 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 general disclosure. All Bookmap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Riskless scoja, 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 in 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, it's a very active community. There's a lot of great content there on a wide variety of topics, trading topics, options, stocks, futures, and a wide variety of languages, and also trading approaches. And there are very active traders there all working together to help each other become better traders. So again, Bookmap Discord free and available to everyone. You know, great place to find a very friendly, active trading community. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. 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 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 in my process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in Spontagama Hero 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 asset. For example, the SB500 setups can be taken with ES futures, SPY shares, SPY options, SBX options, or even ES options. Also, my focus is primarily enter-day trading, but the setups that I talk about could very well be used for swing trading as well. Questions and comments are welcome, and I will be watching both the options-Doug Chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post, and I'll do my best to answer your questions. And hello, Steven. Welcome. Glad you're here. All right, here's my agenda for today, Friday, January 26th. First of all, I want to talk about news items, economic data, and events for today, and then a preview of next 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. And when I get to the live market, 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 economic data for today. A very important number was released today, the PCE data, and it came in, I guess there are a variety of versions of PCE, so core PCE came in lower than expected, lower than the previous number. And then it looks like the PCE came in an inline, consumer spending a little bit higher than expected. All right, so that's a PCE data. That's for today, the primary data release. Let's take a look at the S&P 500 futures now, and book map to see the reaction to that data. And there it is, and there it is, 8.30am Eastern time, kind of an up, down, then up again. So there's the final lag, up, down, up again, up to the SPX, 4900 call wall, and then reverse lower. So overall, a bullish positive reaction to the PCE data. And Stephen asked, are you using Evernote to track the news release? So let me, I'm actually using financial juice, and then just to, and there's a free version of financial juice, that's what I'm using, and then I just clipped that PCE data and pasted it into Evernote. Just to hold it in place, an easy way to look at that. So again, the source is financial juice, there's a free version. I think you just have to sign up for it. All right, so that's the reaction to the PCE data. Overall, bullish reaction that a reversal lower at the 4900 call wall. And then next week, the January FOMC meeting starts on Tuesday with the announcement on Wednesday at 2pm, and then the press conference at 2.30pm on Wednesday. So the announcement will come during my webinar next week on Wednesday, and we'll certainly cover that. And by the way, I'll cover this more in a minute. These levels should look very familiar. And if they don't, you can watch my webinar from yesterday and take a look at the post that I posted in Discord, the options Dash Doug chat channel, and futures channel and Discord, Bookmap Discord. I'll talk more about that in a few minutes. I'll actually show that. All right, so let's move on to positional analysis now. This is the SAP 500 futures, ES futures and Bookmap. So I'm going to start with the SAP 500. And 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 go to the underlying index, sorry, wrong chart, underlying index, which is SPX, that is the underlying index for the SP500. This is the really the current rally that began October 30th, ran into resistance right around 4,800. And then last Friday, options expiration Friday broke firmly above that level. And now SPX has been testing the 4,900 level, which is the current call wall. I'll talk more about that in just a minute. All right, so the rally after a brief pullback at the beginning of the year now is continuing higher. And again, up to 4,900. All right, let's take a look now at another SPX chart. Let's go to a one hour chart. So the previous chart was a one day chart. This is a one hour chart, wrong chart, sorry about that. Here we go. All right, so this is a 30 day one hour chart. Here's the resistance 4,800. Then the breakout last Friday, above that level, that was options expiration. And now SPX continues to grind higher. 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. That's based on the options market that is updated once a week. I update that over the weekend. Then the dash blue lines are showing the lower and upper daily expected move. Also based on the options market, I update that once a day every day, I take this information at the close. This expected move should be available in any training platform with an options chain. That's where I get it from thinkorswim. All right, the dark red lines are showing spot gamma levels. I'm going to point out the key daily levels. So these are levels that are proprietary to spot gamma. They're provided to spot gamma subscribers showing on a variety of trading platforms. This is thinkorswim. So the first level that I want to point out is the put wall at 4,500. That's a strike with large net negative gamma that can be expected to act as support. 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 to their delta exposure. That tends to enhance or increase volatility. On the other hand, like SBX is trading now 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. So generally in a negative gamma environment, I'm looking for more wider trading range, more trend days in a positive gamma environment, looking for a more narrow trading range, more mean reverting price reaction range days. Note that level did move lower from yesterday. So on Wednesday, it was at 4,795. Yesterday, moved up to 4,845. Now back down to 4,795. And note that all other key daily levels for SBX remain the same. So the next level up is the call wall at 4,900. That's the level that has been in play for today. That's the strike with the largest net positive gamma can be expected to act as resistance. SBX did trade up above that level earlier today. And then the next level up is the absolute gamma strike at 5,000. That's the strike with the largest absolute positive and negative gamma. So that's where most of the gamma weighted open interest is concentrated. All right, finally, let's take a look at a one minute chart just to see the levels in play for today. So this is showing just a little less than two days worth of data. Regular trading hours in the dark shaded area. So here's the cluster of levels that has been in play for today. 4,900 call wall, this combo level just below that combining SBX and spy gamma weighted open interest into one level shown here in terms of an SBX price. And then that's the upper week the expected move for SBX just below that level. So the 4,900 level did has acted as resistance in the past. And now let me just zoom out. All right, so here's Wednesday, Thursday price couldn't make it up there. And then SBX broke above that level today briefly acted as support. And now SBX is trading below that level. All right, let's go to book map. All right, so again for SBX, the only shift in level was the volatility trigger shifted lower. All right, so this is the ES futures and book map. I have my own cloud notes. So I can show SPX levels on this chart. There's the call wall and the combo level just below that. The dash purple line is the upper weekly expected move for ES very close to the upper weekly expected move for SBX. I'm also showing spy levels on this chart. There's the spy 487 level that has been in play for today, acting as support for long, right after the PCE data release, and also a 10am long. I'll cover that set up more in just a few minutes. Right now it looks like price is trading below that 487 level. So that level was critical yesterday as well as today. All right, note there is a difference in price between ES and SBX. And today it's about 27 points. So ES minus SBX is 27. That's what I'm using today. So the 4900 SPX level is shown at ES 4927. And I do post the index relationships that I'm using every day and discord. I try to get them in discord by 10am. Let's see where I... So yeah, I got 955. So when these relationships kind of settle out for the day, I'll post them in discord. All right, so I'm showing spy levels and SPX levels as well as key levels of interest for the ES. And note the after price broke above the 4900 level this 489. That's not a spot gamma level, but that is a round number for spy acted as resistance. And we'll see that kind of same thing on NQ. All right, let's speaking of NQ, let's go move over to NQ. So this is the NASDAQ futures in book map. And before I take a closer look at the start, I do want to take a look at QQQ levels so we can isolate the QQQ levels and play for today. The dark areas, the regular trading hours. And here's this 426 level acting as resistance. Oh, and I forgot to mention for the SP500, just let me wrap that up. Spy, the volatility trigger shifted higher and the call wall shifted higher. So that's the most significant thing. There was some discussion about the call walls in Bruce's webinar this morning. And when I was looking at the SPX 4900 call wall, keeping in mind that the spy call wall moved up to 490 from 487 yesterday. In my mind, giving the SP500 a little bit more room to move to the upside. All right, so back to QQQ now 426, acting as resistance. Note 424 is the volatility trigger and also the absolute gamma strike. So there's the 424 level. And then the 426 level acting as resistance. Showing on my own cloud notes here. Let's take a quick look at NDX just for completeness. Last time I looked, there were no NDX levels in play. So there we go. No NDX levels in play for today. The dark shaded portion is the NDX for today. All right, so back to NQ Futures and Bookmap. So again, my own cloud notes showing levels in play for today, primarily the QQQ levels. 426 and 424. And then also this 425 level. That is the zero gamma level. All right, shifts and levels for NASDAQ. For NDX and QQQ, the volatility triggers both shifted higher. And that's it. All other levels, put wall, call wall, absolute gamma strike all remain unchanged from yesterday. All right, let's take a look at gamma notional now and then we'll start to take a look at some setups. All right, this is something that I look at every day. Hello, Caesar. Welcome. Glad you're here. All right, so this is something that I look at every day. This gives me a sense of potential volatility and trading range for the day. So this is gamma notional. Market makers position on the gamma curve at the beginning of the day for the SB500, NASDAQ, and Russell 2000. So note for the SB500, both of these numbers are positive. What spot gamma assumes for an index is that traders are short calls, market makers long calls, hence the positive gamma. So this is market makers position on the gamma curve at the beginning of the day. And again, 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. Then on the other hand, for the NASDAQ here, for QQQ, gamma notional is negative. So again, for an index, what spot gamma assumes in a negative gamma environment, traders are long puts, market makers are short puts, and they have to trade with price to hedge their delta exposure. That tends to enhance or increase volatility when market makers are trading with price. So for the SB500, gamma notional shifted higher for SPX and SPY. And what Brent, the founder of spot gamma, looks at is the spot gamma index. And that number ranges from minus four being the most volatile, the most negative to plus four being the most positive, or the lower, less volatile. So 2.35 is a fairly high number. All right, let's take a look at some setups now. So again, I'm looking for lower volatility for the day, and really they're maybe neutral to bullish for the SB500. And that did play out in the morning, and then kind of neutral for the NASDAQ. So that was based on kind of the minimal shifts in levels, and also the gamma notional, positive gamma notional for the SB500. And as always, I'm confirming my thesis, looking for setups based on reactions at levels, order flow and book map, and what options traders are doing that shown here in hero. This is the hero signal. This is from spot gamma available to spot gamma subscribers. So hedging hero stands for hedging impact real time options. Everything that we've looked at so far other than book map is based on static data. So the the spot gamma levels, gamma notional, spot gamma takes open interest data applies their proprietary algorithms to that data to come up with the levels that I use in my planning and setting up my charts in the morning. Now we're going to move on to the execution process and take a look at real time data. So this chart is real time. It's showing price for SPX and options trades and market maker hedging activity for a combined signal of SPX by XSP NES futures on the one combined signal. And a falling hero signal indicates traders are taking negative delta positions. Market makers are taking the opposite side of that and they're hedging their delta exposure with ES futures. So when traders buy and sell calls and puts and these underlying index products, market makers take the opposite side and they hedge their delta exposure with ES futures. That's the most efficient way for them to hedge. On the other hand, when the hero signal is rising, this indicates traders are taking positive delta positions. Again, market makers are taking the opposite side of that and they have to buy futures to hedge their delta exposure. Let's zoom in on this chart now and take a look at a setup. So the setup that I want to focus on is the setup right here. Note that hero initially in the morning was negative. Traders are taking negative delta positions. That means they were buying puts and or selling calls and then just right around 1015, 1020. Hero shifts directions pretty sharply. They start taking positive delta positions and price responds higher. Right. So note that was somewhere between 1015 and 1020. All right. Let's go back to book map. Take a look at that setup. Let me zoom in. All right. One thing to note, I did have an issue with my computer this morning. So I'm going to zoom out just a little bit. Let me point out what's going on on this sub chart here. This yellow line, this is part of the MBO bundle. It's showing stop orders. So this is based on market by order MBO data that's available from rhythmic spot. Gamma uses that in the MBO bundle to show the stop orders. Those are CME market order types. The blue line is showing iceberg orders. Also a market also an order type shown for CME futures provided by rhythmic data. And note that when I restarted my computer right around 947, 945, all the previous MBO data was lost. All right. So sorry about that. I did have to reboot this morning having pretty significant latency issue with rhythmic data. I restarted my computer, fixed that, but I did lose all the MBO data prior to that. Now I didn't lose any other data, all the heat map, the volume dots, all that was still there, CVD, but I did lose the MBO data. All right. So before I go any further on this setup, I do want to review what I talked about yesterday. I also posted this in Discord and on X. So this is the setup from yesterday. Notice the 487. So yesterday this is SPI 487. That was the absolute gamma strike and call wall. Now today the call wall moved up to 490. 487 remains the absolute gamma strike. So traders were, and let me, let's go on to the next screenshot here. So the, you know, the key was this 487 level being an entry point for a long pullback and, you know, higher low aggressive buyers coming in, price moving up to the combo level. The combo level today, yesterday was two points below the 4900 call wall. Those were the key targets. That's for yesterday. Then the next, next thing to take a look at, let's actually, let's go back. All right. So notice the time of the reversal just before 10.05 is the touch of the 487 level. So again, that's from yesterday. Now let's take a look at a hero from yesterday. First of all, the Magnificent Seven signal. So note that starts rising just somewhere between right around 10 a.m. This orange line is showing that traders were buying calls in the mag seven stocks. When traders buy calls, market makers sell the calls and price moves higher. So they, they traders, again, traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. So that's what the rising orange line is. Finally, let's take a look at the hero signal for the SB500. Again, this is from yesterday. And there the hero signal starts to move pretty sharply higher right around 10.08. So the hero signal for the mag seven stocks was acting as a leading indicator and we'll take a look at that today as well. All right. So keeping that set up in mind from yesterday, this is almost identical, except price did move higher than the today, the combo level and the 4900 level just above that. Same launching point pullback in this case to VWAP. The volume dots in book map are showing market buy minus sell. Magenta dots indicate more sellers than buyers. Green volume dots indicate more buyers than sellers. So aggressive buyers start to come in and then as price and then as price starts to move higher, my stop orders help to fuel the move higher shown by the on chart indicator as well as the rising yellow line and the sub chart. Also this pink to dark blue line, that's cumulative volume delta. You can see all the green volume dots as price moves up, brief consolidation at the cluster of levels there and then moves all the way up to 489. Finally finding resistance. You can see all the sellers there that is shown in the heat map and book map showing a history the limit orders in the order book and then price finally reverses lower and we'll see some additional confirmation in just a moment. All right. So let's go back to hero now and this is for today. Initially hero signal moving lower traders taking negative delta positions and then right somewhere between 1015 and 1020 traders start taking positive delta positions and price moves higher. All right. Let's take a look now at the magnificent seven signal. Let me just zoom out and show exactly what this is. So this is a combined signal just like the S&P 500 but in this case it is combining options trades and market maker hedging activity for a combined signal for the stocks known as the magnificent seven maybe soon to be the magnificent six with the way Tesla is performing lately but anyway that is options trades market maker hedging activity for Apple, Amazon, Google, Meta, Microsoft, Nvidia and Tesla. I'm going to zoom back in on this chart. I'm going to zoom in on the morning a bit and notice just like yesterday hero signal starts to rise just before 10am in this case. So a leading indicator here. Traders start taking positive delta positions in the mag seven stocks and actually they were selling puts that shown by the rising blue line. So they started selling puts then when they started buying calls that shown by the rising orange line. Sorry about that. Back to the total signal. Sorry about that. Somehow shifting from a total signal to puts and calls seems to and shifting back triggers this auto zoom. I guess spot gamma is still working on this. Sorry about that. All right. So leading indicator here, leading signal. Traders start taking positive delta positions in the mag seven stocks. These stocks make a very large portion of both the SP500 and especially the NASDAQ 100. And I've started from NASDAQ. I've just started looking at this signal rather than the NASDAQ combined signal. All right. So there's the long setup mag seven stocks leading and then traders join taking long positive delta positions in SPX and spy and ES responds higher. All right. Let me check for questions. All right. Caesar asked, do you see any similar dynamics to yesterday where reversed hard off the lows around this time yesterday? I'll take a look in just a minute. Let me wrap that up. One thing to keep in mind for yesterday and potentially for today, uh, gamma notional is positive. So I'm looking, uh, not really looking for a hard trend down. Well, let's just zoom out and see what. So in a, in a positive AM environment, really looking for more mean reverting price action. I'll talk more about this in just a few minutes. All right. Let's get to NASDAQ now. So very similar. Again, lost all MBO data up until about 945. And the key for this setup was to watch the hero signal in for mag seven stocks. So price broke, broke this trend line. Long entry at the 424 absolute gamma strike also VWAP there. Price moves up to 426. All right. So let's go back to the mag seven. Let me just, uh, take a quick look at the NASDAQ signal. So this is why I look at the mag seven signal hero signal rather than, uh, rather than the NASDAQ. Although I do look at NASDAQ as a kind of another confirmation, but mag seven really giving, uh, uh, you know, a better, better signal. All right. So there's the long trader start taking positive delta positions and NASDAQ reverses higher at QQQ 424 and note, and I posted this during Bruce's webinar in, uh, in his chat channel that options traders took their foot off the gas on schedule and note what happens to price. Price consolidates moves lower. One more test. This is, um, very similar pattern. And then finally price reverses lowers. Hero starts to drop pretty sharply. WRB asks, when you use the mag seven, do you now handicap the mag six due to Tesla? I'll show you, uh, what, what I think is driving the mag seven when I get the stock setups in just a minute. All right. So again, Caesar, I'll take a look at, uh, uh, current market in just a minute. All right. So that's the, uh, setup in the long setup in NASDAQ. Let's take a look at, so I've talked about now this move up to starting, uh, right around 1045, 1050 options traders take their foot off the gas and then price consolidates. Let's go back to NASDAQ now zoom in a bit. Oops. Sorry about that. Got to turn off that. So when the options traders took their foot off the gas, this set up some nice shorts from the 426 level, multiple, multiple and enter entries here. Notice the green volume dots on the way up, aggressive buyers, aggressive sellers start to come in and multiple shorts from QQQ 426 down to NQ 600. Short, short, short, green volume dot to magenta volume dot short of 426, short of 426. And that one finally works. Note the sub chart here that this finally broke below 600 and 425. Note the shift in the, in the sub chart there, stop CVD and notice all the, um, the iceberg signal for NASDAQ selling strength all the way up. So icebergs, large traders selling icebergs all the time, all the way up as NASDAQ was rallying. Large traders use iceberg orders to hide their size. Let's take a quick look at some stocks and then we'll get to the current market. So very quickly and what I want to point out, let's go back to hero. So WRB, maybe this will answer your question. So let's go to the, so this is the mag seven signal. I'm going to zoom in just a bit on this also separate outputs and calls. Hopefully it won't auto zoom on me. All right. So that's the mag seven signal. I'm going to go over to Nvidia. Let me zoom in again. And this should look familiar mag seven. Actually, I'm going to have to stay zoomed out. So up until about noon, the signal was very similar. So this may, uh, may clarify a little bit more, move down, move up, take the foot off the gas, price moves lower. So let's go take a look at Nvidia and book map. So my, my point WRB is, I don't think Tesla has that much, um, that much of an impact on the mag seven anymore. So here's Nvidia move down price versus higher options traders taking positive delta positions, take the foot off the gas, start selling and price moves lower. And let's take a look at go back to hero and I'm just going to stay on the total signal. All right. So here's Netflix, another bullish day in Netflix, five sixties, the call wall, key gamma strike, note all the flow alerts here. And then remember what time the hero signal for the mag seven started to move higher right around 955. And that's when call, uh, that's when call buyers come in in, um, in Netflix and pretty close to the time that the mag seven, uh, the signal moved higher in, uh, Nvidia as well. One other thing to point out this call wall breach, I've talked about this before. So when traders buy calls, market makers sell the calls and they have to buy stock, ditch their delta exposure. So traders are long calls, market makers are short calls and all the calls concentrated that call wall at five, 60 as price moves up, those go further deeper in the money, delta increases and market makers have to continue to buy stock, ditch their delta exposure, similar pattern. This time a little bit later in the day, traders take their foot off the gas and price consolidates. Let's go take a look at book, ma'am. Go to Netflix. So not quite the same move lower as, um, as Nvidia traders, uh, here or more, uh, just stopped buying rather than started selling as an Nvidia. And then finally, let's take a look at AMD. Let's go back to hero AMD. So just before 10am, traders start taking positive delta positions and, uh, AMD rallies similar time as Nvidia Netflix. In the case of Nvidia, uh, in the case of AMD, they start selling, taking negative delta positions, price moves lower. All right. So, uh, plenty of stock setups today. And here in the case of AMD, no call wall breach for you, call wall acting as resistance, price moves lower. And that's the 180 level. Let's go to book map. So 180 is the call wall key gamma strike acting as resistance. So in the case of AMD, the call wall doing its job. There was some, uh, consolidation around that level. Then, uh, price finally move lower as options traders and aggressive sellers, uh, finally got their way. All right. Let's go back to the, uh, live market now. All right. Thinking about similarities with yesterday, let's take a look at, uh, let's just take a look at yesterday for reference. This is a screenshot of yesterday, uh, the entire day and ES, zoom in on this just a bit. So here's that 487 level price did break below that 487 level and finally found support. And this was just at the end of my webinar. So at the end of my webinar price was just, uh, finding support at this at around the ES 4900 SPX 4873 and spy 486. And really this trend break did not occur until almost three PM. So well after my webinar and I would not have considered a long until then. I don't have a screenshot of hero for the day, but I know that it did shift higher toward the end of the day, I believe. All right. So looking at today, this, uh, price is now above that 486 level and above also 487. So before we take a closer look at this, let's take a look at see what options traders are doing. Go back to hero. I'm going to start with the SB 500. All right. So in the SB 500, I don't see any strong confirmation. Hero signal is started to rise just before two PM, but still making lower highs. Let's take a look at the MAG seven signal. So still not firmly rising NASDAQ signal, uh, making lower, lower highs. So so far, not a little, not, not a lot of boost from, uh, options traders, uh, for a, uh, for long setup. Let's take a look at VIX. All right. So VIX was this dark shaded portion. Let me just zoom in on that. That's regular trading hours today. So it looks like VIX may have bottomed right around 1325. Maybe now heading higher. All right. So so far today, I didn't see any real support, uh, from options traders taking positive Delta positions. One really interesting thing, uh, that I noticed before, note the large iceberg orders selling at the lows of the day. I think this is really interesting and they're trading at some size shown by the on chart indicator that 6,000 contracts sell iceberg orders, two executions note the aggressive buyers buying those. Here's another that's, uh, two 2087 contracts, iceberg sell orders. So aggressive buyers in there also note all the liquidity in the heat map, resting limit orders by orders, aggressive sellers, stop orders, consume that. Also now one large trader coming in with iceberg orders by iceberg orders. That's a thousand contracts executed. All right. So this, uh, you know, very well could be the low of the day. You know, I'd certainly want to see, uh, cumulative volume Delta start to tick up again as well as the hero signal. Let's take a look at NASDAQ. NASDAQ looking a little bit weaker here. Subchart, iceberg stops, CVD all negative and trend still trending down. Let's go back and check hero again. All right. Hero for the SB 500, separate outputs and calls, not a lot of additional clarity. Still making lower highs. Now trending down again. Check mag seven, flat hero signal. Go back to book map. All right. Uncle ask, uh, in your opinion, are the icebergs opening new positions or being used to close existing positions? I guess there's really no way of knowing. Um, and I don't know if it actually really matters. They're buying, you know, buy, sell iceberg orders, um, here by iceberg orders here. All right. So I will say I normally don't trade in the afternoon. I think the, uh, the easier money, the more clear, uh, money was made from 9 30 to 12 30. Pretty obvious long. I talked about this at length comparing it to yesterday. Pretty obvious long and short as options traders took their foot off the gas. I thought that a short was more clear in, uh, in NASDAQ. All those multiple tests to 426. Yeah, I think there were, were five entries, uh, before the last one finally took, but we're all good for, um, you know, maybe up to 20 points each in, um, in NASDAQ before finally, before finally catching a runner, uh, just before 12 30. So again, I thought the, um, um, you know, the easier money, more clear setups were here. And this is, um, all right, one ask, what was the best trade in ES today? Let me get back to ES and this trade again that I covered earlier today, talked about it at length, identical to yesterday, mag seven options traders leading ESPX spy options traders following and confirmed with, uh, multiple confirmations or order flow here in book map. So there you go. One, if you didn't, if you're just joining us, uh, I covered this in detail, uh, earlier in my presentation and also, um, posted in, uh, a similar setup in, in discord yesterday. All right. So it looks like, uh, some aggressive buyers may be coming in and in, uh, ES maybe finding support at 487. Let's see what options traders are doing and not so much heroes still making lower highs. So at this point, you know, my, my trading day, my trading week is over. So I'm logging my trades and journaling and whatever, um, you know, whatever I do to, uh, wrap up the week. Let's take a look at NASDAQ. All right. So, so far, no, uh, seeing no signs of a, uh, a move higher, but you, you know, on a Friday afternoon, especially you, uh, can never, uh, discount anything. All right. You're welcome one. All right. Caesar, I hope I answered your question again, not, uh, not seeing any real, uh, sign of a rebound so far other than this 487 holding, uh, so far kind of holding as support. So we'll see. All right. Everyone, uh, my time is up. I'm going to wrap it up. I want to thank you for watching. Thank you for your comments, questions. Thank you for your participation this week. Remember, excuse me, uh, next week FOMC on Wednesday. We'll take a look at the Fed watch tool. See what, uh, traders are expecting, uh, the, Fed to do. And then we'll, uh, on Monday, I'll talk about all the data releases, all the economic data, uh, for the upcoming week. All right. Everyone have a great weekend. Thanks again. And I will see you on Monday. Bye