 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 limited 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 involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord there's an options-dash-doug chat channel. That's a great place for questions, comments related to my presentation as well as the topics of the channel that I'll go over in just a moment. So Discord, Doug P, great way to get in touch with me especially for those of you in YouTube. If you have a question after the webinar, great way to get in touch with me. Also post questions, content, comments, and the options-dash-doug chat channel. I'm also on X, formerly known as Twitter. There my name is at Doug Pless. The focus of my presentation and the focus of the options-dash-doug chat channel in Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading in 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 a directional bias. And the second step in my process is execution. And 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 for entries and exits. And when I talk about setups today, I will be talking about setups in an underlying asset. Setups can be taken any number of ways. For example, the SAP 500 setups can be taken with ES futures, micro futures, spy shares, spy options, or SPX options. Questions and comments are welcome and I will be watching both the options-dash-doug 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 slow to Zari says Tesla had a sharp drop today. Definitely did. I'll go over Tesla. It is in my call gamma unwind list, but definitely bearish order flow in Tesla today. My agenda for today, what I want to cover, go over news items, economic data, events and earnings, and essentially there were none today. Then I'll go through my positional analysis that I'll review setups from this morning. And then I'll talk about the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, I'll be glad to do that. So just please let me know when I get to the live market. And again, regarding news none today. Next week, there are some major economic data releases. I'll go over that more on Monday, but next week just to preview CPI data, PPI data, retail sales and consumer sentiment. So again, I'll go over that on Monday. Alright, let's start with my positional analysis now. This is the ES Futures in book map. And before I take a closer look at this chart, I want to take a look at a larger time frame. So I'm going to go to the SPX. This is a 30 day one hour chart just showing price and key levels. And just to point out this reversal higher began on the August 18th options expiration, the monthly expiration of put dominated, slightly put dominated, but very negative gamma position, market makers position on the gamma curve was very negative. And as price has rallied, that negative gamma position has slowly decreased until becoming positive gamma on the 30th. And then shifting back to negative gamma yesterday. Interesting. So yeah, and still negative gamma today. And I'll cover that in a little bit more detail exactly what that means in just a moment. Alright, so that is the price action for SPX the last 30 days. Let me point out some levels on this chart. First of all, the lower and upper weekly expected move. This is based on the options market looks like SPX is trading just to right around the lower weekly expected move it traded down below yesterday and tried to make its way up today. Again, this is based on the options market weekly expected move, then the dash blue lines are showing the lower and upper daily expected move again based on the options market. SPX is trading within that range. Let me point out the spot gamma levels. These are proprietary spot gamma levels gamma weighted open interest. The I'm going to go over the key daily levels. These available to spot gamma subscribers. The first is the put wall at 4300. That's the strike with the largest net negative gamma that can be expected to act as support. And the next level up is the absolute gamma strike. That is at 4450 and note that strike did move down today from yesterday from 4500 yesterday to 4450 today. That's a strike with the largest absolute negative and positive gamma. And then just above that the 4495 oops actually up here 4495. That is the volatility trigger that a spot gammas proprietary gamma flip level. Below that level market makers position on the gamma curve is negative in a negative gamma environment. That means that traders are long puts market makers are short puts and they have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility and SPX is trading definitely below that level and a negative gamma position 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. So in a negative gamma environment I'm looking for typically wider trading range that depends on the a lot on the action of options traders whether they are taking a trend following approach or a mean reverting approach which they have been doing today mostly. And then finally the call wall is up at 4600. That's a strike with the largest net positive gamma that can be expected to act as resistance. So shifts in levels for SPX the volatility trigger did shift higher from 4470 yesterday to 95 today. And then the absolute gamma strike shifted lower from 4500 to 4450. Alright let's take a look at another another SPX chart just for today just so we can see the levels that are in play for today. So SPX trading in a pretty narrow range after a sharp move up first thing in the morning up to the upper daily expected move just below that reversing lower and now making a series of lower highs but finding support right around this zero gamma level at 4459. Alright let's take a look at book map now. So here's book map notice I am still showing the the September contract the U contract. So I will I will roll over on Monday. So for right now still on the September contract. Let me point out some levels on this chart. So I have my own cloud notes and I have SPX levels. There's the 4450 level the absolute gamma strike. Looks like I mark that incorrectly. Also this 4452 level that's a combination level combination of spy and SPX gamma and then also the spy 445 level that is the spy 445 absolute gamma strike. Also the volatility trigger oops got stopped out it looks like. So that level did act as support in a launching point this morning. There's this 4459 zero gamma level that has been acting as support. And then note the spy 447 zero gamma level acting as resistance this morning. Alright let me look for questions and hello and YouTube tree tree trading I'm not sure I doubt I'm pronouncing that correctly. Hello Joe. Hello Moscone. Glad you're all here. Welcome and SK Gango asked why did I talk about SPX rather than ES. I'm watching most of the time. So ES is a derivative of SPX and I focus on the options markets in SPX and spy because I believe that options trades and market maker hedging activity in SPX and spy are and market makers hedging activity they hedge with ES or a key driver price action and ES. So again the SPX is the primary index that is the and ES is a derivative of SPX and also spy is essentially a derivative of one tenth approximately one tenth the size of of SPX. So I'm focusing on the spy and SPX levels and all you have to do is look at these charts to understand why ES often reacts and almost always reacts at key gamma levels as well as round numbers for SPX and spy. And welfare I will get to Tesla. Hello trade and sale. Glad you're here. Welcome. All right. So I hope that answers your question SK Gango. All right. So those are the levels in play for today. Notice also the spy 446 level. That was the volatility trigger yesterday. The volatility trigger moved down one point lower for spy to 445. So yesterday spy had a hat trick. Three of the key daily levels moved lower. Volatility trigger call wall and absolute gamma strike move lower from yesterday to from the day before to yesterday. And then another hat trick for spy again today with the volatility trigger put wall and call wall all moving lower. So two hat tricks in a row for for spy. And SK Gango says is it E.S. traded more hours than spy or SPX. Yes. So still during regular trading hours which is where I trade where I'm talking about options trades on spy and SPX and the gamma levels. This is where market makers are expected to react and they do. You know that's where they're reacting. So just look at the levels. We'll watch a hero in a few minutes to see how prices reacting as traders buy and sell options. And again there when market makers so traders buy and sell. Yes. Spy and SPX options. Market makers hedge all of those with yes futures. So they take the opposite side of the options trades and they are there. They hedge those those trades with yes futures. That's the most efficient way to hedge. So again when you're I look at E.S. that is my primary chart for the S&P 500. It has the most information. Of course SPX is not even available in book map. It's an it's an options only index. So when I if I want to trade SPX options spy options spy shares E.S. futures. I'm always looking at the E.S. chart. It has the most information. Well we'll take a look at spy in a minute. So anyway these are the key daily levels. Two hat tricks in a row for spy with the key daily levels moving lower. I definitely interpret that as bearish. All right. Let's take a look at Nasdaq now and we'll take a look at setups in a few minutes. So here's Nasdaq. All right. Joe asked how do I handle QQQ given in the index barely moves. So if I the same for the S&P 500 applies to the Nasdaq except I'm you know for completeness I look at NDX but I really focus on QQQ levels for for the Nasdaq. So I'm looking at QQQ. Now there is some hedging flow. We'll take a look at hero. There's a combined signal and a QQQ signal. Most of the hero flow the hedging flow is typically in QQQ. So QQQ is definitely the primary driver for for Nasdaq. So when traders buy and sell options in QQQ and NDX options traders are hedging those trades with in QQ futures. All right. Joe you're welcome. All right. So here's NQ futures in Nasdaq. So if I want to trade QQQ I'm definitely looking at this chart. That's why I go to a pretty considerable effort to mark the QQQ levels at the the correct level on my in Q chart. That's a big part of my preparation of the morning. Just to note the we'll take a look at a QQQ chart. Although just to note for some reason the Nasdaq data didn't in spot gamma did not change overnight. So even the spot gamma gamma index gamma notional remained exactly what it was yesterday. I don't know what that was. So we'll take a look at QQQ and assuming these levels are correct. Just there's one gamma level in play today. That's the volatility trigger at 374. Don't know if that's correct because the levels did not change at all for NDX or QQQ as well as the other data that I look at. Again this spot gamma gamma index and the gamma notional did not change. All right. So with the NDX chart I normally look at that but there's nothing to see there. So we'll just skip over that. All right. Joe see you're welcome. Trade and sale. You're welcome. Thank you very for your kind words. All right. So NQ is really focused on the lower weekly expected move trading just above that level right now. And we'll take a look at setups in a few minutes. So let's go take a look at some additional data that I look at for my planning process, position analysis. I look at gamma notional every day. This is market makers position on the gamma curve for SPX spy NDX QQQ. I normally don't look at NDX. It really doesn't change very much. So notice all these numbers are negative. And again this number did not change from yesterday. So assuming it's still correct for QQQ, it's still negative. So gamma notional market makers position on the gamma curve at the beginning of the day was negative. Let's just focus on SPX and spy. So negative at the beginning of the day, more negative than yesterday. So gamma notional shifted lower from yesterday. Let's take a look at the Vana models now. I'll start with SPX. This is the Vana model. This chart is showing market makers delta notional on the vertical axis and price on the horizontal axis. Delta notional vertical axis price on the horizontal axis. Two curves on this chart. The first is showing market makers delta notional showing how that changes with changes in price only. The purple curve adds implied volatility to the equation. So that's showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with a change in implied volatility is the Vana effect. And that's a second order Greek. So I know the low of the day for SPX was 44.52. Let's see where it's creating right now. It's around 44.60. So let's locate 44.52. So that's close enough. So what this chart is showing is with the price increase this morning, market makers delta notional was decreasing back. So we know that price increase from that level. That was the low of the day. Let's take a look at a chart of VIX. So here's VIX for the day. So VIX was dropping pretty much a minute or two after the open VIX started to drop. So we know that using just VIX as a proxy for implied volatility, we know that volatility was dropping. Price was increasing. Market makers could buy back short futures. And that's typical in a that's typical in a negative gamma environment that market makers can buy back short futures. So there was a little bit of a put Vanna tailwind this morning with VIX dropping price increasing. Market makers could buy back short futures. So again, a little bit of a Vanna tailwind. So right now, SPX is trading right around 44.60. So right around there. So again, a little bit of a Vanna tailwind today, helping to move price up. Let's just take a quick look at spy. So spy is a little bit more negative gamma. Spied low of the day was around 444. That's been an important level. So there's 444. So a little bit of a Vanna tailwind for spy as well. Let's see where spy is trading now. So spy is right around 445. 445 and a half. Alright, so again, a little bit of a Vanna tailwind for spy as well. Alright, so my thesis for the day based on the the negative gamma notional, the move more negative from yesterday. I was looking for higher volatility today. And again, that's always dependent on especially what zero DTE options traders are doing, whether they are trading with price or fading the highs and the lows. So more of more of a mean reverting activity and not the options market or more of a trend following a market. So that is, we'll take a look at hero for that. And then based on the shifts lower, the again, the hat trick in spy, as well as the shift lower in the absolute gamma strike for SPX, my thesis for the day for the SP500 was bearish. And hello, hello, Trinity. Holy Trinity. Glad you're here. Welcome. Alright, Truman, let me read your question. Alright, Truman, I'm not sure I understand your question. To, if I want to determine if options are the the key driver price or aggressive buyers or sellers, I'm really looking at hero and then order flow and book map. So we'll, we'll take a look at Tesla in a few minutes to see how bearish the order flow was in Tesla. There's a lot of magenta volume dots, a lot of aggressive sellers in, in Tesla. So that's what I look at in Tesla. And I think regarding it's respecting key gamma levels, respecting key gamma levels, the SMB 500 does that much more so than, than stocks. Although we saw a great example yesterday in meta with the very bearish order flow coming in right as meta hit the call wall and reverse sharply lower. Alright, so let's get to some setups now. I'm going to start with hero. Let me go back out. So what this chart is showing is the hero signal. That is the hedging impact real-time options. This is available to spot gamma subscribers. That's the purple line and the white line is showing price for SPX. And this is showing the purple line is showing a combined signal for options trades for SPX, SPY, XSP and ES futures all into one combined signal. So if you trade any form of the SMB 500, this is generally the, the signal that you want to take a look at combining all the signals. So let's zoom in on this now. So again, we're looking at a combined hero signal hedging impact real-time options showing options trades and real-time hedging activity for all those instruments. So let me point out, I'm going to zoom in on the morning a little bit. Just review setups from this morning. So this is the, this is the cash open. And from the open options traders taking positive delta positions and then price leveled off, consolidated as options traders started, kind of took their foot off the gas. Then when you put their, put their foot on the gas again, just right before 10 a.m. price moved higher. We'll take a look at that pattern in book map in just a minute to see what was going on. And then as price moved up, hedging flow shifted, generally bearish, somewhat mean reverting, which it has been all day, up and down, but generally bearish, taking negative delta positions for today, setting up a great short right around 1030. All right, so let's go take a look at book map. Go back to ES, zoom in. All right, so we saw that options traders were taking positive delta positions right from the open. They took the foot off the gas and ES chopped around between the 4459 level and the 40 spy 446 level. I'm sure there's a name for this pattern. This final wash out, then the aggressive buyers start to come in and price moves sharply higher, breaks out of this pattern, comes back and retest the 446 level. And note, this is not even a gamma level, but this is why I watched the round numbers in spy for ES and QQQ for NDX. Price reacts at these levels. That's where traders have their orders. And then price moves up to the spy 449 level. Note the shifts in order flow here in all three examples. Sellers shown by the magenta volume dots, those are by minus sell, aggressive market orders. Aggressive buyers come in, price moves down, aggressive sellers, aggressive buyers start to come in again, and then again the same shift in order flow. A final stop run up to the 447 level, that is a that's the zero gamma level. These small green dots showing buy stop orders, fueling the move higher up to the 447 level, then aggressive sellers start to come in. Let's go back and take a look at HERO. So there's the not necessarily an easy read, but HERO making a series of lower highs while price is moving up. So a divergent setup right there at 1030 reading order flow. We know that that is a level that that we expect some reaction. So generally any gamma level, I assume that it may act as resistance when tested from below or support when tested from above. I confirm that with order flow in book map. All right, let's go back to book map. So order flow and book map definitely confirm that with the stop run up to that level, then aggressive sellers coming in. All right Truman asked, do I look for call buyers being in charge or put buyers being in charge by splitting HERO up into puts and calls? Yes, definitely. And if you're looking, I've talked about this many times, if you're looking for a long setup in a stock, what you want to look for is that rising orange line with traders buying calls. When traders buy calls, market makers sell the calls and they have to buy stock to hedge their delta exposure. And that is a powerful driver of price action. All right, so those are setups this morning in the S&P 500. And again, this is the way I'm looking at this because I believe that options trades, market maker hedging activity or a key driver price action in ES. And these products are all related. There's a direct relationship between ES, SBX, and SPY. So overall hedging activity for today has been slightly bearish, somewhat mean reverting for the S&P 500. So let's see what, let's zoom back in on this, see what traders are doing today. So I'm going to separate, first of all, I'm going to take a look at the zero DTE options. So the zero DTE options that show with the teal line or the green line, they're a little bit more bullish than the purple line, which is showing all trades. So still zero DTE options traders, key driver price action, let's just take off all trades. So the zero DTE traders were generally bullish up until about 1145. All right, let's take a look at one other thing, separate outputs and calls. So it looks like call buyers are more aggressive than input buyers for the zero DTE. Now we'll add in total. So overall a pretty strong correlation. So we know that zero DTE traders are taking a large part in the options trades today. So options traders trading a lot of zero DTE options trades. Let me just point out the line. So the orange line, that is the all trades, that's all expressions calls, the green line, the dark green line is zero DTE call trades. And then the dark blue line is all trades, all expressions puts. And then the light blue line is the zero DTE puts. So overall they're buying puts and buying calls. And a good portion of that is zero DTE trades. All right, let's move on. Take a look at NASDAQ now. So the thing that I want to point out here on NASDAQ was the generally bearish options trades and hedging flow pretty much from the open. There was a sharp move higher in the open. Options traders were fading that and that finally set up a good short right around 1030, 1030 reversal time. Let's go take a look at that in book map. All right, let me check for more questions. All right, first with you to Joe asks, what is the orange line you mentioned? So orange is the calls, that's all expressions. So for all expressions, the orange is calls, dark blue is puts, and then for zero DTE, I believe it was the green line that was calls and the light blue line puts. That's for zero DTE. All right, so Truman asks about the puts and calls impact chart. I don't know if I'll have time to get to that. I'll try. We'll take a look at that when I get to some stock. So here's the the short set up in NASDAQ, that hero divergence. So everybody on the same side of the boat, first thing in the morning, a lot of aggressive buyers in there, and then price finally starts to roll over 1030 reversal time. Aggressive sellers come in as options traders were taking negative delta positions. Question and discord. All right, so I could get asked, how do you get the spy price in the ES chart when the prices are so off in price lines? So let me show you. All right, so I use the price lines add on, and I've talked to you about that. So I use the price lines add on. Let's take a look at right here in my SPX chart while sharp drop. This is where trading options for the day comes in great. Don't have to worry about a stop loss. Just buy a put spread, buy a put. Don't worry about a stop loss and let it play out for the day. All right, so here's what I look at is the, I have the script in thinkorswim. I posted these all in discord. Look for the pen icon on the upper right corner of option stash dug. I have all these scripts posted. So right now I know the ES to spy, and this is using the September contract thinkorswim I think will roll over on Monday. So it'll be a lot different is around 10.014. And notice all also the ES minus SPX I've got there that is there as well. That's about three and a half today. That's what I'm using. So that's where I get those numbers. Then these numbers right here. This is the spreadsheet that I use for the price lines add on. Notice not price levels. It is price lines. And I just calculate the ES level based on that. So I just multiply spy 440 times 10.014. And then I just carry that through. And then the same applies to SPX. So I'm getting these levels from spot gamma. Also the SPX levels. So those are all the levels that you're showing on my chart. All right. So I hope that answers your question. All right. So VHU. Hello. Glad you're here. Welcome. How exactly do we find downward or price breakdown a quick moment to capture with stock options? When I trade options for the day, my options trades are not not precise. They're really based more on my overall thesis for the day. So for example, you know, a good trade would have been to recognize this level acting as resistance, that slightly negative hedging flow and hero, and definitely negative negative or flat to negative order flow and book map here, cumulative volume delta stops both slop sloping down, not sloping up. So just buy a put spread here. You know, it doesn't have to be precise. My thesis was bearish. You know, at this point of the day at 1130, I definitely know that hedging flow is somewhat negative. So if you buy a spread, it's defined risk or if you buy a buy a put in the SAP 500, especially with the somewhat mean reverting hedging flow today, I'm more inclined to buy a spread and let it play out. And one thing to note, I did post a segment from Tasty Live that was last week, they have a segment every Thursday on zero DTE options. And they compared naked longs with spread trades. So I that's on Tasty Live. I posted that in discord as and you can go to Tasty Live, look for their YouTube channel, look it for their zero DTE playlist on YouTube. All right, so let's get to some stocks now. For stock, I want to so let me show you my Friday approach. So this is equity hub. And on Friday, a setup that's pretty reliable is the call gamma unwind. So what happens during the week, traders will buy calls that expire at the end of the week. So call stocks have weekly expirations, traders will start buying calls at the beginning of the week. And then as the week goes on, those calls, especially on expiration day, they will start to lose value. So when traders buy calls, market makers sell the calls, they have to buy stock to hedge their delta exposure. And as price starts drops, traders sell calls or calls just expire. That's the charm effect. The change in delta with a change in time as time passes, market makers can sell their stock edges. So I will write my watch list here in an equity hub by this next expiry gamma percent. I'm looking for anything over 30%. So this is Netflix, NVIDIA and Tesla. And note the expiration this is today. And this will be even more prevalent next week. So let's take a look. Truman wanted to ask about ask about the put and call impact chart. And go to the help section on spot gamma for more information on this. Just very briefly, the blue line is showing the rate of change of gamma for puts, orange line showing the rate of change of gamma for calls. And when these lines are show, the slope of these lines is very steep, more vertical, that indicates a greater rate of change of gamma. And that indicates and during that in this range, let's say between around 420, 455, 460, that's where the slope is the greatest. And that's where we would look for the greatest amount of volatility. The orange bars are showing call gamma, blue bars showing put gamma. So we know that around 36% of gamma expiring today. So we know that some there's put gamma and call gamma expiring today. And we know that as expiration approaches, especially this call gamma, these calls will start to lose value. Alright, so let's go take a look at hero. We'll take a look in that order. Let's go to Netflix first. Now I don't have Netflix in book map. So this is showing show there's your orange line showing calls traders are selling calls shown by the following orange line, the negative notion of value there. They're also selling puts that shown by the fault, the rising blue line and the positive notional value there. Let's go on to Nvidia. Nvidia was the next on the list. Definitely a great short today. Let's zoom in on this. So if you were looking to trade Nvidia, first thing in the morning, here's your short right here. First seven minutes, options traders taking positive delta positions. And then they shift start taking negative delta positions. And generally, hero is trending negative up until about 11, 11am. So let's go take a look at book map. So after that initial move higher, Nvidia made a series of lower highs and then broke down below that pattern, all down below VWAP. This is VWAP, the slight blue line, broke down below VWAP for a great short set up if you didn't get in earlier. You could even that that hero signal shifted right around 9.38 we appear. So multiple short entries, Nvidia call gamma unwind, great short set up. All right, let's take a look at go back to the list. Next was Tesla. Tesla was hero signal a little bit choppy this morning, but definitely bearish after the first few minutes. Short set up took a while to play out. Let's go to book map. Tesla. So there's a question earlier about determining who's in charge. I can't remember who asked. All right, so anyway, it's pretty clear that aggressive sellers are definitely in charge. Tesla pretty similar price pattern to Nvidia except Tesla has not recovered. Let's take a look at cumulative volume delta. And you can see that is just headed straight down. And that's apparent. You really don't even need to look at cumulative volume delta. Just you can see all these magenta volume dots. These again, these are market by minus sell. Magenta means they're more sellers than buyers, aggressive sellers. And so far, Tesla is down from 256 down to 247. Let's go back and take a look at hero. We'll zoom out. So somewhat of a divergence short this morning, but up and down with the hero signal, but overall trending lower. And that shifted more, more bearish right around 1130, 1140. So traders are selling calls and selling puts. Looks like the call sellers definitely in charge today. So we know that there are a certain amount of calls that are expiring today. The traders are selling calls and market makers are selling their long stock edges, their stock edges very bearish day in Tesla. All right, let's take a look at a couple of other stocks. I want to see first of all, Microsoft note that 335 is the call wall. It really looks like price has hung around that level. So what was interesting this morning was that as price approached that call wall level that's shown right here, level expected to act as resistance, traders started taking negative delta positions. And that didn't really, didn't really work out. So price has hovered around that level. Let's go take a look at book map, turn that off. Microsoft and Truman asked, did I say that the gamma unwind will be more pronounced on Monday? No, I look for stocks for a weekly expiration. I'm looking for that typically on Friday. It could happen on Monday, but I'm, and I've actually written an article about that a while ago for Netflix, but maybe in a very bullish environment. But I'm, I'm typically looking for that on Friday, especially for a non monthly expiration, just a weekly expiration. So here's the 335 call wall price oscillating up and down around that level. All right, there was one other. Well, let's, let's end it with that. That's, and let's go back and take a look at the S&P 500 and NASDAQ, see what they're doing. All right. So, so Zari asked, we'll take ES first is ES rally from 44 57 high end of the close. So it looks like maybe support just above the 44 52 and the spy 445 level. There are some large traders coming in with iceberg orders, although this is not significant for S&P 500. Let's go take a look and see what options traders are doing. So this looks definitely looks bearish to me. So unless options traders really turn this around, oops, let's take a look at zero DTE. So the zero DTE line still slightly bullish. All expirations, negative notional value. I would not look for a rally. Let's take a look at NASDAQ. So on the other hand, it looks like option traders are starting to starting to take positive delta positions that uptrend and hero that really, really began around noon, still continues higher. All right. So let's go back to book map. You know, here's what I see just looking in book map. So I noted this consolidation area between 44 59 and 446. This morning, price broke out of that level. There was another long period of consolidation pretty much in between those two levels again. And now price has broken lower as options traders are taking negative delta positions. Order flow does not look bullish to me. Cumulative volume delta sloping down. Cell stop orders that shown by the yellow line also sloping down. So, you know, who knows what will happen you know, the next 90 minutes, but I would, you know, based on what I see right now, I would not be looking for a long. Again, that could change. You know, as Mark Douglas says, anything can happen at any time was to look at NASDAQ and then we'll wrap it up. So NASDAQ still continues to make series of lower highs then broke down, but the low below the lower weekly expected move with a lot of aggressive sellers and that sharp move lower. Now heading down to the 372 level looks like NASDAQ wants to go back and test that level, the 372 level. So, sorry, from what I see, I don't, I would not be looking for a long at this point again, but anything can happen. All right, my time is up. I want to thank everyone for watching. Thank you very much for your questions, comments. I really enjoy these interactive sessions with plenty of questions. I hope I answered everyone's questions. If not, again, my contact information, the best way to get in touch with me is in Discord, either Doug P. and Discord or even better, the options-doug-chat channel in Bookmap Discord that's free and open to all whether you have a bookmap subscription or not. Everyone, thanks again. Thanks for watching. Have a great weekend and I will see you on Monday. Thanks, bye.