 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. The focus of my presentation and the focus of the Options-Doug chat channel and 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. Excuse me. I have a two-step process of trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned to 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 of my process is execution. And I like it 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 a setup in an underlying asset like ES futures or Amazon stock, for example. Those setups can be taken any number of ways with future contracts, shares of stock, or options contracts. So my analysis is based primarily on the options market. I'm looking at real-time order flow and market maker hedging flow for my setups and again an underlying asset that can be taken with any number of ways. Questions and comments are welcome. And I will be watching both the options dash jug chat channel and discord and also the chat and YouTube for your questions and comments. So please feel free to post questions and comments. My agenda for today, first of all, I want to go over news items, economic data that came out today also for tomorrow the rest of the week. Then I'm going to go through my positional analysis. I'll review a few setups and then we'll take a look at the live market. All right, let's get started. Hello Hector, glad you're here. And hello Karma FX, glad you're here as well. And hello to everyone else. All right, let's get started. So today there were several data drops that seemed to have a pretty large impact on the market and we'll see that a little bit more closely when we look at the S&P 500. And in fact, let's just do that now back to the S&P 500. So first of all, the first data item this morning at 8.30 a.m., jobless cams came out. They were less than expected, less than previous. I think the big market mover was the GDP number. This is 8.30 a.m. right here. And that number was better than expected and better than previous, the previous reading. And I think that somehow caused a very negative reaction in the market. So there's the 8.30 a.m. data. Again, I think it was the GDP, better than expected, better than previous, and that initiated a sharp market drop from around the SPI 438 level down to the SPI 436 level and also the SPX 4375 level, actually a little bit below that. So a sharp drop lower in the morning after the 8.30 a.m. data. And then also at 10 a.m., home sales came out and I think that was not quite sure what that data was, but that seemed to also cause a pretty sharp reaction in the market. There's the 10 a.m. data. So initially a move higher and then a move lower. And we'll talk about more about this positional analysis and setups in a few minutes. I just wanted to point out the data and how important it is to keep track of that data when the data releases come. And these economic data releases did have a pretty big impact on price action today. All right, and tomorrow, PCE data comes out at 8.30 a.m. Eastern time. It could be a big market mover and then consumer sentiment at 10 a.m. And then finally, just a note for next week, Tuesday is the Independence Day holiday and markets close early on Monday. So I will not be streaming on Monday or Tuesday. And I don't think there will be any book map streams on Monday or Tuesday, but I will not be streaming on Monday or Tuesday next week. So it's a good long four-day weekend. All right, so let's start with the positional analysis now. So like I said, this is the ES Futures in book map. And I'm going to take, before I take a closer look at this chart, I'm going to take a look at a larger time frame. This is SPX in a 30-day one-hour chart and thinkorswim. So right now, SPX after moving lower at the June expiration, the 6.16, June monthly, the expiration, SPX traded lower and then starting this week on Tuesday has tried to recover some of that, currently trading somewhere between 43.50 and up to 44.00. And we'll talk about the significance of the 44.00 level in just a few minutes. Let me point out some levels on this chart. First of all, the lower and upper weekly expected move, shown with the dash purple lines and then the lower daily and upper daily expected moves, just right on top of the weekly expected move, also right at the 44.00 level for the upper edge of the weekly expected move. So SPX has been up to that level and that was a very good price target for along this morning, that 44.00 level. That is the absolute gamma strike. All right, let me point out some spot gamma levels. First of all, here's the put wall at 4,000 and that had briefly moved up to 43.55 yesterday. I think that was more of a technicality based on calls versus puts at a certain level. But anyway, the put wall is the strike with the largest net. Negative gamma can be expected to act as support and it's not in play. And then the next level up is the volatility trigger at 43.60. That remains unchanged from yesterday that a spot gamma is a 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 delta exposure and that tends to increase volatility. On the other hand, like SPX 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 their delta exposure and that tends to decrease or subdue volatility. And the next level up is the 4,000 level and that level has definitely been in play for today. And again, we'll take a look at why in just a moment. So the 44.00 level is the absolute gamma strike. And that is the strike with the largest absolute gamma. And then finally, the call wall is up at 4500. That's a strike with a large net positive gamma that can be expected to act as resistance. So for today for the SPX, call wall did move higher from 4,400 yesterday to 4500 today. And then the put wall move lower back to the 4,000 level where it has been for some time. And Floyd's garage asked, could you go over how you calculated expected moves again? Yeah, in just a moment, we'll take a look at that. Just look at an options chain. It's very easy. So I'll go over that briefly in just a moment. Right, so that is the SPX 30 day one hour chart showing the levels that are in the range of this chart. And let's take a look at the levels that are in play for today in a one day one minute chart. Got the same levels here. Dash blue line showing the lower and upper daily expected move. And then the levels are in play note that SPX is above the volatility trigger in a positive gamma environment. And then here's the 4,400 level. And just below that the 4,399 combo l three level. So the absolute gamma strike at 4,400. And then this combo level just below that. And that did act as a great price target in the morning with this reversal just above the 43 75 level and JEC. If you're watching this in the archives, you need to adjust your your gamma levels. Spot gamma is using a 47 point difference between ES and SPX. And the difference is closer to 39 points today. So there's the 4,375 level acting as support. Also the spy 4,36 level. And then the 4,400 level acting as a target for along from the 4,375 level and then acting as resistance. And we'll look at setups in in just a few minutes and see what options traders were doing at the as price approach this 4,400 level. And no ask is the JP Morgan collar trade still in play for tomorrow. To me right now it does not appear so that remember that is gamma that expires tomorrow. So as expiration approaches, the gamma increases, but also price has to get closer to that level. So gamma is greatest at the money at expiration. But a price stays up here at 4,400. I think the 4,400 level is is more important. All right, let's take a look at book now. So those are the levels that are in play for today as far as SPX goes. And then I have my own cloud notes here in book map where I'm showing the SPX levels at just about the correct difference. And that difference does change a little bit every day after the options after the contract roll. It tends to move lower over a period of time. So right now it's at 39 point difference or 38 points. Actually, let me check. Yeah, 38 points is what I'm using today. All right, so the levels in play. Here's the 4375 level. Also the spy 436 level. Here is the spy 437 volatility trigger. And I did post this in discord this morning. It was acting more or less as resistance for a couple of short setups in this early morning range trade before this final test of this lower the 4375 436 level before the move higher to the 4400 level. All right, so those are the levels in play, including SPX and spy 437. All right, let's answer. We'll take a look at a couple questions. So first of all, calculating expected move. So let's take a look at SPX, for example. And just to point out, this is a heat map for the SMB 500. Note that large cap tech is weak today. And just about everything else is strong. So it looks like at least for today, traders are rotating out of large cap tech into probably primarily financials. I think that was after the positive results for the stress test that came out yesterday afternoon. But anyway, let's take a look at SPX. We'll go to an options chain. I'm going to take a look at the options chain for tomorrow. So if you want to get the expected move for tomorrow for SPX, what you want to take a look at is this number. This isn't thinkorswim. It may be different in some other trading platform. This is what I use. So you want to wait until the close. So when SPX closed, you look at this number and the options chain. This is how I do it. There's an equation, price times IV times the square root of the days to expiration divided by 365. Or this is the easy way to do it. Again, just look at this at the end of the day at the close. So there you go, Ford's garage. Let's take a look at the Nasdaq and then we'll take a look at the Vana models and also the absolute gamma for SPX. And then see that 4400 level. Excuse me. All right. So for Nasdaq, a totally different story. Remember we just looked at the heat map in thinkorswim and saw that most of the sectors were strong today except large cap tech. And traders have been rotating apparently out of tech into these other sectors. And this is definitely apparent on this chart. So here's the 8.30 a.m. Eastern 8.30 a.m. data release GDP and that triggered a sharp move lower in the Nasdaq all the way down to the lower daily expected move in a little bit below. It looks like Nasdaq overshot that level just a little bit. That's pretty typical. So definitely more of a bearish day here in Nasdaq. And note the bearish order flow here. Large trader selling with iceberg orders, sell stop orders, fueling the move higher, move lower. Both negative here. Right. So the levels are in play. Note the reversal at the QQQ 366 level. And here's the QQQ 365 level. That is the new absolute gamma strike for QQQ. It did move higher from 360 yesterday. And 366 is the volatility trigger for QQQ. Let's just take a look at a QQQ chart so we can see those levels more clearly. And let me scroll over to the left a little bit. So this is, I'm going to look at pre-market here when the data came out. So you can see the resistance at the 366 volatility trigger and price move lower until about 1045 a.m. Just making a series of lower highs. So volatility trigger at 366. And then again, 365 is the absolute gamma strike. So now it looks like price is settling somewhere between 363 and 364. Let's go back to Nasdaq. So again, a totally different story than the S&P 500 today. Very bearish. All right. And shifts and levels. I talked about the shift in the absolute gamma strike for QQQ shift higher from 360 to 365. Also the volatility trigger shifted higher from 363 to 366. All right. Let's take a look at the absolute gamma for SPX. And we can also take a look at the Vana model at the same time. So first of all, this is the absolute gamma for SPX. I take a look at this occasionally. And what this is showing is positive gamma or call gamma above the zero line with the orange bars and negative gamma or put gamma with the blue bars below the zero line. So this is the 4400 strike right here. And that is the obviously the right now the center of the universe for SPX. That is, you know, definitely clearly very obviously the absolute gamma strike. And let me just point out the, let's see, this is the, there's the JP Morgan collar strike. And again, the significance of that is the gamma that we'll see tomorrow afternoon. All right. So that is the, again, just pointing out here the significance of the 4400 strike. All right. Let's take a look at the Vana model. I'm going to start with SPX. And just a note at the beginning of the day, gamma notional for SPX was positive. But I believe it is was less than yesterday. So still positive but less positive than yesterday. So what the chart is showing is market makers delta notional on the vertical axis and how that changes with price shown on the horizontal axis. There are two curves on this chart. The first light gray is showing how market makers delta notional changes with changes in price only. So what this is showing is if price increases, market makers delta notional will increase. And when they're delta, they want to remain delta neutral. So they'll have to sell futures to hedge their delta exposure. So that's typical of a positive gamma environment. Excuse me. The other line on this chart adds implied volatility to the equation. That's showing how market makers delta notional changes with changes in price and implied volatility. And that change in delta with the change in implied volatility is the Vana effect. That's a second order Greek hence the name of this chart, the Vana model. And what this is showing is if price decreases and implied volatility increases, market makers will have significantly more delta to hedge than predicted by the delta only curve. So they will have to sell futures to hedge their delta exposure as price decreases. Let's take a look and see where SBX is trading right now. So I've got SBX at $43.91. So that's right around the bottom of this curve. Right around between these two lines. So right now this is showing that if price increases, market makers won't have any hedging to do up to a certain point. And then as price continues to increase, they will have to start selling futures. On the other hand, as price decreases, they will have to sell futures to hedge their delta exposure. All right, so that is SBX in a positive, that's a typical curve for positive gamma, spy negative gamma. So right now, spy gamma notional decrease became more negative than yesterday. And this is curve is more typical of a negative gamma environment. And I've got spy trading at about $4.37 right now. All right, so what this is showing is, let's just zoom in on this. All right, so $4.37 right here. So what this is showing is price, if price continues to increase, market makers can buy back short hedges. And that's typical of a negative gamma environment, but market makers are trading with price. And then on the other hand, if price decreases, market makers will need to sell futures. So for spy, this is a negative gamma Vana model. All right, let's take a look at data now and then we'll start taking a look at some setups. So let me just point out, gamma notional here for SPX, spy NDX and QQQ. And Steve M. asked, snow please, we will, I don't have snow in book map, but we can take a look at it in hero when I get to the live market. So I will definitely do that. All right, so gamma notional for the indices SPX, still positive. So market makers position on the gamma curve for SPX is positive, but less positive than yesterday. And then really quite negative here for spy at 1.08 billion, negative 1.08 billion. And then for I, NDX is really not significant. And then for QQQ minus 318. And so all those numbers did become, became more negative or less positive than, than yesterday. Yeah, Floyd, that's right. Floyd's garage says spy negative gamma, so market makers sell futures with lower price and buy back shorts with up move. Yes, that is, that's what happens in a negative gamma environment. The reason is market when in a negative gamma environment, traders are long puts, market makers are short puts. And if price decreases, their delta notional will increase. They have to sell futures to hedge their delta exposure. On the other hand, if price increases, those puts lose value, implied volatility drops, price increases, and they can buy back their short hedges. So yeah, you've got that exactly right. So Hector asked, what are the levels provided on the script, the thinkorswim script? So first of all, that is provided to spot gamma subscribers for a variety of platforms. I'm, I'm showing those levels on book map and thinkorswim, two platforms that I use. And for a free source of strong support of resistance level could work. So I, you know, I don't know. I'm not sure what you're referring to that. This is what I use. I note every round number for spy and SPX, I have that in my, my cloud notes, as well as the spot gamma levels. All right, let's get started. Let's, let's review some setups. So first of all today, so based on this information, my thesis for the day was for higher volatility, looking for, you know, based on the shift lower in gamma notional and the very, I guess larger gamma, negative gamma notional for spy, slightly bullish based on the increase in the the call wall for SPX. And also I didn't mention that the spy volatility trigger also moved higher. And of course the data that came out this morning had a, a big impact on that. So I was really looking for movement towards 4,400 or 4,320 and watching SPX trading in that range this morning and then finally breaking out. So let's start with that setup. That was the, really the main setup of the morning. So let's go take a look at, at hero first, see what options traders were doing. And let's go to S&P 500. So now I'm reviewing setups, a couple of setups from this morning. First of all for the S&P 500, what this chart is showing, this is hero from spot gamma, white line is showing price for SPX, the purple line is showing the hero signal, hedging impact, real-time options. This is real-time showing options trades, market maker hedging activity for a combined signal for SPX, spy, XSP and ES futures. And this is what I typically use for the S&P 500. And I'll take a closer look at this chart in just a minute and we'll take a look at this setup and also the live market and see what traders were doing as price approached the 4,400 level. All right, so let's take a look at the individual components of this, the primary components, first of all SPX, strong correlation with price action today and this number net for the day is positive 1.23 billion and for spy now this number has turned negative minus 451 million and for ES futures it looks like there was a large move pre-market and then after the 8.30 a.m. data that came out that's really driving this number and it looks like it is really just flattened out since that initial move lower when traders were taking negative delta options positions in the ES futures and so far net for the day the number is negative at about 1 minus 1.1 billion and then overall for today the total signal is still slightly negative for today. All right, let's take a closer look. So I've already separated outputs and calls. I know that traders are buying calls and buying puts and I'm just going to stick with the total signal here and point out the reversal higher. First of all with options traders confirming this move higher right around 1045 and the hero signal was a good confirmation for the move higher. Not really much of a lead effect there but a good confirmation. All right, so let's go take a look at the book map now and see what we can see to confirm that move higher. I'm going to zoom in. I'll firm about 1030 to 1245. First of all note the shift in order flow here. A little bit of a sell stop run down to these support levels right at the 4375 SPX 4375 level that did act to support and at that point aggressive buyers start to come in that shown by these green volume dots. These volume dots I have it set so it's showing buy minus sell, market buy orders minus sell orders. If buy minus sell is positive then that shows as a green volume dot and the opposite if there are more sells than buys it turns out to be a pink or a purple volume dot. So note aggressive buyers start to come in, Kimla to volume delta starts to rise and then as price moves higher buy stop orders shown by that yellow line. Also these small green dots with the numbers here buy stop orders start to feel the move higher with the primary target at the 4400 level. So looking at hedging flow and order flow this was a you know led to a good long setup here off support this morning. So there's the setup this morning for the SB 500 and we'll talk more about this in just a minute. So the setup really this morning that I'm focusing on just in this review is the this long setup off the 4375 level. Let's take a look at NASDAQ different story again much more bearish for NASDAQ. Let's take a look at here and see what options traders are doing. So this is a combined signal for NDX and QQQ definitely showing a steady downtrend options traders taking negative delta positions throughout the day. Just showing by the falling purple line here. So setting up a short you know anytime NASDAQ pulls up to a level or you know any pullback move higher was a good short today. Let's just see what traders are doing. So they are buying calls and buying puts put buyers much more aggressive. They're definitely winning today. So the put number minus 613 million versus calls positive 131 million. So put buyers for NASDAQ definitely winning today. Let's go back to book map and again here's the reversal at the 8 30 am data at the QQQ 366 volatility trigger level. And this morning NASDAQ was trading below VWAP. So any up pull any move up to that level was a good short and note again that large traders selling with iceberg orders they used to hide their size shown by the falling blue line light blue line and cumulative volume delta for a little while was positive. Kind of supporting the move up to just below the QQQ 365 absolute gamma strike level and then CVD rolled over and price started to move lower again. Now back to the lower daily expected move. And also the falling yellow line sell stop orders definitely fueling the move lower. All right. Let's take a look at a couple of stocks and then we'll go to the live market. So the first stock I want to take a look at is Amazon. Let's go take a look at hero. So in Amazon first of all let me point out this week hero signal here. So what this is showing this is comparing the hero signal. This is comparing the hero signal for the last five days and last 30 days. So the entire range of this slider and it looks like Amazon is taking the entire range of the slider is for the last 30 days. So right now the dot here is showing the hero signal for today and note that it is the it is the lowest or weakest that it has been in the last 30 days. And then also the colored portion is showing the last five days which is also the same as the last 30 day range. So the hero signal for Amazon is the weakest that it has been in the last five days and the last 30 days. So that's one clue to look for a bearish setup. And then the next clue is just to look at the direction of the hero signal. So let's zoom in on this looking at the morning. So in the morning traders were selling calls that shown by the following following orange line. So not doing much with puts but definitely selling calls in the morning and that was driving price lower. Alright so there's Amazon. Let's go back to book map that shows what options traders were doing. So Amazon reverses at the 129 level makes a couple of pullbacks trading below VWAP still trading below VWAP. Alright so short set up in Amazon and remember large cap tech is a group has been pretty weak today. Alright she asked what is an iceberg order and iceberg order is actually an order type for CME futures. So as far as I know CME is the only exchange that has native iceberg orders and these are orders that larger traders use to hide their size. So you know just what you can imagine with the tip of the iceberg shows but there are more orders behind that. So if you want to find out more I would just do a search on CME iceberg order. But book map can detect those orders generally after they're executed. So again large traders use this order type for CME futures to hide their size. Alright so there's Amazon. Let's take a look at Meta. The next stock set up that I want to focus on. Excuse me. Notice that 282 is the put wall and that was a target for the move lower this morning. And note also the high liquidity at that level. Not quite as high as the 280 level but that is the put wall. Target for this morning. Let's go take a look at Hero and see what options traders were doing. Let's go to Meta. So far today they are buying puts and selling calls both in the orange number and the blue number both negative. So they're selling calls and buying puts. And it took a little while for this option signal to confirm the move lower. Alright the next is Nvidia. And note for Nvidia 410 is the hedge wall. And we'll zoom in. So much stronger correlation here between options trades, hedging flow and price action in Nvidia. Let's go take a look at book map. Nvidia in the morning session. Initial target at the 410 hedge wall for the quick move lower at the open. Down to that level. Price moved down to 407 and is now trading below VWAP again. Looks like it may be heading to the 405 level. Let's go back and take a look at Hero. So there are multiple opportunities for short either initially or pull back just below VWAP. And this is a pretty constant theme that it looks like a lot of these stocks as well as NASDAQ. We're not even able to make it back up to VWAP in the morning to Hero. So in the morning traders were buying calls and selling puts. Showing them by the following blue and orange lines. Alright then there was a request from Steve Hymn to look at Snowflake. So we can do that. So there you go there's Snowflake. Key gamma strike at 180. Call wall well above at 190. And Snowflake moving along with large cap tech. Moving down. So Snowflake. I really don't watch it closely but as I used to and it seems to respond very well to options trades. Although the options market is fairly thin compared to some of the other large cap stocks. Magnificent seven. Alright so there you go Steve. There's Snowflake. Let's go back to S&P 500. And what I want to point out here is the. If you were looking for short. Notice that the hero line really stopped rising. About 1130 as price was approaching the 4400 level. Drop down looks like then traders took a few more positive delta positions. Hero made a lower high as price made it's a final approach to the 4400 level. And then dropped off sharply. And this reminds me I wanted to take a look at a setup from yesterday. So let's take a look at this. So again this is yesterday. And remember I did two did a two hour webinar for spot gamma in the morning. And then my regular session in the afternoon. So I apologize for missing this yesterday but I wanted to point it out. So what I'm looking at is this sharp drop right here just about 1215. And I could not find anything in the news about that. And I was looking back over hero yesterday afternoon. So let's look at hero. This is for yesterday again for yesterday. And here's the great signal for that move lower. Notice that hero dropped sharply. Traders started taking negative delta positions. And these might have been just a few large orders. Buying puts and or selling calls. And then price responds just two or three minutes later. So this is again for yesterday. Watching hedging flow in hero gave you a slight early warning that price was going to drop like that. So again this is from yesterday. Just want to point that out. This is for today. Let's go take a look at the book map chart from yesterday. And that sharp drop also corresponds with iceberg orders falling cumulative volume delta and sell stop orders feeling the move lower. So again that's yesterday. I just wanted to point that out. So back to today kind of a similar setup. This is what reminded me to look at this. Is the sharp drop lower in hero. But what reminded me to look at the setup from yesterday. The sharp drop lower at right at as price approached that 4399 4400 level. And price moves lower just a couple of minutes after that. All right. Let me take a look at questions. So I go to ask. What are your chart color settings and book map. So I have a lot of different color settings. If you would please be more specific. What particular item and book map you're interested in and I will try to answer your question. All right. Sorry. I can't. I'm sorry. I can't pronounce your name. I'll call you a H. If that's okay. This is a new way of looking for the first time. But this seems some real deal when compared all the tons of videos when I watched on stock trading. I think it is. This is a new way of looking at the market that I think kind of gets to the core of what is driving price. Especially in recent years as options traded options trading has become more prevalent. And especially with zero DTE options trades. They're driving a lot of price action and market maker hedging flow there. They have to hedge all those options trades either with futures for the index products or for long and short stock for stocks. And so first of all I do not order. I do not offer any sort of formal training course. This webinar is available free every day on YouTube and book map discord at 1 30 p.m. eastern time. And I'm going through my take on the market my positional analysis and also looking at setups based on order flow and hedging flow. And for if you want more background information I use book map and spot gamma and book map go to the book map website has a great educational center learning center. A lot of videos and then also spot gamma has a great YouTube channel as well. Also spot gamma dot com has a great resource center a lot of free resources. So it'll just take time. But again there's no step by step formal course. I just suggest watching my videos every day they're archived on the book map YouTube channel. All right so this was the the short set up again as price approached the 4400 level at 1245. Let's go take a look at book map go back to the S&P 500. So there's the short set up and really you could just expect that level to act as resistance. It took a little while not clear and order flow until price breaks below the spy 438 level. And it looks like at some point some large traders come in with the iceberg order iceberg orders sell iceberg orders and then sell stop orders feel the move lower. And if you miss the initial move lower. Here was a pullback note. Let me change the intensity to heat map. Notice these sell orders limit sell orders coming in. I'm looking at the liquidity in the book map heat map sells sell orders limit sell orders come in and price moves lower and then makes one more lower high. So anticipating this level as resistance you could be looking for the looking for short there. And if you're watching hero closely see that options traders started to take negative delta positions just a few minutes before that move lower. All right so the uncle ask our first little eco jet. I'm still not sure what you're looking for bars. I'm not sure what what that means. And then uncle asked what was the iceberg around 105 buying or selling. All right so let's take a closer look at that. Then I have to zoom in a little bit. So I've got let me only have a couple of minutes left so I don't want to start making changes to my settings. The problem is this buy stop order the green dot is obscuring the iceberg order. You can see this little pink squiggle here. Sorry that isn't more clear. I can't see the number here but I can see in the sub chart the falling light blue line. So there were before that buy stop order there were sell stop orders and sell iceberg orders. So iceberg orders shown with the blue line and stop orders shown with the yellow line both selling and we'll try and zoom in just a little bit more. It's still obscured so this is here this shows a little bit more clearly. There's the iceberg order. Sell stop order and then a buy stop order comes in kind of arresting the the movement lower as well as some aggressive buyers coming in right at the spy 437 volatility trigger level. So this is one great thing about book map you can zoom in to the nano second level if you want to see more detail. I typically don't do that but hopefully this answered your question to give more detail about what was happening in that move lower. So sell stop orders filling the move lower also a sell iceberg order and then aggressive buyers starting to come in. You can see with the green volume dots as well as the buy stop order shown by the small green dot with the 260 stopping at a level that you would expect. You would expect some reaction at that level the 437 volatility trigger. So having that level in place and this is also it looks like VWAP right here. So with these two levels seeing this interaction if you're looking for long entry there it is. All right my time is up. Let's just take one quick look zoom back out. So there was the reversal that they were talking about at about 105 and then leading up to more short entries. Okay that's it. Again remember tomorrow PCE data coming out at 8 30 a.m. Eastern Heim consumer sentiment at 10 a.m. and I will see you tomorrow afternoon for the final session of the month and the quarter. All right thanks everyone thanks for your questions and comments and I will see you tomorrow. Bye.