 Hello everyone, welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm 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. Grist of Scotcher, 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 Pee. 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 which I'll go through in just a moment. I'm also on X, formerly known as Twitter. My name there is at Doug Pless. And just a note about Bookmap Discord that is free and available to everyone whether you are a Bookmap subscriber or not. There's a lot of great content here, including my channel, of course. All right, so again Bookmap Discord free and available to everyone. 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 SpotGamma 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. For example, setups in the SAP 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 chat and options in the options-doug-chat channel as well as the chat and YouTube. So please feel free to post your questions and comments. I'll do my best to answer your questions. And hello, trading for a living. Welcome. Glad you're here. All right, my agenda for today, Tuesday, October 31st, Halloween day. First of all, I'm going to go over news items, economic data, events, and earnings 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 this morning. And then I'll take a look at the live market. All right, let's get started with news. So first of all, there was, I guess, a minor data release this morning. Mid-medium impact consumer confidence at 10 a.m. did come out greater than expected, and also lower than the previous number. And then also AMD reports earnings after the close today. All right, for the rest of the week, of course, the big event for the week is the FOMC meeting tomorrow. Before that, at 10 a.m., there is PMI data that comes out. But again, the big event, the 2 p.m. FOMC announcement, and then the press conference begins at 2.30 p.m., just as I'm wrapping up, I will be wrapping up my webinar at that time. All right, let's take a look at what the market expects for tomorrow. This is the FedWatch tool for the November meeting. So this is the November meeting tomorrow. The current rate is 525 to 550. And right now there is about a 97% chance of holding rates steady at the current target rate. And there's actually just under 3% chance of actually reducing rates. And according to this, there is no expectation for a rate increase at this current meeting. So really, I think the market will mostly be concentrated, focused on the statement, and then the press conference, what Dronpal has to say at 2.30. All right, so that's the expectation for tomorrow, near 90, over 97% chance of holding rates steady. All right, so that is the, that's tomorrow. Then on Thursday, Apple reports earnings after the market closes. And then on Friday is the jobs report. That is the monthly jobs report for October that comes out on the first Friday of the month. That's 830 a.m. Eastern time. There's also more PMI data that comes out at 10 a.m. All right, I'm going to start with my positional analysis now. And TK, hello, welcome. Glad you're here. Ask, could I take a look at ES and HERO and discuss any potential setups? I'll be glad to do that. I do that every day. All right, so let's get started with positional analysis. And when I get to the setups, I normally start with ESB 500. All right, so let's, speaking of ESB 500, let's take a look at the levels in play for today. So this is the ES futures and book map. Before I take a closer look at this chart, I'm going to take a look at a larger time frame. I'm going to go to SPX in a 30 day one hour chart. This is showing price and key levels again for 30 days of data. Let me point out a couple of key turning points. First of all, this is the October 6th jobs report for September. Gamma squeeze after that level. Here is the October monthly options expiration. And so that was on the 20th. And that was a very put dominated negative gamma environment. The expectation was for a put banner rally that lasted for a couple of days. And then I think the issues with treasury rates and geopolitical events moved the SPX lower. And then last Friday, this is the 4100 put wall. I'll talk more about that in just a moment. And that level held as support. It did its job. And the SMB 500 has rallied since then. And let's take a look at one factor in play for that rally. Let's take a look at a chart of VIX. So this is last Friday, this dark area here. As traders were buying puts for hedging for weekend risk. And that did not work out. That there was no, you know, of course, there's a very dire geopolitical situation in Israel, Gaza, but no really impact on the market. So VIX has been dropping. That is a tailwind for equities. VIX continues to drop. That's been a pretty good trade the last couple of weeks selling premium on Friday into that spike in volatility. So there's the drop in VIX starting late day on Friday, and then the corresponding rally in SPX. And of course, you know, the I guess risk of FOMC tomorrow is likely putting somewhat of a damper on a stronger rally, although SPX seems to be doing pretty well today. All right, so those are the, that's the price action key turning points. Let's take a look at some levels now. First of all, the dash purple line showing the lower and upper weekly expected move. They're kind of a cluster of levels right there at 4,200. That is the both the right around the upper daily and weekly expected moves right at 4,200. That's based on the options market. And that is set once a week, then the lower and upper daily expected move again the upper daily expected move right around 4,200. And that changes every day again based on the options market the expected move. All right, there are also some spot gamma levels on this chart. Let me point those out. These are spot gamma proprietary levels available to spot gamma subscribers. These are based on gamma weighted open interest. The first key daily level is 4,000. That is the absolute gamma strike. That's a strike with the largest absolute positive and negative gamma. Above that is the put wall that an active support last Friday. That's a strike with the largest net negative gamma that can be expected to active support. The next level up is the 4,280 level up here. That is the volatility trigger that a spot gamma proprietary gamma 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 dealt exposure. And that tends to enhance or increase volatility, leading to wider trading ranges and more or less stable trade. So SPX is trading well below that level. And then up above is the call wall at 4,500. That's a strike with the largest net positive gamma that can be expected to active resistance. Not really in play for today. All right, let me talk about shifts in levels now. So the volatility trigger did shift slightly lower from 4,300 to 4,280. And the call wall also shifted lower from 4,600 yesterday to 4,500 today. So again, well out of play and not significant. All right, so again, the SPX well below the volatility trigger in a negative gamma environment with market makers trading with price to hedge their dealt exposure. All right, that is the bigger picture. Let's take a look at the an SPX chart for today. Just to show a closer focus on the levels that are in play for today. Here's the put wall down at 4,100. Excuse me. And then really the levels up above, right around 4,200. Upper weekly expected move, upper daily expected move. And also there's a combo level there that combines SPX and spy. Gamma weighted open interest into one level, and then also an L2 level. So an important level at 4,200 that was noted as resistance in the spot gamma AM founders note. All right, let's go back to book map now. All right, in book map, I have my own cloud notes so I can show a variety of levels. The levels are shown in this column. And I'm showing SPX levels, spy levels, and also other relevant levels for ES. So here's the spy 4,17 volatility trigger that did act as resistance earlier today. That was right around 8,30 a Eastern time before the cash open. Here's the SPX 4165 support level noted as support in the spot gamma AM founders note. And in this consolidation period, just afternoon it did act as support and kind of a launching point for the 1pm rally that actually started a little bit early. All right, so those are the levels in play for the SP500. Again, I've got spy levels, SPX levels, the spot gamma levels are shown with white lines, white labels, red text, and just the round number levels shown in yellow there. And then there's the upper weekly expected move for ES. All right, let me get to shifts and levels for spy. So for spy, just like SPX, the volatility trigger did shift lower down to 417 now. That level has definitely been in play for today. And also the call wall actually shifted higher. It was kind of a strange level at 414 yesterday shifted back up to 440 more in line with the SPX. All right, so that shifts and levels for the SP500. Let's take a look at NASDAQ now. Let's go to the NQ futures and book, ma'am. Before I take a closer look at this chart, I'm going to take a look first of all at a QQQ chart so we can isolate the QQQ levels in play for today and pretty similar to the SP500. Here's the volatility trigger at 350 acted as resistance before the cash open. And now QQQ trading above that level. All right, so that's QQQ levels in play for today. And let's take a look at NDX. And here's that combo level that was on the right around the 350 level combining QQQ and NDX, gamma weighted open interest into one level here converted to an equivalent NDX price. All right, let's go back to book, ma'am. So there's the 350 level QQQ 350 and that combo level just below it that did act as resistance earlier today. And then support right around the more or less the 347 level QQQ 347. So just like the SMB500, I have my own cloud notes. I'm showing NDX levels, QQQ levels, and also the zeros in the 50s for looks like I'm missing some levels here for the NQ I need to update my spreadsheet. Move it lower. All right, so those are the levels of play for NASDAQ today. And we'll talk about setups in a few minutes. So there were some minor shifts in levels for the NASDAQ. For NDX, the volatility trigger actually shifted slightly higher. And for QQQ, the volatility trigger shifted lower. And note the volatility triggers are pretty volatile. They shift almost every day. But otherwise for NASDAQ, the put walls, call walls, and absolute gamma strikes all held steady. And again, we'll talk about setups in a few minutes. All right, so those are the levels of play for today. Talked about shifts and levels pretty minor. So really not enough shifts and levels repositioning in the options market to make any judgment on a directional bias. And really the dynamic in play for today has been that continued drop in the and volatility in the VIX and as well as drops in the treachery yields. But the tenure is dropping today. All right, let's take a look at gamma notional now to see how market makers were positioned on the gamma curve at the beginning of the day. I like to look at this every day. This gives me a sense of how market makers may need to react to changes in price and applied volatility. So first of all, the beginning of the day, here's how they were positioned on the gamma curve. I'm looking at gamma notional for SBX, SPI, NDX, QQQ, RUT, and IWM. So the SB500, NASDAQ, and the Russell 2000. And for NASDAQ, I pretty much focus on QQQ and for the Russell 2000, I pretty much focus on IWM. Let's start with the SB500. Note these numbers are all negative. For SPX, minus 1.12 billion. For SPI, minus 1.76 billion. This indicates at the beginning of the day, market makers position on the gamma curve was negative. This means that traders are long puts, market makers are short puts, and they have to trade in the direction of price to hedge their delta exposure. And for QQQ, also negative. And the same for IWM. And note for the SB500 and the NASDAQ, gamma notional, although still negative, became less negative than yesterday. And for IWM, stayed about the same. Maybe slightly less negative. All right, let's take a look at the VANA model now so we can see a graphical representation of what this means. I'm going to start with the SPX. This is the VANA model. This chart is showing market makers delta notional. That's their delta exposure on the vertical axis, price on the horizontal axis. There are two curves on this chart. The first, the light gray curve, shows how market makers delta notional will change with changes in price only. And then the purple curve adds implied volatility to the equation. That shows how market makers delta notional or delta exposure will change with changes in price and implied volatility. And that change in delta with the change in applied volatility is the VANA effect. VANA is the second order Greek. All right, let's take a look at some prices on this chart. First of all, for the SPX, the low of the day was right around 4153. Somewhere right around here. And let me check, see where SPX is trading now. Right around 4188. So from this point to this point, I'm looking at the purple curve. So what this is showing as price increases, market makers delta notional will decrease, has been decreasing, and they can buy back short futures. So we know that VIX has been dropping also. So following the purple curve, we know that price is increasing, implied volatility is dropping, market makers delta notional is dropping, and they can buy back short futures. And that is a put VANA rally. All right, so that's a very important dynamic for price action today. All right, that's SPX. Let's take a look at SPI next. Go to SPI, very similar curve. SPI, low of the day, right around 414. Just a little bit above 414. So right around here, SPI currently trading at for almost 418. Same dynamic, price increasing, implied volatility drops, market makers delta notional is dropping, and they can buy back short futures they use to hedge their delta exposure. And then let's take a look at QQQ. QQQ, low of the day, we saw support was around 347, right around here, and QQQ currently trading over 350. So we're around here. So the same idea, price increases, implied volatility drops. In this case, market makers can buy back short NQ futures. They used to hedge their delta exposure for options trades in QQQ and in DX. All right, let's take a look at some setups now. So based on this, my thesis for the day was really looking for still higher volatility, watching VIX carefully to see if this continuation of this put Vanna rally would continue based on the drop in implied volatility after the weekend, as traders loaded up on puts on Friday, implied volatility continues to drop, market makers can buy back their short hedges. All right, so let's get to some setups now. I'm going to start with the SB500. I'm going to first start with the hero signal, hedging impact real-time options to see what options traders have been doing today. So this is from Spot Gamma, available to Spot Gamma subscribers. Again, it's hero hedging impact real-time options. All right, I'm checking for questions. Truman asked, is that Gamma chart this week's expiration upper left corner? So Truman, I'm not sure what chart you're referring to. I was looking at the Vanna model before this. All right, so this is the hero signal. Again, hedging impact real-time options. So everything that we've looked at so far other than book map has been static data from Spot Gamma based on Gamma weighted open interest that's updated once daily, sometime overnight. Now we'll get to real-time setups. So first this is the hero signal for the SB500. White line is showing price. Purple line is the hero signal showing hedging, options trades and hedging activity for a combined signal for SPX, SPI, XSP and ES futures. All right, let's zoom in on this chart and I'm going to focus on setup in the morning right around 10 a.m., somewhere between 10 and actually around 950 and 10.05, something like that right around here looking at this setup and note that the hero signal was trending up. So there's somewhat of a divergent setup right here. Price was moving lower, hero signal moving higher, traders taking positive delta positions. All right, Chat Picat asked, how do you know the bias trend direction of ES? So I'm talking about that right now. All right, so this is the first clue. I see that options traders are taking positive delta positions. So when traders take positive delta positions, market makers take the opposite side of that and they have to buy ES futures to hedge their delta exposure. So this is the hero divergent setup around 10, 10.05 this morning. All right, let's go take a look at book map. I'm going to focus on this, oh I'm in, sorry, still in in queue. It's going to be a very similar setup but let's go to ES. All right, Chat Picat, I'm watching, when I'm trading, I have two screens. I'm watching hero on one screen, book map on another screen and putting together a narrative to understand what's driving price and potential setups especially on a day like today where I'm, I am expecting based on this drop in VIX a slightly bullish bias. That was my thesis for the day. All right, so then I'm watching hero. I see that traders are taking positive delta positions, watching book map for signs of a move higher and that comes right around 10.05, watching order flow here. These volume dots show market buy minus sell. Magenta dots show more sellers than buyers. Green dots show more buyers than sellers. Kind of a false start here before 10 and then the real move right around 10.05, aggressive buyers. You could have waited for the break above 4.15 that acted as resistance before and then there's a quick move up to, first of all, this liquidity right around 41.92 and then up to 41.96. This is the heat map and book map showing a history of limit orders in the order book and these were limit sell orders in the order book. Stayed in there, the darker the band, the more orders there are in the order book and these definitely acted as, first of all, a target for price and as resistance. All right, so it took some patience today watching hero and seeing what options traders were doing watching order flow and book map with the expectation also watching VIX with the VIX falling and also in the sub chart here you can see the the sharp move higher and all these lines, the pink line that is cumulative volume delta CVD it changes from magenta to dark blue and taking a shift from negative to positive. The yellow line is showing stop orders that's buy stop orders helping to fuel the move higher that's also shown by the on on chart indicator with the small green dot there and then finally this rising light blue line showing iceberg orders those are orders that larger traders use to hide their size those are buy buy iceberg orders it looks like there's a series of smaller orders this icon is kind of obscured here but that is showing 2,320 contracts and that definitely helps to fuel the move higher then buyers are temporarily exhausted reverse and then aggressive buyers start to command again right around the 415 level back up to the liquidity the resting liquidity right around ES4196 let's zoom out all right so overall that move higher has continued today so the initial move higher right around 10 a.m deep pullback consolidation period final test of 4165 support level and then price moves higher for the afternoon rally all right let's go back to hero and see what options traders have been doing zoom out making sure make sure i'm looking at the entire day here all right so this is the this is the cash open there's that initial move higher note that hero up until about 11 o'clock was making a series of higher lows then traders options traders often in this environment will have kind of a mean reverting action on price as price reached a new high options traders were taking negative delta positions and then right just before noon they shifted higher again started taking positive delta positions and so far that continues so they got started a little bit early on the the 1 p.m rally let's just take a look and see a closer look at what they're doing today so the i'm separating the output and call transactions the orange line is showing calls very close correlation between calls and price action so what this is showing right around just before 11 traders started selling calls buying puts when the both lines move in the same direction that's a very powerful signal and then just right around an hour later sorry about that nothing i did so then just right around 12 o'clock they stopped buying puts note the blue line flattens out resume buying calls price moves higher so it really helps to get uh a more uh comprehensive picture here by separating outputs and calls there's one other way to look at this we can take a look at next next expiry and that would be the options that expire today for the smd 500 and that is showing uh about a third of the notional value today so not um you know just playing a part uh zero dt options traders are playing a part in the move today but uh two thirds of it are options that expire um further out than today that show by the purple line the zero dte trades shown by the next expiry all right so this bullish move continues higher as traders are taking positive delta positions all right alexis ask do you stop orders detector and how please if you use it yes i do so i showed it uh when we were taking a look at um at es just a few minutes ago that it's d the yellow sub chart indicator let's go back take take a quick look at that back to book map so that is the yellow sub chart indicator i have this in some mode that's what i like to see that's the yellow line so that's showing that a good bit of this rally today has been fueled by by stop orders and that is uh the stop indicator uh is a pretty good uh often a very good indication of uh direction of price and this move higher uh also starting in the afternoon fueled by aggressive buyers that shown by the cumulative volume delta there and you can just see all the green volume dots and we just saw with hero that uh options traders were taking positive delta positions also helping the fuel this move higher all right so there you go alexis again in the sub chart i'm using the um stops indicator in some mode i also have the on chart indicator so i can see the individual events and that's actually uh somewhat of a an aggregation in this zoom level of the chart so if you trade futures i think the stops and icebergs are an essential part of analysis for futures and i have both here they're part of the mbo bundle uh that's available in the book map marketplace and the stops and icebergs do work for uh cme futures only all right let's take a look at nasdaq now all right so very similar price action now nasdaq trading above the 350 volatility trigger let's take a look at hero and see what options traders are doing first of all i'm going to go to the nasdaq signal this is a combined signal for ndx qqq a little bit more choppy today here's this morning setup not quite as clear as the sb 500 but traders start taking positive delta positions right around uh 9 59 55 and nasdaq rallies let's take a look at one other thing this is a new indicator a new um uh symbol for hero called magnificent seven and this paints a much more clear picture what this is showing is options trades and hedging activity for a combined signal of stocks that are known as the magnificent seven apple amazon google meta microsoft nvidia and tesla and these stocks make up a very large component of the nasdaq 100 so let's take a closer look at this chart and this after this chart this indicator the hero signal has been rising after about the first 10 minutes of trade this morning traders taking positive delta positions so today they are selling puts taking advantage of high implied volatility they're not shown by the rising blue line they're also buying calls that shown by the rising orange line notional value for today both of those are positive so this provides a very clear signal for the for the nasdaq today that traders are taking positive delta positions in these seven stocks when that happens market makers take negative delta positions they are selling calls buying puts and they have to buy stock to hedge their delta exposure right so this is a great new symbol that's been added to hero that provides a lot of clarity for both the sp500 and nasdaq but especially for for the nasdaq all right so let's go take a look now at so tollman number 12 asks when i say traders are buying calls does this mean that market makers are short calls yes so i'm talking about options market makers they take the opposite side of customer trades and then they hedge their delta exposure in the case of stocks with the shares of stock and the case of qqq options for example they will hedge their delta exposure within q futures most likely right so tollman that's kind of a basis of my my approach to trading is that options traders and market maker hedging activity are a key driver of price for equity index futures and many stocks and certainly all these magnificent seven stocks have very active options markets and are heavily driven by options trades and market maker hedging activity all right so let's go back to nasdaq now all right so here's the reversal at right around 10 am right around the qqq 347 level and after that order flow becomes a little bit more clear green volume dots aggressive buyers multiple pack pullbacks as nasdaq makes a series of higher lows and makes a final launch for the afternoon rally right at the summer between the 348 level and the indiax 299 zero gamma level and now trading above the trading above again the qqq 350 level right tollman asked if market makers are short calls they are interested for the stock price to go down or am i wrong well here's how here's what market makers are doing all they're doing is making markets so they want to they want to make markets that's how they make their living and then they're hedging their delta exposure so they don't care if price goes up or down they don't care what they're praying what price they're paying for stock all they want to do is hedge the risk and make markets so they are not interested in the stock price to go up or down right so i hope that answers your question again market makers all they're doing is making markets that's how they make their money and hedging their delta exposure so they remain close to delta neutral all right so that's nasdaq let's take a look at some stocks first of all again amd reports earnings after the close so let's take a look at amd we'll see how traders are positioning ahead of earnings the earnings report this afternoon so there's amd and book map let's see what options traders are doing so let's go to amd all right so traders are taking positive delta positions in amd ahead of earnings and mainly call buyers driving price higher that's shown by the rising orange line put the blue line is fairly flat so called traders are buying calls ahead of the earnings report this afternoon very steady uptrend and tollman number 12 you're welcome hope that helps all right so there's amd traders buying calls ahead of earnings this afternoon all right let's take a look at invidia gonna zoom in on this let's zoom in on the morning so in the morning invidia was trading below its foot wall that was expected to act as support and right around 940 945 traders start taking positive delta positions note the floor alerts here indicating significant options trading activity and hedging activity and price moves back above the foot wall it did act as resistance temporarily and one more time and then price broke higher then acting as support as expected and so the 400 level very important in in invidia today let's see what traders have been doing so they're actually they're selling puts today that show them by the rising blue line they're also buying calls but the the blue line the put line really driving price higher traders taking advantage of low price advantage of lower prices and at high implied volatility to sell some premium in invidia today all right let's go take a look at book map remember the 400 level so right at the open invidia broke sharply below the 400 level let me just tone down these volume dumps just a little bit so here's the 400 level price broke lower right after the cash open acted as resistance and note the liquidity at that level there were some sellers at that level that's what the heat map is showing price broke through consolidated for just a few minutes moved higher then that level acted as support and now invidia is trading higher note there are a lot of aggressive buyers today you can just see all the green volume dots there right so that's invidia let's take a look at tesla tesla has really been beat up lately all right let's see what options traders have been doing with tesla right note for tesla the 195 level that's the foot wall did its job as expected tesla did trade slightly lower but as tesla was testing that foot wall traders came in started taking positive delta positions note the floor there there again signaling significant options and hedging activity and the hero signal indicates that traders are continuing to take positive delta positions in the case of tesla they are buying calls and selling puts shown by the rising orange and blue lines notional value positive for both and 200 is the key gamma strike and that's also the hedge wall that's shown here so the gamma levels on this chart 200 key gamma strike hedge wall and the 195 foot wall those are the spot gamma levels in play for today let's go back to book map oops back to book map so the 195 let me tone down the volume dots just a little bit here so we can see price action a little bit better all right so what the stock is volatile is invidia just like tesla just like invidia support and resistance levels may not hold to the tick there's the 195 foot wall support initially the 200 level acting as resistance and now price trading above that level note a lot of aggressive buyers today all the green volume dots very few magenta volume dots that's also shown by the rising cumulative volume delta just a steady uptrend of aggressive buyers coming in taking advantage of lower prices all right let's get back to the well first of all is anybody have any stocks they want me to take a look at please let me know if you have any stocks you want me to take a look at i'll be glad to do that otherwise we'll go back to the sb 500 first so it looks like it is finding some resistance at spy 418 the sb 500 all often reacts at the spy round number levels and there it is the 418 acting as resistance let's see what options traders are doing now go back to the sb 500 so here mean reverting options trades taking negative delta positions then a few minutes later price starts to move lower at that potential resistance level at the spy 418 all right let's take a look and see what they're doing with the magnificent seven very similar options traders taking their foot off the gas price moving lower nasdaq also similar traders starting to take negative delta positions fading that move to uh to highs of the day let's go back to book map we'll take a look at in q all right so traders starting to take have been taking negative delta positions looks like some aggressive sellers coming in with the magenta volume dots here showing that and alexis back to your question about stop orders you can see the buy stop orders helped to fuel that move higher and then that line levels off no more buy stop orders fueling the move higher aggressive sellers start to come in we know that traders are taking negative delta options positions and prices starting to move lower so i'm using stops as part of a narrative for this we don't know if it's a pullback or a start of a move lower so far maybe just a pullback uh potential support level right now 350 and then this 364 combo level that acted as resistance earlier all right again uh last call for stocks anyone have any stocks they want me to take a look at come back to the sb 500 potential support at 417 the volatility trigger that acted as resistance before let's go back take a look at hero see what options traders are doing go back to the sb 500 i'm going to go to a shorter rolling window period just to see if we get any additional clarity so it looks like so now i'm just looking at the last 30 minutes of data rather than the entire day so in this with this viewpoint options traders continue to take negative delta positions all right shane asked about tlt i think you asked about that yesterday is that correct so we can take a look at it again i don't have tlt in um the book map we can take a look in hero here so not a very active options markets market in tlt so mixed picture overall um slightly positive for the day traders taking positive delta positions but up and down i hero very very thin options market in tlt at least according to the notional value here let's see what they're doing in the magnificent seven so again i think it remains to be seen whether this is just a pullback or the start of a move lower all right let's end up with book map so now we're watching for the um potential support at 417 let's go check nasdaq so nasdaq now breaking below uh trying to break below the 350 364 level all right my time is up um so if anybody is looking for for an entry i suggest watching this um 417 level um and that's also right at the es 4200 level so easy to remember all right again my time is up want to thank everyone for watching thank you for your questions and comments and remember tomorrow uh first of all uh well for today amd earnings after the close tomorrow pmi data at 10 expect kind of a quiet market after that uh up into the um fomc meeting again the announcement at two press conference begins at 230 and i'll drop whatever i'm doing at at two and so we can watch the live market all right thanks everyone again thanks for watching thank you for your questions comments and i will see you tomorrow bye