 The broadcast is now starting. All attendees are in listen only mode Good morning traders. Can you hear me and see my screen if you could just type yes in the questions? Alright excellent All right Good morning everybody All right, let's jump in and get started Welcome to the book map live order flow advanced analysis webinar This is Bruce at book map risk disclaimer trading futures equities and digital currencies Involves the substantial risk of loss and is not suitable for all investors Past performance is not necessarily indicative of future results And let's start off reviewing yesterday because yesterday during the webinar was painful. It just we were being extremely patient and just Very very wary. It just kept on wearing on us And waiting for a breakout to occur and it just never well it actually kind of did but it was just so slow in the process and We were looking it was all during this period here this consolidation period here. Let's zoom in just a little bit Okay, and just you know wouldn't wouldn't get out of this consolidation area And ultimately we were looking for the move back up into Let's see here Here's 11 12. Okay, so the webinar was during this period here and We were looking for ultimately a move back up into this You know 27 12 area 12 13 because it was a previous swing and that we didn't we saw the kind of maybe beginnings of a Potential reversal But it didn't really look that strong So, you know, that was that it was really not a lot to look at and But you know, we we started to and anticipate that there were starting to be cracks in that, you know order flow to the upside so that You know, it was being pieced together. We saw absorption on the way up We saw some exhaustion on the on the buy side and we're looking for sellers to come in and they did come in But not just to the bottom of the range here and we saw some spikes here down below this range Okay, this is actually after the webinar. So we didn't see a spike even below that range Or maybe just here a little bit below 03. Anyway You know, we still we did not see any sort of like big reversal pattern here You know, we we noted that The sellers that they just weren't quite showing up there So it was still on the table for a test back up into the highs here at 08 And then ultimately looking for that that 2712 or 13 area and and it did it did unfold Okay, so it was just a long day Of going through all this but still, you know reading the order flow We're we're getting a lot of insight and still looking for that bigger move to take place All right, so I just wanted to cover that and then let's get into today's action here So what's going on? little bit of volatility this morning as you can see the Open here 9 9 30 a little back and forth all the way back down now to our range yesterday All right, and then buyers step right back in and is right back up Okay, and we're coming back up into the overnight now the overnight high is up here at this 18 level Okay, so let's mark that up on the chart And I'm not really seeing too much else here in the 15-minute candlestick chart But I'm really curious to see what's going to happen up here. We're just getting into this area here at 17 18 So let's jump in the book map. All right. Here's our 9 30 open And then coming up into this 18 level and let's mark that up quickly Okay, and looking pretty inevitable here Okay, we'll probably you know usually when we approach some of these, you know more important figures There's a lot of front-running, you know and S&P a lot of rotations usually as well Not sure not sure I haven't done any studies on the overnight high You know how how traders will or you know if we break those pretty pretty easily or not I'm not seeing actually a lot of front-running here at all But usually we do and usually due to that That's what we'll get, you know some of these kind of shake-out moves before we finally get up into that higher liquidity Okay, because they got it. You got to find the buyers And if people are starting to front-run that you know, maybe the buyers don't want to take that on Okay, so you can start to anticipate that when you start to see some of those front-runners as well Okay, so especially this S&P market looking for pullbacks then and then looking for you know Re-engaged another attack to the upside here and in this chart where would that be real straightforward to be down here? Okay, even more aggressive would be really right here Because this is where we broke this little microstructure as you can see Okay, so You know that would be the the pullback here. Maybe that's it. You know, maybe we just got it right now I didn't even come back down to this area came one take away and then we're getting that move back up here So let's see them take them on here. Let's see them trade through Okay, and we'll gauge this What's going on here is it starting to break out is breaking in and trading 18 right now I really like these new volume dots. You guys will get access to these very soon Okay, I believe end of the week with the new this new beta version. Oh, okay. Thanks Ted The NQ is just on a rampage to the upside so S&P should be moving as well Yeah, well, let's let's throw a Correlation tracker on here Okay, good, I don't demo this very often and let's put that NQ on here. Where's the NQ? Here it is Green line, that's fine. Oh, yeah. Okay. It's already broken a few different times Okay, it's right back down though now too. So it's coming. This is typical and NQ You get those moves like that, but they'll come right back down really quickly as well Yep Russell's running up as well. Okay, so all of them are are they all breaking the overnight? overnight highs Okay, so we can see we've just tested that overnight with the end at the S&P And have now another rotation here. Okay. All right, so Yeah, what was the exact overnight? Okay, so the NQ has another 10 points to go for that overnight high Gotcha. Well, you know in terms of reading this order flow this open up a few more indicators here So because I can tell it's already gonna be one of these days here The let's get our Point of control on here as well All right and open up our CVD Okay, so look at look at our CVD. I mean, I mean what I would I say what do I mean by one of those days? I mean, this is a nice strong move But it's a steady and and look at the slope of this move, right? I mean, we do see like nice break out here. Okay on good volume That's why this thing just couldn't went sideways and then finally came back up and tested 18 So, you know, this is this is kind of, you know, what we're looking for You know looking for those that kind of clarity in those moves Here's another one down here. Nice, you know strong move lots of volume And look at our VWAP. So it's trading through the VWAP. We get a retest of it Back into this big cluster here and we see continuation to the upside Okay, so for those of you looking at your VWAP or moving averages or whatever There's, you know, we know that's a strategy of looking for it to break through retest it back again support resistance, etc Or resistance support The beauty is here though, if whatever, you know strategy you're using there Will look to the book. Does the book support that idea? Okay, so If that's your strategy So regardless of what your strategy is, you know This is where bookmap can help you because you look to it here and we can see, you know There was a lot of high liquidity here and what do they do they actually pulled a lot of it And let me get this correlation track her off here. I think it's just kind of getting in the way There we go. Okay So if that's something you look at Well, then, you know, look to this heat map. Okay, so what do we have, you know Please piece that together and you got some pretty nice context for the continuation. Okay, you have that High liquidity here that's being pulled. It comes through on on good strong volume And then it's come back here to retest the view app right where it is, but then look in the book here I mean, they do pull that is true They're showing back up here on the bid now at the same price level at twenty seven ten They do pull here. They jump right back in and then now they're getting aggressive as well They're they're up a few more ticks. All right. Well, we're just going sideways here and Obviously high liquidity and they're layering in as you can see the larger players This guy with at 18 looks like they were here for much longer term Especially well since here I guess but 20 is really where they've been in here for quite a while you know about I Was just about 1200 contracts and he just pulled some Okay, so anyway layering and showing some interest up here and this is an important level as well Okay, that overnight high. Yeah, here it is up here. So let me Edit this here because that's 18 is not it. It's 18 and a half looks like right well It looks like a rotation here And they're chasing after it a little bit here 13 under contracts This is the same guy that we saw yesterday that guy was in all day long as well You know, we can see him again in here same looks like the same player same algo Very high liquidity very short term with with really no intent to trade Alright, so here comes our pullback to our strong breakout here Okay, so maybe maybe around the this 14 14 and a half level somewhere there I don't see any liquidity there yet So where are they showing up on the bid? And they're not Yeah, it'd be nice to see it come down to this like 14 and a half level It was a little bit of interest there previously here as you can see but have seen nothing yet Okay, so what no targets for these sellers. I mean these sellers want to drive this lower Here's that same guy jumping back in again Okay, even more aggressive here another tick below. All right, so let's see if if this is low enough I I'm not sure Not just not getting much insight here on On either the volume nor the On the bid here, I just see that spoofer coming back in in these areas. So there he's pretty far away though Okay, so we're just looking for the aggressor here on that buy side if they're gonna jump in here and then they'll need to Pull it or lift the offer Pretty high up into the back to test 18 here and and why I say that I mean like just just look at the volume here You know, it's kind of even on both sides. We don't see a skew whereas we see that skew over here Okay, there's just more buyers here, you know lifting that offer Ted, are you seeing this guy in you know someone like this in the in the Nasdaq at all we can jump over I'll take a look here Spoof capital of the world it is Yeah, well it really changed. I'm sure you saw that change when rule 575 came out And so they can be criminally held responsible and go to jail It was just so blatant before I mean like, you know 3000 contracts in the in the NQ like three layers of it. All right guys, we're coming down to our level here Still not getting too much insight. Yeah, it was a joke and a lot of that I mean you still see some obviously we still see You know this behavior, but not like it was and Anyway, let's let's see if these guys Yeah, they're still there But you know, I don't see those big blocks like that spoofing like like previously but Let's see starting to show interest here at 14 at least you can see these guys starting to come in and Let's see if we the reaction to that. I mean has been buyers so far Okay, see that see the skew in the book and see the reaction here. Let's see if they jump it up Maybe a little bit more Okay, and let me bring up the Not the volume or the Let's get a little more info here since we're kind of zooming into the These micro levels here Okay, well the micro levels here what we're looking at is at 14. They're still showing some interest here And we see the reaction to price. Okay, and then we're looking forward to come back up into some of these levels here Okay, and let's see if they they start to jump in on the other side. Okay. Yeah Buyers are yeah, I agree buyers are in control here. It looks like with the Yeah, you're looking for like this kind of big chop zone here between overnight high and previous previous days on the on the NASDAQ and and SNP Yeah, I mean we don't see any any change yet in the order flow whatsoever I mean, there's both buying and selling down here But you know, I mean we it's it's really up to your risk appetite in and what kind of strategies you you guys want to play But the information is here. It's very objective Information just in this micro range here. You know, I mean, you know, I'm alluding to like the possibilities here of If they if they're starting to show down here and you see the reaction to it Well, you can get in and then you can trade it back up into these areas here at 15 and a half You know, I mean, I know this is only like a point but You know or you know a few ticks maybe but you can you can still it's still tradable I mean if if that's something that you guys are You know if you're scalping for some ticks It is possible Okay, because the the information you can see the reaction to the orders and We can assume that up here that's going to rotate back down, right? Until they start to show a little more interest down here Okay, and that's how you get these kind of these these patterns like this you know of You know, they're starting to pull but they come back in they pull they come back in And then they do the same thing on the other side here Okay now what we you know go over in the webinar here is is these larger areas looking for those, you know a little more insight than Just anticipating these kinds kinds of small swings back and forth of someone who really comes in and skews that book Okay, and showing a lot of intent here and then she's seen a lot of volume react to that and then we that's that's you know on Well, the volatility has been pretty good the last month or so Last this last week though it has been hasn't been so great so, you know just that painful to stay and watch this unfold in some cases, but You know still it the same concepts are holding true on the micro scale Okay, we're just looking for a more macro view. It's just vision. It's easier to visualize And and when you start to see that you can anticipate those moves back up into some of the higher areas So for example, what just occurred here? Look look how I mean, this is a great use of a book map In this example for micro. Okay, but it can be used on the macro All right. So for example, you know, we're starting to see this kind of you know Guys down here showing some interest at these levels. Okay oops Hey down down 14 14 a quarter 14 and a half here Okay, but and then they jump back in though, right? Well, look what happened over here. Okay, this is new information Okay, someone showing interest now here at 15. Okay, now they're starting to show a little bit more Okay, now look what just just happened here. Okay, and we came up a two ticks higher Hey, then this range was Okay, but now this guy is starting to pull and they're actually showing a lot more interest here and look at the reaction to price Okay, so let's see if we can get down into maybe the swing down here again Okay, based on the on this reaction. So a little bit of a push here a tick or two higher Okay, and and then they show up again now. He just he just pulled though Okay, so this is why you know a lot of the times the we will we will bypass this kind of micro Structural areas here because there's so much adding and pulling of liquidity. It doesn't really have the intent to trade okay, but anyway, the The same the same concepts are holding true though. Okay All right Let's see here a few more questions You want to look at IBM? Okay. I don't know if I have IBM up No I'll add it though Okay, I have too many open for you so I can shut down one of these here Let's shut down the SPY Okay, Jesus. Let's give it a minute here to load some of that data Okay, well we came back up into 17. This is where we dropped from originally Okay, so this this little move here that we were watching unfold. In fact, this is what the impetus for it You know, they're starting to bid up down here But then right on the other side, you know, this this guy is showing a lot of interest here and it moves price back down But once he pulls price floats right back up and then this guy here at 17 is pulling as well So this looks like, you know Pretty pretty good for our attack here back to 18 and this one you can see here pretty clearly You know higher liquidity here at 17 polls and now they're adding on the other side Okay, so starting to understand these book skews and the reaction of price And the reaction of the traders the aggressors Okay, and it is repelling it right it's repelling here. Here comes the skew again Look at 17 now and look at the reaction Okay, back up into 18 now just didn't trade up here at 18, but it tested it Okay, and they're staying in the book up here at 18 Well, I'm sorry I did trade a little bit up into 18 83 contracts traded And now they're there. Well, they're They're here at 18 and they're pulling And then adding right back in But they're somewhat staying in this book and they're still up here at 18 and a half though All right, so understanding this liquidity and putting into context here is Really really essential to understanding the Our anticipating this price movement here Okay, starting to bid up more at 15 as well Okay at 16 as well Okay, and gauging that let's zoom in here a little bit closer. Okay starting to gauge this okay We're getting we're getting some nice little information here a little bit of gauge there as well as here So look at buyers were attracted to to this spoofer here and now that he pulled we're just kind of you know Right back here. All right, let's see if they're targeting that 15 area here That's where we saw these guys come in No, they're pulling they're adding a little bit lower here. Yeah. All right. Well, what are their insights? Can we get here? Not too much. We have a double top up here in our CVD. It's very equal So not not getting much out of that Or VWAP and is still way down here as well as our POC is down here That's still pretty pretty low So, you know bulls are still still in charge here and our structure is holding this was that pullback We're looking for at 14 14 and a half. We didn't get to 14 but 14 and a half. We surely did And then we got our retest back up here And they are more bullish. I mean showing up interest here at 15 Okay, but he's pulling Okay, there he goes. All right, so let's see. I mean Just as I was mentioned that looking at the color of this little cluster here seeing some sellers come in here Let's see if they'll they'll drive it to the bottom of the range here Down to 14 here That's that's kind of what we were looking at was 14 earlier If we can just maybe get below this swing and then have it reject and come back into that range All right Well, let's jump over to IBM and as we kind of wait for this to unfold here and see what's going on These guys say no they pulled as well this guy at 15 pulled. All right, so let's go to IBM And what's going on there let's zoom out Okay, so actually it looks like I'm not signed up for full depth yet on IBM so For historical data, so I need to configure my my settings for that But you can see we're trading into this 149 area 149 the figure Here it is and you know, they're staying in the book here. Hey Zeus So and look what traded down here Nothing now they're getting more aggressive and they're bidding up So let's see if those buyers can step in now we've had it to test this area three times basically and Yeah, looking for buyers to step in here and Looking for them to maybe get get up to this 149 40 Area, okay, we have not the one thing we haven't seen though it although the book looks good Hey, the you know, where where are those aggressive buyers like I'm seeing you know More selling actually in some of these areas here on then I am buying Okay, so there's those buyers they need to come in here and they need we need more buying up at this these areas here Yeah, so anyway, that's kind of what I see here in IBM And yeah, too bad. I don't have some of that historical data here But we can look at another stock if you want I've got Visa Let's just go through it here and let me know if you want to look at something here. I got visa I got Disney, Microsoft, Tesla, Netflix, Google Facebook, Amazon, and Apple You want to look at Tesla? Okay Quickly look at Tesla Let's zoom out I mean why I'm gonna show this here Well, you know first off we offer this But there's something just so nice and so clear I think with these equities Here's our 930 open and you can see them You know really step it up into the book. Okay, you see the liquidity comes in here at at 295 and 300 okay, and they pull here obviously pretty early on at at 95. Where do we go right to 300? I mean, you know, you can plan your day at 9 30 a.m. In the equities just by this this DX feed here, okay, and then We trade back down and you know starting to understand these areas again back to see this was actually 95 and Or almost 96 I should say here's night. Here's 95 and they're they're they're coming back into the book At this level. Why did we stop here and balance? It's the liquidity. I mean it's clear as day Else I would have thought we'd come back down to maybe this little level here due to the volume profile Right No, we didn't though we came to here is because this liquidity Right or maybe even down to here You know because that's where this big move took place So, you know, if I'm looking at my footprint chart, that's what I'd be thinking or if I'm a volume profile trader That's what I'd be thinking because you know, here's our volume profile right over to it right here Here's our here's our low volume node no question about it Okay, but it didn't trade there it traded down here due to this liquidity All right, and it's been pretty sideways since then So not not not seeing too much else here in Tesla at the moment Okay, what about current current market? Yeah, I mean it's starting, you know nice cluster here Starting to trend up right into 97 and it's getting filled Okay, but and we're seeing some sellers come in here So, yeah, it looks kind of kind of sideways I mean, I do like to kind of move here with this with the more volume trading up here But up here it's looking on both sides to me So I'm kind of looking for sideways action here based on our analysis All right, let's jump back to that S&P and see what's unfolding here and nothing All right Okay, we're just in that range again still All right, let's jump over to NQ Take a look here Because NQ nice insight here just traded into high liquidity right here. Okay, and trade through it, right? But it looks like it was absorbed here Absolutely, okay right into it there and See out of the out of 40 contracts or 52 40 of them traded there Okay And let's zoom out a little bit more Okay, moving back down next level here is at 68 43 Let's get our bigger picture Perspective as well Highest liquidity obviously down here. Look at this area down here at 39 40 and then a 50 obviously 68 50 is going to be a key out key area So far it is spiked through that 68 50 level, but it has not accepted above it Okay, guys are starting to show up here at round 52 and between 52 and 53 due to the high up here Okay, pretty I like seeing this aggressive here Moving liquidity up a few ticks here from 38 to In the yeah, let's say 38 and a half to 39 and a half CVD is showing a little more sell side volume here actually. Okay Okay, so I don't really look at the CVD as I mentioned before but on some of these sideways days You know the more that we can look at that to gain insight I Start to open up some of the other indicators. Let me make this a little more clear There we go. Okay, so So more selling here, but it was not able to make it come any lower right The lows over here Okay, but the cell volume showing like you know more selling here So a few different ways of looking at that depending on on your slant here I'd be looking for if it's gonna make a lower low here, but it's it's higher than the than the low over here I'm looking for it to absorb and it obviously absorbed here We just we just check that out how it got absorbed here at this 45 and a quarter level right But I don't see it being absorbed here really this is these are sellers. So you know we We're actually in this instance what I'm kind of gaining from that CVD then is that there's more selling because we made a lower low and Now we're starting to see it exhaust out up here on these on these on this buy side is making a lower high Okay, so, you know based on that you would then start to anticipate a move down into 43 And then maybe down into 40 Okay, now I like I said I don't like it. I like to Look at the The moves here this the speed and the amount of volume that traded on them And And then compare the swings here like did it make a higher high to make a higher low and and how the liquidity how Price reacted to the areas of liquidity Okay, now we may get this move here looks looks actually Pretty pretty decent. It's not it's not that clear. I mean Still we're getting some volume to trade down here But it is a quick little spikes and then moves right back up into the range So in in general, I mean, you know The objective information here that that book map is is showing you and in the analysis and our analysis of it here the Quick like spikes and then moves right back up into the range Like if the if we saw more volume trade at this lower low And then in it spiked up and then quickly came back down and traded again down here at this lower low That's when You know the it's a stronger probability of testing some of these lower areas here Okay, does this make any sense? I know I'm kind of going through this analysis here with the cumulative volume of Delta pretty quickly A lot of us, you know, when we see the divergence here Depending on the way that you trade it Okay, maybe you would have gone long Okay, but the what I'm looking at here and why I'm looking for there's I know there's more selling And I would anticipate more of a move to the downside here in in the NASDAQ Due to the CVD was because of the lack of absorption Okay, if I saw more absorption and I knew that there was buyers getting filled here And I didn't and I didn't see this exhaustion here That's when I would anticipate there that the CVD is giving us a good signal of divergence Okay, and then looking for that move to the upside and in this case. I'm not or I didn't like it I didn't like the insight, but it was telling us basically in this little area here That there's more selling in here and these are sellers Okay, and then looking for that move. Okay, and ultimately the move was down here into this 40 3940 level. Okay, and that just occurred All right Let me know if you need some some clarity on that. I'll go through it again but we made a Lower low here Basics of it is we made a lower low here, but we're a higher low Okay, and in price, but we're showing that there's more sellers here So because of that just like reading the order flow more sellers at these lower lows We're looking for a price discovery to the downside now if I saw More absorption here in this area with the limit orders And we're making a higher low then that I would be bullish And I'd be looking for the swing up here to get tested at 53 All right. I hope that was clear All right, well at least we're getting some moves here. Let's see how the NASDAQ or the S&P followed through Okay, at least yeah move down into the POC and the the VWAP is we're right back to this VWAP Okay, so looking for maybe a bounce off of VWAP here at 2712 There's and look there's high liquidity here Okay, and they're just showing in they're just popping into the book here So that looks good. It looks like they're supporting this move here in the VWAP People are front running it by one tick Now this jump back to this NASDAQ is just moving better Okay, area of interest here in this NASDAQ Would be here Okay, because we broke out of the range here. It's also down here. This is the swing I'm interested in and You can see we traded through it big old cluster of volume here no real clarity but a retest back to this Area where we broke from and then the move to the upside here. All right Okay, what about this area? Seemed kind of a flip of the book or what in the into this area here. Did they trade? Yeah, they traded. Okay, so looking right at it here. You can see the transactions taking place here at 3950 Okay, all the selling here And then amount of contracts were yeah, 56 56 and 56 traded and so Yep, those guys are in in the market long And our other area here at 35 And we just drew in here. We're starting to bounce already before hitting that Here come the buyers. Let's see them charge back up maybe in two Yeah, I mean the the move here at at 43 and then also here. I like this one a little bit better at 44 The higher liquidity starting to come in. It's a pretty good volume down here Okay, CVD as well as just by looking at you know The dots the color and then also our line graph here showing a lot of volume Trading here. All right. Let's see if we can get maybe a test back down maybe to This area down here. They're showing at 36 and a half And then here at 42 as well and we're just kind of channeling between these two areas at the moment Okay, so this is gonna be our looks like our retest back up here. Look at our volume profile, too He's good put this into the range here. So all of this volume up here Coming right back up into our here. Here's our retest here now Light into a low volume note. Is it gonna accept back up into this volume profile? Or is it gonna reject and accept down below here is the question. Okay, and let's let's watch this play out here and Anticipate some of these moves Okay, so now I'm not I'm not just seen to you know more more aggressive buying they're lifting the lifting the offer here Hey, yeah, here. They come more follow through on that not seeing anything in the book right now Okay, so did we get back up into that profile or not? Just on the edge of it here Okay, I imagine we're gonna find some sellers here. I don't see them yet and the book Yeah, they're still there's you know pretty far away 47 40 and then 38 and a quarter Okay, so let's see if the buyers if they're still in charge. I mean they certainly are if they Are you gonna target this 47 area here and then maybe 50 the figure as well, huh? Let's see it. Let's see that. Let's see the sweep here So it's so nice to watch the Nasdaq compared to the S&P in today at least in the last few days I should say because you know, we're watching a lot of follow through in the S&P over the last month but You know the Nasdaq you won't get those rotations like this and so quickly And through these areas, you know, and I mean that was pretty simple analysis like we're just looking at the aggressor basically and then anticipating them to to lift that offer and sweep the book Higher okay, so and that that you know played out pretty pretty nicely here the one thing with the Nasdaq compared to that S&P is You'll get these swings and sweeps, but then you'll get these really, you know quick deep pullbacks as just just as quickly right, so Just note the way different markets and the order flow behaves and why is that? Well, look at the number of contracts here Okay, and the Nasdaq, you know, we're looking at tens of contracts at every every single price level Okay, let's jump over to the S&P and look at the contracts Okay, so we're looking at about You know like ten times that amount Okay minimum, so there's there's the difference Right, so more volatile markets are less liquidity more volatile markets Okay, beautiful pullback right to where we broke from here as you can see right back up into the range and Let's see if those buyers can Extend one more leg and get up into high liquidity here at 6850 the figure Okay, what's the book showing? Just a little bit of interest here a little bit more. Let's see. Let's see this the looks Looks pretty good. Let's see it now. Here they come in see the skew at 45 And the reaction let's get a little bit more Let's get into 50 See other showing those some interest here at 49 as well, but they just pulled Okay, 44 and then just shy of 50 here Okay, even down now at 47 see how they're following up like this and now they're pulling Okay, so we're just one tick shy of 50 or do we trade 50? No We did not so it's clear for them to sweep it as you can see they've got it There there they go And now they're showing a little more interest here on that bid They've still got it like they're not I don't see much front-running. I don't see much anything here You know below 50 Okay, and let's see if they start to show up again down here at 46 then so we we came another This this time a couple ticks away and no interest no interest. They're down here at 45 Okay, alright, so they're starting a bit up here underneath as you can see And the reaction has been to move up Okay, anyway to be honest like this is looking for like for a better reversal pattern like we were covering this yesterday Why is that? Okay, so First off the swings and the moves here some strong selling but look at the cluster of selling down here that looks pretty good and If we can you know We need to get down here again and see more selling and then they can sweep the book lower Maybe down into 42 here. Okay, and we have not we had a retest here back up to this 46 area here So in terms of a reversal pattern by looking at the order flow This you know looks a lot better and a lot clearer compared to yesterday Okay, so here comes more selling here. This is their chance to sweep that book lower and let's see the follow-through Targeting areas, maybe 41 or 40 down here, maybe even 38 Well, there's your there's your sweep right there Okay, it tested 40 and is bouncing a little bit here at 40 guys are pulling here at 38 They're showing more interest now down here at 35 Okay Now that happened really quickly But can you guys can you know, we can see that cluster here And we're looking for a little more selling down here and we got some of it And then it started look really good right here before the breakout Okay, but you know we the switch happened here first off the below the swing Okay, but the nice look at the nice cluster of red and selling down here And also this was a pretty quick move With some with some good volume. Okay retest right where that swing or that sweep You know came from and it's right back down into the range here now What about the cluster of selling here? Okay, not not as strong is it? Okay down in this area Okay, now we're starting to make a we made a higher low here. We're starting to find some buyers now And I mean we're still we're still bearish until until we see something different here But you know microstructurally like you would be bullish in this little area here up up to the swing Okay, but I would Start to look for Some selling up here, but they're not they're not showing up. Hey anyway distinction between these two areas here Okay, because it's looking pretty good here. I actually on the We're back we're back up into this This area here where we drop from Okay, pretty quickly here. So maybe maybe this is where we find these sellers here the books not showing much And we're not seeing too much in the book 47 You know, we're exhausting out a little bit on the on that buy side here Okay, and then see if we can get those sellers now And the sellers, you know, we're back up into this little area here where we drop from All right starting to exhaust out on that buy side, maybe get down here 43 and a half Maybe even down as low as 41. Okay, that's for that currently what we see and Just not a lot though. We need to see more selling here You know at these areas and the lows and we're not we're not quite getting it yet There there's a little more follow-through. Okay, but they exhausted out here So anyway, not not Not a lot of clarity there at the moment Trying to trying to piece together in real time the Anyway, the you know some nice distinctions here though Between, you know, this this cluster look pretty good the strength of the move look good Nice little pullback to where we came from The the retest here it exhausted out the very very bottom But still there's still some volume trading down here that was aggressive selling Some more down here as well and then some more right here looking for that continuation And this looks good The this move down here. Okay Was different. Hey, there's and we can see the distinction look at the buying that's happening down here as well Okay, it's it's there's a lot of selling note. No question as it swept the book and you can see how the book flipped like, you know Over to 42 on the on the on the offer, but then look at this area down here Look at how exhausted out here here and it's making higher Higher lows and higher highs. Hey on on some of this aggressive buying Okay, look at the lows again here. Hey that the swings down here doesn't just doesn't look that good, right? We need to see that selling. We need to see this kind of follow-through that we saw Over here in these areas Okay, that's when you can start to anticipate that price movement to the downside based on on the order flow in the volume Okay, and here it is not doing it. Okay, so Microstructurally we're looking for a test back up to where we dropped from It continued another test to where it dropped from here And then here really no clarity. I don't see anything until and this is all aggressor Not really seen too much in the in the book here Even if I bring this way way up on our heat map setting Okay, let's let's go back to Yeah, not too much not too much Just some here, I guess but you know the volume had already already started All right here. They come back in this swing. Let's see if we can break through now. This is the good looking Ready employees to test and break through 50 have not taken them on yet. I mean, these are not a lot of contracts And they can easily take them on They're just choosing not to all right guys. Well, anyway, let's Wrap it up here And maybe recap a few things It just kind of recap this volume here and then anticipating that move to the downside and then down here the This move here how it looked different and then how it was behaving over here as well The book did show a little bit here in these areas and then But starting to anticipate moves back up into where we dropped from at least And then the breakout really occurred here at this 46 and a half area and that's see see where See, that's why I was targeting this area here and that's why this is an important area right here at This 46 and a half area because that's where we originally broke from pretty quickly pretty a lot of strength A lot of a lot of aggressive selling right back to it some sellers Then we do get a pullback right back to 44 where that we broke from here as you can see and then now that that area at 46 becomes a pretty key area and in this In this time frame because we break through it and retest it now as As support and we still are we're still testing it as support Okay, so good good little recap on that and Anything else that we saw was something in the S&P We we covered here not really Look at the distinction here though S&P is not testing as highs here. So Some other plays using correlation tracker You know, you can you can look for You know shorting NASDAQ long S&P whatever it is You know based on your bias here, but there's something's off right one has not caught up to the other here So that's a possible strategy to look into Okay And Yeah, that's that's roughly it. Let's let's call it a day guys and we'll catch up with you on On Thursday tomorrow. Okay. All right. Have a good day. Bye. Bye