes out, and that could be a market mover, typically is. All right, let's get to positional analysis now. I'm going to start with the SB500, and I'm going to move through this as quickly as possible so we can get to some setups in the live market. So this is the ES Futures and Book Map. And before I take a closer look at this chart, I do want to take a look at the underlying index in a larger time frame. So this is SPX, the underlying index, starting with the one-day chart here in Thinkorswim. This is the current rally that began October 30th, ran into resistance at the end of the year and then earlier this year, right at 4,800. Then last Friday, the options expiration, SPX broke firmly above that level and now has been testing the 4,900 level. All right, so 4,800, breakthrough last Friday, options expiration, and now up to testing 4,900 today. All right, let's move down in time frame. Let's take a look at a one-hour chart. Again, the underlying index is SPX. Oops, that's the wrong chart. Go to a 30-day one-hour chart, and SPX currently trading below that 4,900 level. We'll take a closer look at that in just a minute. All right, let me point out the levels on this chart. First of all, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market that's updated once a week. It looks like SPX did trade above that level earlier today, now trading below. Again, that's based on the options market updated once a week. Dash blue lines showing the lower and upper daily expected move. SPX is trading above that level, the upper weekly expected move. I update that once a day, also based on the options market. All right, the dark red lines are showing spot gamma levels. These are levels that are provided to spot gamma subscribers. They're shown on a variety of trading platforms. This is thinkorswim. These levels are based on gamma weighted open interest, and they can change every day. I'm going to point out the key daily levels. So first of all, here's the 4,500 foot wall. That's a strike with the largest net negative gamma that can be expected to act as support. And the next level up is the volatility trigger. At 4,795, that is spot gamma's proprietary gamma and 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 their delta exposure, and that tends to enhance or increase volatility. On the other hand, 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 their delta exposure, and that tends to subdue or decrease volatility, and know that SPX is trading well above that level on a positive gamma environment. And the next level up is the call wall. That's the level that's definitely been in play for today. At 4,900, that's a strike with the largest net positive gamma that can be expected to act as resistance. And then finally, the absolute gamma strike is at 5,000. That's a strike with the largest absolute positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated. And note those levels did not change from yesterday. So it usually takes a few days after expiration for the levels to stabilize, and that may be the case for today. SPX, key spot gamma levels, have stabilized no changes from yesterday. All right, finally, let's take a look at a one minute chart, SPX, to get a closer look at the levels in play for today. And then we'll get to book map. All right, so here's that one minute chart. Upper weekly expected move. There's the upper daily expected move. And then here's the call wall at 4,900. Note that level did act as resistance, along with the upper weekly expected move. Setting up nice counter trend short. And now price is trading down below those levels again. Good for another short at that level. At those levels, the call wall, there's a combo level just below that. That combines SPX and SPY. Gamma weighted open interest into one level, combined shown in terms of an SPX price here. All right, so those levels in play for today. Note that SPX did gap up above the upper daily expected move and traded below that level earlier today, and that was a good launching point for along. Up into the call wall. All right, let's go to book map now. So this is the ES futures in book map. And I have my own cloud notes here in the book map. So I can show key levels for the underlying index. There's the 4,900 call wall. And that combo one level just below that. There's the upper weekly expected move for ES. I'm also showing SPY levels on this chart. There are no, in the range of levels in play for today, there are no SPY, SPY Gamma levels, but there are round number levels there. So there's the 4,887, maybe acting as support now. So that's SPY 487. All right, note there is a difference in price between ES and SPX. And it's currently somewhere between 29 and 30. So ES minus SPX, I'm using 30 today. That's what I'm using. So the 4,900 SPX, 4,900 call wall is shown at ES 4930. And those index relationships change a little bit every day. I post them in Discord, try to get them in Discord by 10 a.m. once they settle down for the day. All right, so that's the primary levels. This kind of cluster of levels up above, upper weekly expected move, combo one level on the 4,900 call wall, acting as a target for a long in the morning and then now as resistance. And we'll take a look at setups in a few minutes. There were some great setups. All right, let's take a look at NASDAQ. And this is the NQ Futures and Bookmap. Before I take a closer look at this chart, I want to take a quick look at a QQQ chart, isolate the levels and play for QQQ. And the main level here is the call wall at 430. Note that level did move up from yesterday, from 424 yesterday to 430 and has acted as resistance today. And I forget to mention also the spy call wall moved higher. So the spy call wall is up at 490 now. All right, so that's QQQ. Resistance at the 430 call wall. Let's take a quick look at NDX just for completeness. And here's a combo level acting as resistance as well as the QQQ call wall. And that is a combo L2 level combining QQQ and NDX, gamma weighted open interest into one level, shown in this chart in terms of NDX price. All right, let's go to Bookmap now. So Bookmap, there's these two levels that I just mentioned. There's the QQQ 430 call wall. And then that combo level just below that that actually acted as resistance. So I have, and my cloud notes here for NQ, I have NDX levels, also QQQ levels, round number levels shown on yellow. 429 acting as resistance earlier. And then there's the NQ upper weekly expected move and the NQ upper daily expected move. So NQ trading still above its upper daily expected move. And earlier today did trade above its upper weekly expected move. All right, one last thing, and then we'll get to some setups. I do want to take a look at gamma notional, see how market makers were positioned on the gamma curve at the beginning of the day. And this gives me an indication of how market makers may need to hedge. So I'm going to take a look at gamma notional. This information is available in the data table at the bottom of the AM Founders note. So this is gamma notional, market makers position on the gamma curve for the SB500, NASDAQ, and also 2000. And note for the SB500 and NASDAQ, all these numbers are positive. So this information indicates, again, market makers position on the gamma curve at the beginning of the day was positive. Spot gamma assumes for an index, and the traders are short calls, market makers are long calls, hence the positive gamma, and they have to trade against price to hedge to their delta exposure, and that tends to subdue or decrease volatility. And note for SB500 and NASDAQ, those numbers all moved higher from yesterday. Also Brent, the Founders Spot Gamma, looks at this number right here, this Spot Gamma Index. It ranges from minus four being the range of the most volatile market, most negative, to positive four being the least volatile. So 2.4 is fairly high. All right, let's take a look at some setups now. Let me check for questions. All right, DC Bull asked, I would like to learn how to set up weekly and daily levels on SPI or QQQ. Can you show the process of doing so? All right, DC Bull, if you would clarify what you mean, are you talking about the expected moves, the lower and upper daily and weekly expected moves, or the Spot Gamma levels? If you would let me know, then I'll answer your question. In the meantime, let's get to some setups. So I'm going to start with looking at what options traders are doing today. I'm going to start with the SB500. So everything that we've looked at so far, other than book map, is based on static data, the Gamma levels, the Spot Gamma levels, based on gamma weighted open interest, Spot Gamma takes open interest data, that's updated once a day, sometime during the night, applies their proprietary algorithms to come up with the levels that we just took a look at. So that's static data, updated once a day, that I use in my planning process, and now we're going to take a look at real-time data. So of course, book map is real-time. This is also real-time. This is the hero chart. Real-time impact, real-time options. What this chart is showing is price for SPX and the hero signal in purple. And this chart is a combined signal showing options trades and market maker hedging activity for a combined signal for SPX, SPY, XSP, and ES futures. So if you traded any form of the SB500, this is the signal that you should be looking at. So our rising hero line indicates traders are taking positive delta positions. They are buying calls and or selling puts. Market makers take the opposite side of that and they have to buy futures to hedge their delta exposure. Futures that provides the most efficient way for options market makers to hedge their delta exposure. And for SPX, that's the only way they can hedge. There's no underlying for SPX to buy or sell. All right, let's zoom in on this chart. We'll take a look at some setups. All right, so first of all, note the important level that I talked about earlier, the call wall at 4900. All right, let's take a look at some setups now. So I'm going to zoom in on this chart just a bit. So first of all, from the open, the hero signal was moving lower, indicating traders were taking negative delta positions. They were buying puts and or selling calls and market makers needed to sell futures to hedge their delta exposure. Also note the timely flow alert. And then right around 1005, that reversed higher, traders started taking positive delta positions and the SPX reversed higher up to the call wall and setting up a short at that level. So the hero signal here, providing very strong confirmation for a short, a long, and then a short again. So let's go take a look at book map now. Excuse me about the sneeze. All right. And hello, Stephen. Welcome. Glad you're here. All right, DC pool. Let me answer your question. Then we'll get to the setups in the SMB 500. I'm going to go back to thinkorswim. And let's take a look at... I've got SPX here, but this applies to anything. So I can... If I want the daily expected move for tomorrow, what I'm going to do, today is the 24th of January. So this is what I did at the end of the day yesterday. I went to the 24 Jan. Today, at the end of the day, I'm going to go to the options chain and we'll just take a look at SPY. Let's go to SPY. So SPY 24, 25 Jan. I'm going to wait till the end of the day. And on thinkorswim, SPY trades 24 hours a day, but some platforms that may not. Options trade... Options start, stop at 4.15. So at 4.15, I'm going to take the current price. And that would typically be the closing price of SPY. And then I'll take this number right here. This plus or minus. And I will add that and subtract it to SPY to get the daily expected move. And then at the end of the week, I can do that for the following Friday and get the upper and lower weekly expected move. So that's all I'm doing. This should be available in any trading platform with an options chain. So DC Bull, I hope that answers your question. Just get the closing price at the close and add and subtract that number from whatever underlying you're looking at. All right, let's take a look at some setups now. We'll start with the SPY 500. ES Futures, zoom in on a couple of hours of trade here. All right, so here is the... You're welcome, DC Bull. All right, so remember, at the open, traders were taking negative delta positions. There was a flow alert. So now I'm going to take a look at book map, look at the clues in book map for a short. So I know this is the upper daily expected move and I expect that to act as resistance, at least on a first test. Actually, let me zoom in just a little bit more. So we'll just focus on this setup at 9.30. So the next thing I'm looking at, so I know that's a potential resistance level. And I see in the heat map, heat map is showing a history of the limit orders in the order book. There are sell orders just above that level and just below the SPY 488 level. Looking at the volume dots. The volume dots are showing market buy, minus sell. Green dots indicate there are more buyers than sellers. And the magenta dots indicate more sellers than buyers. So right at the cash open, aggressive sellers start to come in. Then again, a couple of tests of that level and price kind of gradually moves lower as traders are taking negative delta positions and market makers are selling futures. So not a lot of movement here in NES, but it does make a series of lower highs. And these pullbacks to this trend here make good short entries. Every time you're just watching the volume dots, looking for shorts. All right, so that's the short setup. Now let's take a look at the long. All right, so short setup from the open as traders were taking negative delta positions. And as price starts to drop down pretty sharply, note the size of the volume dots there. Cell stops fuel the move lower. Shown by the falling yellow line as well as the on-chart indicator. And then price reverses right around 4910, 4909. Sellers are exhausted. There are some large traders buying with iceberg waters that show them by the rising light blue line. As traders start taking positive delta positions, then price starts to move higher. And when we take a look at the setups in NASDAQ, we will see some additional confirmations with what traders were doing with the Magnificent 7 stocks, which are very large component of the NASDAQ 100 and also a large component of the S&P 500. So stop run down into these areas of liquidity. Aggressive buyers start to come in. And CVD, shown with the dark blue line there, shifts positive. And then as price starts to move higher, buy-stop orders fuel to move higher. All right, scroll a little bit to the right and pull back entries for long. As aggressive buyers and options traders continue to move ES higher. All the way up to the put wall. Note the stop run up into that level, shown by the rising yellow line. And this can often be a sign of exhaustion. Stop run into a significant level. All right, let's go back and take a look at hero. So options traders confirming a short from the open 10.05. Hero line shifts sharply higher. Traders taking positive delta positions. Kind of mean reverting options trades and price moves higher. And note then again, it shifts lower as price reaches the 4,900 call wall resistance level. All right, let's separate out puts and calls. And we can get a more clarity, more information about what was going on. The orange line is showing calls. So a rising orange line indicates traders are buying calls. Market makers are selling the calls and they have to buy futures to hedge their delta exposure. And then a falling purple line indicates traders are buying puts. When traders buy puts, market makers sell the puts and we have to sell futures to hedge their delta exposure. So right at this long set up here, separating out puts and calls gives us a lot more clarity about what happened. So note that traders started buying calls just right around 10.05. And they took the put buyers, took their foot off the gas. So the put line levels off, they actually start selling puts. So they stop buying puts, start selling puts. The important thing is their put buyers stopped. They took their foot off the gas and then they started buying calls and price moved higher. Let's zoom out just a little bit. So now the key to note is, so we know what we have a very good explanation for this move higher. At 10.05, again, put buyers take their foot off the gas. They start buying calls and as price moves up to the 4900 caught wall, the call buyers take their foot off the gas. And then price reverses lower, good enough for a short in the futures. Or sell an SPX call spread by a put spread. And then at that time, they started buying puts again. So again, separating outputs and calls gives us a lot more clarity about exactly what traders are doing and how that was driving price. All right, let's go back to the SP500 now. So there have been multiple tests of the 4900 level. Let me just highlight it here so we can see it. It may be a little bit difficult. So in this case, the 4900 call wall doing its job. So there was the first short. And if you miss that, lower high, long entry. Note at this time, CVD was falling. And the buy stop orders that fueled the move higher, that's leveled off. Here's the second test, just after 12 noon. And then the final test, they pushed it higher, price reversed lower again. And now note that cumulative volume Delta has shifted lower. And sell stop orders are fueling the move lower. And so far, the large traders buying with iceberg orders, buying weakness, have not had a lot of impact on the price. That's shown by the rising light blue line. So now they have stopped. Large traders stopped buying with iceberg orders. And note the... Let me just zoom in on this. Large iceberg order, that's 2500 contacts executed. And that indicates that there's one large execution 2500 contracts met by aggressive sellers. Shown by the large magenta dot. And then the... It's kind of difficult to see here, but that's 3000 contracts. Large iceberg buy, again, met by aggressive sellers. And the finally price reversed lower at the upper weekly expected move. All right, so that's the read in the S&P 500. Very strong correlation with what's going on the options market. And then greater confirmation looking at order flow here in book map. Seeing what traders are doing, aggressive buyers and sellers, what they're doing with stop orders and iceberg orders. All right, let's take a look at NASDAQ now. And I'm going to zoom in, first of all, on the first couple of hours here. So we can take a look at this. And then let's go to the hero signal. And I'm going to take a look, first of all, at another combined signal. Let me zoom out on this so I can show you what this is. This is a combined signal for the Magnificent 7. These are the stocks known as the Magnificent 7, Apple, Amazon, Google, Meta, Microsoft, Nvidia, Tesla. So SpotGamma takes options trades and market maker hedging activity for all these stocks and combines it into one signal. And it looks like they're showing price for QQQ here in the vertical axis. All right, let's zoom back in on this chart. Going to zoom in on the morning. And I'm going to focus on the orange line, the call line. So right around 9.45, traders started taking positive delta positions. They started buying calls. They're also selling puts at the same time, but call buyers much more aggressive. So we know starting around 9.45, traders were buying calls in the Magnificent 7. Again, these are very large component of the NASDAQ 100. Now let's take a look at the NASDAQ signal. Going to zoom in on this. We're focusing on the morning. So we know that large traders were taking positive delta positions in the Mag7 stocks, starting around 9.45. And then starting around 10.05, they started taking positive delta positions in this combined signal for QQQ and NDX. So 9.45 and 10.05 the key times. And hello, Caesar. Welcome. Glad you're here. Alright, so again 9.45 and 10.05. Let's go back to book map now. Alright, so here's 9.45. Zoom in on this just a little bit more. So this is the NQ futures and book map. So 9.45, traders start buying calls in the Mag7 stocks. 10.05, they start buying calls in NASDAQ and QQQ. Giving you two entry points for longs. And note that CVD really does not get going. Price does not really get going until both the Magn7 call hero signal is rising and the NASDAQ call signal is rising. And then price really kind of makes a double, maybe triple bottom here. Does a final test. A VWAP, aggressive buyer start to come in shown by the green volume dots and price moves higher. And as price starts to move higher, aggressive buyer shown, or CVD shown rising there with a dark blue line, then also buy stop orders fuel to move higher that shown by the rising yellow line. Also the on-chart indicator showing buy stop orders fueling that move higher. So I know that's a lot to look at. The hero signal for both NASDAQ and the Mag7, but I'm just showing what happened. I typically look, focus more on the Mag7 stock index, the hero signal for the NASDAQ. It has been provided a better signal for the NASDAQ recently. So NASDAQ moves up. In this case to the upper week, the expected move. The aggressive sellers start to come in shown by the large magenta volume dots and then price moves lower. Does a test of the upper week the expected move, and again moves lower. So those are the signals both with options traders with the hero signal as well as in book map for long. Price comes down and tests the NQ700 level and then moves up toward that combo level with the 430 call wall just above it. Let's go back and take a look at hero again. We're looking for something around 11 o'clock to see what the signal was. Zoom out a bit. We're on the NASDAQ signal now let's go back to the Mag7 and let's take a look at the total signal. So really that was just a pretty deep pullback as the signal for the Mag7, and it slowed down a little bit. A steeper here, slowed down a little bit. NASDAQ pulls back and then moves higher. And then finally reversing as options traders take their foot off the gas right around one o'clock. So that's the Mag7 signal. Let's go back to book map. So there's that final test at that combo level. And as options traders take their foot off the gas in the Mag7 an aggressive sellers start to come in and show them by the midget to volume dots. Alright let's take a look at some stocks. First of all Netflix reported earnings after the close. This is showing yesterday, yesterday down here. And then the move after the close yesterday. Netflix reported earnings. Now let's zoom in on today. So the sharp move higher continues at the cash open. Looks like I need to add even more later. Levels up for over 20 points in Netflix just at the open. Let's see what options traders were doing. Back to hero, go to Netflix. Note the sharp rise in the hero signal. Right around 10 o'clock they take the foot off the gas and Netflix consolidates. And of course they were buying calls that show them by the rising orange line. Alright let's take a look at some other stocks. And we'll see a common theme here. Going to go to AMD. Call buyers showing by the rising orange line. When traders buy calls market makers sell the calls. And they have to buy stock to hedge their dealt exposure. Let's go to book map. AMD. Not quite as sharp a move higher as Netflix. But continual move up until about one o'clock. Just about the time the Nasdaq rolled over. Let's go back to hero. No just right at one o'clock. Call buyers started selling calls. And they started buying puts. So both the call line and put line moving in the same direction. That's a powerful directional indicator. So if you trade spreads. Looks like right around one o'clock today would have been a good day to buy a put spread or sell a call spread. Up at those high levels. Alright let's take a look at some other stocks real quick. See a common theme today. Call buyers. Here's meta. Here in meta they took their foot off the gas. Right around 1230. So they were earlier today buying calls. Showing by the rising orange line. Also selling puts. They stopped selling puts. Started selling calls. And now meta is moving lower. Let's go to book map. Strong move higher in the morning. Pull back to VWAP. For kind of a second leg of this long up to 395. Traders start taking negative delta positions. Now meta moving lower. Alright the next is Microsoft. Similar theme. Let's see what options traders were doing. Let's go to Microsoft. Call buyers in the morning. Note that price is trading above the call wall. That was same for meta. When price moves above the call wall. Remember when traders for stock. SpotGamma assumes that traders are buying calls. Market makers are selling calls. And when price moves above a call wall. For example those calls go further in the money. And market makers have to continue to buy stock. To hedge their delta exposure. So the rising orange line. Shows traders are buying calls. Also those calls. At the call wall going deeper in the money. Market makers have to continue to buy stock. To hedge their delta exposure. And then just like every other stock that we've looked at. Traders have taken their foot off the gas. Stop buying calls. 1231 o'clock. And price consolidates or moves lower. The next is Nvidia. Similar theme. Here note the call wall at. 600. Call buyers. Calls go further in the money. Price increases. Consolidates is. Call buyers take their foot off the gas. Starts up again. Right around noon. And then again they have taken their foot off the gas. And price consolidating again. Let's go to book map. Go to Nvidia. Call buyers. Take their foot off the gas. Start buying calls again. Take their foot off the gas. Note the high liquidity shown on this chart. This is pretty typical of stocks. Traders come in. With limit sell orders. Or buy orders. Shown by the darker lines in the heat map. History of the limit orders in the order book. Typically for a higher price stock. They're coming in at the zeros and the fives. And those orders typically stay in the book. Order book until they're filled. Acting as a magnet for price. All right. Caesar says sorry if you brought this up already. But VIX is on an absolute tear this afternoon. Are you seeing anything on the option side about this? All right. Let's take a look at. Let's go back to the SB 500. All right. So now. The ES is down below the. Lower the day. Let me just make sure that is the. Well the low of the. The cash session. Session. Which is right. Right around here. Right. So now. ES breaking below that level. Let's take a look at VIX. And thank you Caesar for pointing that out. So this is VIX for today shown in this. Dark portion so VIX started to rise. Right around 1030. Well thank you. Thank you very much for pointing that out. That is an indication. You know kind of a bearish signal. All right. Let's go back and take a look at hero. Let's take a look at SPX. So this is the hero signal for. SPX puts and calls separated out. So the falling blue line indicates traders are buying puts. And they have stopped buying calls. Let's go back to book map. Go back to ES. So 1030 is when the VIX started to reverse higher. So it took some time for. For ES to respond. Respond lower. But again a good signal. And Caesar says call walls seem to be made out of. Wet paper bags lately. That. I put more weight on call walls for the. S&P 500. And the NASDAQ. Rather than single stocks. Yeah for single stocks that can definitely be the. Be the case. Again I think call walls carry much more weight. With. With especially with the S&P 500. Let's take a look at. Let's take a look at Tesla since Tesla reports earnings. After the close today. And pretty choppy session in Tesla here. Now moving lower. Let's see what options traders doing how they're positioning. Before. Earnings report. So net for the day traders are selling calls. And buying puts. That's shown by the falling orange line the falling blue line. And the. Negative notional value. For both calls and puts. So they're buying puts and selling calls. All right is anyone have any stocks they want me to take a look at. Let's go. Let's. Let's go back to book map. Take a look at. S&P 500 first. So trend break here. Very large magenta volume dots. Very long tool. As aggressive sellers take on those large iceberg orders. Reversal of the upper weekly expected move. And now aggressive sellers continue to. Move ES lower. Sell stop orders fueling the move lower. All right CWR wants to take a look at Amazon. Choppy day and Amazon not a lot of range here. We'll take a look and see what options traders are doing. So on. So net for the day they are buying calls. And they're buying puts. Call buyers driving price. In the morning. Note the blue line is pretty flat. And up at the high of the day. The notional value was right around 80 million. Versus. 34 million for calls so positive 80 million at the high of the day. Call buyers took the foot off the gas and price now moving lower. All right season wants to look at snow. So we can take a look at. Snowflake here in. Hero I don't have it in book map. So it looks like. Snowflake found resistance. At the 210 call wall key gamma strike. And net for the day now traders are. Selling calls and buying puts. Selling calls and buying puts. Driving price lower. Looks like this would have been a good short right here about 11 o'clock. Flow alert as traders started. Had already started selling calls. It started buying puts. Price of versus lower at the 210 call wall. All right there you go Caesar. All right last call for stocks. Let's take a look at. Let's go back to book map. See if it found. See if it has found any support yet. So right around the lower the cash open. Just around. QQQ for 26. Maybe finding support there. All right everyone I want to thank you very much for watching. Thank you for your questions and comments. And remember tomorrow. Durable goods GDP. Data out at 8 30 Eastern time. GDP could be a market mover. Also ECB with a rate announcement. And we'll talk about it tomorrow afternoon. All right everyone. Thanks again. Have a great afternoon and I will see you tomorrow. Bye.