 Welcome to Nasdaq trade talks. I'm Jill Melandrino, global markets reporter at Nasdaq. Joining me at the market site in Times Square in New York City, Fausto Puglisi is back with us. He's the CEO of Cybertrading University with our monthly lesson on how traders can use Nasdaq total view. And before we get into that, Fausto, I have to say January, I think surprisingly caught people off guard, a little bit more volatile than we had expected going into the year. We had great numbers today with job reports. We had a big rally in Tesla. So yeah, it's been a very, very volatile market. All right. Let's move along to our first chart here. How do we even get into how traders are using it? Let's learn about the distinction from level two to total view. Yes, Jill. You know, a lot of people don't realize that they keep hearing about, oh, my brokerage firm offers me level two, level two, but they don't realize that what you really need is that level two has been around since Nasdaq started. It's really the total view that really kind of replaced it. And I just want to kind of just kind of clarify exactly so people know what they're looking at, because they look at level two and they just really don't understand. So we pretty much have like three columns and you got the buy side and you got the sell side. Now the thing is, these numbers move really, really quickly. And when we get to total view, we kind of aggregate the orders. So you kind of bunch them in. But the problem level two, it's not showing you all the orders. You're seeing a lot of these pound signs, which are ECNs, Archipelago, Nasdaq, EDGX, New York Stock Exchange. So you're not seeing the market makers like we used to when we first started 20, 30 years ago. You're not seeing all the big block orders. So it's kind of really not really that helpful. You know, you're looking over here at tier sizes. These are multiplied by 100. So you're like, wow, that's all Nasdaq has a bid out there for 300 shares at 179.49. Is that really a lot? Well, but then when you aggregate and look at total view, it's a different ball game. All right. Let's take a look at our next chart here. We're going to see what it looks like if you're a buyer. Okay. So now we're looking at really the major difference of total view and level two. So here you're looking at Nasdaq total view. And now you're seeing orders that are aggregated. You're seeing that there are more orders. We're not seeing five orders. It's bunching them together. But the big thing is this. Here you're seeing Nasdaq out here. The way we kind of use total view and the way we trade as day traders, we're looking for orders, looking for buyers. It's support resistance levels that we look for. But what makes that support resistance levels are the buyer's sales. And when you're looking over here, you see a buyer of Nasdaq here, which is this guy right up here. Okay. The problem is this doesn't tell you if it's really going up. What really tells you what's going up is what you don't see down here, which is a little bit down here. You really can't see it. But there was a big, big order down there at the bottom for about 10,000 shares. That is what makes a support, a supply and demand. All right. And our next one here, we're taking a seller. Same situation, different stock, but looking for the same kind of activity. Right. We're looking at AMD. Here you are looking at Nasdaq on level two. So once again, does that really make you think that there's a buyer out there? No. But what you can't see down here is right down here. Is that big seller of 26,000 shares, there's 67 orders. You're not seeing it over here, but you're seeing it on total view. And that is what makes what we call a resistance level. That is what's going to cause us to push it back down. All right. Our next slide over here. A little bit of a bigger view on total view. Right. So just more of an explanation so your viewers can kind of realize what total view really is. This has come right off the Nasdaq website. It shows you full depth of book. You get 20 times more liquidity on level two. It shows you every single order that's being placed out there. And also you get access to pre-market and aftermarket, which is where a lot of us traders make most of our money, is looking at those orders. All right. Next slide moving along. Obvious question, how do I use this information to trade? We're going to pull up our next slide and take what you're actually looking at. So right now what we're looking for is what support resistance level is. So that's more or less as photographs is really showing you. You're seeing all these numbers. You're seeing all these orders aggregated. So what we're looking for is the big buyers and the big sellers, just like we see here, there's 74,000 shares, 29,297 orders out there at 59. This is what we're going to be looking for within the next couple of slides. We're going to be looking for big block orders, which we kind of call them iceberg orders. All right. Moving along to buyers. Okay. So here we're looking at Mike Ron. You can see the stock. Most people look at the stock and like you'll see, why did the stock bounce at 81 right here? It came back down, hit an arrow, hit support, came back down, hit support. Why did the stock stop down here? Well, when you look at total view and you work your way down, it's not these 1,000 shares, 2,000 shares, but it's this 81,000 share buyer at 5320. Now you can't see that on a chart, Jill, but you can see it on total view. All right. Now what if we were on the sell side? On the sell side, same thing. Here we're looking at AMD. Stock had a great trend. It goes straight up. It hits the resistance levels. And most of us trade is how we trade early in the market. You can see within 10 minutes, you see these things take off, but why did it come back down? How did you know that? You can slap every indicator you want on this, but at the end of the day, when you look at total view and you see 163,000 share sellers out there, and what is that, 112 orders out there, that's really what makes that resistance level. All right. Let's take a look at a few examples here moving along to our next chart. Now we're going to be looking at Uber for our next chart over here. And it's interesting what you said before. It doesn't necessarily mean what you think of it from a technical perspective or from a fundamental perspective. You're just looking at supply and demand. That's all we're looking at supply and demand. And as a day trader, when we're looking at stocks trending down, the first impression people look at, if you take a survey and ask everyone, what's the trend of the stock? It's obviously going down, Jill. Right. So the question is, when is it going to stop? All right. And if we move along to our next slide and we could take a look. Oh, news maybe. Maybe not. We keep going. Keep going here. Traders are selling. That's obvious. We could see that in the chart. And then moving along. There we go. Okay. So here we have looking at Uber. So now we had that game plan. We're looking at that chart. And then, okay, now we're looking at total view. And then we're looking at there. There's not that many orders, Jill. There's only six. But that makes up 53,000 shares of buyers out there. Now, if you multiply 53,000 shares times $36, that's a lot of shares. And you could see here on total view, 200 shares, 500, 300. This is what our state traders are looking for. And that's what's going to make that support without looking at a chart or anything, Jill. All right. Now, if we move along to our next slide here, you can see it on the chart. And now you can see it on the chart. Remember, I cut the chart off from here, which is kind of showing you the trend. But now when you're looking at it, like, oh, look, the stock is like tiddling over here. Well, what makes that? It's that buyer. All right. Now, our next one here, news coming out on eBay. And a lot of day traders are trading news. So this is another indicator to help out. Right. This came out in the news yesterday. Rumor of a buyout. eBay took off. And, you know, a thing literally just went up from 3450 within, I don't know, less than 15 minutes, shot all the way to 3950. And it stopped right there. And then the question is, how would you have known where to get out? Why didn't it go to 40? Why 3950? Well, when we look at this chart right here, you look at the orders. Boom. 22,000 shares. 26 different orders at $39. All right. Our next question is, what happens when an order gets filled? And if we go along to our next chart, we can see what that looks like. Okay. So we'll look at AT&T and people look at the stock and are like, okay, well, how do we know what order is going to get filled? So the first thing that kind of contradicts what I'm kind of saying, big support level, 70,000 shares, $38 stock, eight different orders. So in theory, you would say that's definitely support level, not looking at anything else. All right. Now if we go along to our next chart here. So now we go to our next chart and we look at the chart right here. And obviously, yes, that was a support levels, but it broke that support level. So does it update as you go through all these orders where you see the next size? Absolutely. So it's updating. It's updating. And then what has happened here, that guy, Jill, got executed. Now how do we know that got executed? There's this little window right here. It's called time and sales, which so many people neglect using. And if you notice all the reds, red, red, red, red. So that order got executed. This big guy got done. And sure enough, look what happened. The stock went down. So some people look at a support level. They're like, I don't understand. Why did it break that support level? Well, maybe that guy got filled. So remember, support resistance levels are made by buyers and sellers. But can a buyer get executed? Absolutely. And that's what happened right there. So that's why you got to keep a very close eye on it. And that's the value of using the TotalView platform. Right. Now what happens on the sell side, though? So let's say we did have, assuming we had sell orders up here, where it didn't make that bounce. Was there just more buy orders or sell orders and there were buy orders? There won't be no more buy orders. Right. And then obviously what's the next thing? It went down to another new support level. And the only way we could see that, which we won't see on this TotalView, because it's so way down, there must have obviously been another set of buyers sitting at, it was at $37 somewhere around, $37.20. So that's why what's nice about this with TotalView, which you don't get level to, is you can actually, I can probably show you in the next slide, actually I have a couple of YouTube videos on it, but you can also see that you can make that list even longer. You can go to maybe 30 orders, 60 orders, or 120 different orders. So you really can see the orders down there. All right. Pastor, as always, thanks so much for joining us at MarketSight. And thanks for joining me on TreyTalks. I'm Jill Malandrino, global market reporter at NASDAQ.