 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. Pass performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an option stash Doug chat channel that's a great place to post questions, comment, and content related to the topics of the channel, which I'll go through in just a moment. And note that Bookmap Discord is free and open to everyone whether you subscribe to Bookmap or not. And I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the options stash 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 in the first is planning and I use positional analysis. I look at how traders and market makers are positioned at 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 on my process is execution. And I look at real-time order flow in Bookmap and real-time market maker hedging flow in Spot Gamma Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about an underlying asset and setups can be taken any number of ways. For example, the S&P 500 setups can be taken with futures, shares, spy shares, spy options, or SPX options or even ES options. Questions and comments are welcome. And I will be watching both the options-dog chat channel and Discord, as well as the chat and YouTube for your questions and comments. So please feel free to post and I'll do my best to answer your questions. All right, here's my agenda for today. Here's what I plan to cover. I'm going to go over news items, economic data and events for today and 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 of the live market. And if anyone has any stocks they want me to take a look at when I get to the live market, please let me know and I'll be glad to do that. All right, economic data, jobless claims did come out this morning. And then tomorrow is the big event for the week, economic event for the week. It is the jobs report that comes out at the first Friday of the month at 8.30 a.m. Eastern time. So we'll be looking for the jobs report tomorrow morning, potentially a big market mover and we'll talk about it tomorrow afternoon. All right, let's get started with positional analysis now. I'm going to start with the ESB 500. This is the ES Futures in Bookmap. And before I take a closer look at this chart, I'm going to look at a larger time frame. I'm going to start with SPX. This is the SPX in a 30-day one-hour chart. I have highlighted here the September 15th expiration. That's the Friday of the expiration. That was a call dominated expiration. And since then the ESB 500 is trended down and may be finding support right now above the 4200 putwall level. All right, I'll talk about the levels now. So first of all, here is the dash purple lines showing the lower and upper weekly expected move. That's based on the options market indicating a one standard deviation move for the week. SPX should trade within that range 68% of the time according to the options market. All right, so that's the lower and upper weekly expected move and the lower weekly expected move was in play for today. Then the dash blue lines are showing the lower and upper daily expected move. Again, based on the options market, these change every day. All right, so those are the expected moves for the week and for the day. The dark red horizontal lines are showing SPOT gamma proprietary gamma levels. These are based on gamma weighted open interest. These are available to SPOT gamma subscribers. I'm going to point out the key daily levels. First of all, here's the 4200 level. That is the putwall. That's the strike with largest net negative gamma that can be expected to act as support. Then above that is the 4300 level and that is the absolute gamma strike. That's the strike with the largest absolute positive and negative gamma and note that level did move up from yesterday. It was kind of at a strange level at 4000 which was below the putwall, which is very unusual for SPX. That does occur in stocks sometimes, but pretty unusual for SPX. I don't think I've ever seen that. So anyway, the absolute gamma strike is back up to 4300 above the putwall and 4300 is also the volatility trigger and that is SPOT gamma's 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 and that tends to enhance or increase volatility. So 4300 very important level volatility trigger and absolute gamma strike and then the call wall remains at 4450. That's the strike with largest net positive gamma and that can be expected to act as resistance. So 4200, the potential floor, 4450, the potential ceiling with the most amount of gamma concentrated at the 4300 level. All right, let's take a look at one more SPX chart. This is the SPX in a one day one minute chart. The lower daily expected move has definitely been in play for today, acting as support except for one brief excursion below. Then this combo L3 level did act as resistance earlier today. That was a set up for a nice short and now it looks like price is trading up above that level. I'm going to clear this. So here's the lower weekly expected move. So it looks like SPX today did not trade down down that far. It found support at the lower daily expected move. There's the lower weekly expected move and the lower daily expected move. All right, let's take a look at book map now. In book map I have my own cloud notes. I'm showing a variety of levels here. First of all I'm showing spy levels on this chart and let me just check something. All right, so here's the spy 425 level that did act as resistance right at the open. And before that, this SPX 4268 level noted as resistance in the spot gamma founders note did act as resistance just after 8am Eastern time. Then the 425 level, that's the absolute gamma strike and spy did act as resistance. Then here's this 4251 combo three level combining spy and SPX gamma into one level and the 4250 level is just below that acted as resistance. And now it looks like price is broken through that level. Oh, that's the 424 acting as resistance. I'm sorry. There's the 4251 level acting as resistance. And note that the ES did trade right down to its lower weekly expected move, which is going to be a little bit different than the SPX lower weekly expected move. Note also the spy 422 level and play acting as support. So the spy round number levels have been important today. All right, so I have SPX levels spy levels as well as the expected moves on this chart. Note there is a difference in price between ES and SPX. And right now it is about 33 points. That's what I use today. So for example, SPX shown here at 4250 is actually at 4283 for ES and also the spy to ES ratio changes a little bit every day as time passes toward the next roll over date, the contract expiration, that number will trend toward 10.0. So right now today, I'm using 10.11. All right, so those are levels of play for today, both SPX and spy levels very important today. We'll talk about setups in a few minutes. So shifts in levels, I talked about the absolute gamma strike for SPX moved higher. The spy absolute gamma strike also moved higher on 420 to 425. So those shifts higher in the absolute gamma strikes for SPX and spy, I interpret that as bullish. And then for SPX and spy, the volatility triggers both shifted lower. And also for spy, the call wall shifted lower back down to 432. So kind of a mixed picture for the spot gamma levels, the key daily levels for the SME 500 volatility triggers and spy call wall moving lower and absolute gamma strikes for both moving higher. Let's take a look at NASDAQ now. And NASDAQ has been a very good play from QQQ 360 to 355. So let's take a look at that on a QQQ chart so we can just isolate the QQQ levels. So 360 for QQQ is a very important level that is the absolute gamma strike as well as the volatility trigger. And that level did act as resistance right at the cash open just a few minutes later. And then price traded all the way down pretty quickly down to this 355 level which is an L3 level. So that's in the middle of the range of one being the most important to five being the least important. And also a combo level that combines QQQ and NDX gamma into one level. Gamma weighted open interest. And I'll show a trade in a few minutes when we get to setups looking at either a long call or a call spread at this 355 level. All right so those are the QQQ levels in play for today. Again first of all nice short from 360 to 355. And I believe that was confirmed by options traders. Again we'll take a look at setups. And then now 355 acting as support and QQQ is looks like it may be heading back up to the 360 level. All right so that's QQQ. Again round number levels, gamma levels are very important today. Let's just take a look at NDX for completeness. Here's NDX combo level right at the 360 level, the QQQ 360 level. And this combo L4 level just below the 355 level. All right let's go to book map to the NQ futures. Again I have moan cloud notes. I'm showing QQQ levels. There's the 360 level, very important level for QQQ acting as resistance. Then here's this 355 and that combo level that acted as support. QQ NASDAQ did trade below its lower daily expected move and is now back above that level. All right so again the most important levels today were the QQQ 360 and 355. And again 360 is the absolute gamma strike for QQQ and that level did move higher from 350 yesterday to 360 today. I interpret that as slightly bullish. So the absolute gamma strike shifted higher for SPX, SPY and QQQ. All right so for the NASDAQ that shift higher in the absolute gamma strike for QQQ was the only shift. All right let's take a look at again we'll take a look at setups in a few minutes. 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. And this will give us an indication of how market makers may react with changes in price and implied volatility. We'll take a look at it and we'll also look at the Vana model to see that. So what I'm going to take a look at first is gamma notional to see how market makers were positioned on the gamma curve at the beginning of the day. I'm looking at gamma notional for SPX, SPY and QQQ. Gamma notional for NDX is typically not significant. All right so market makers position on the gamma curve at the beginning of the day was negative for all these indices minus 2.076 billion for SPY that is less negative than yesterday but still very negative. So all these are negative indicating traders are long puts, market makers are short puts and they have to trade with price to hedge their delta exposure in a negative gamma environment. Now all these levels did shift higher less negative than yesterday but still quite negative. Well let's take a look at the Vana model to give us a visual representation of what I'm talking about. I'm going to start with the SPX. What this chart is showing is market makers delta notional on the vertical axis and price on the horizontal axis. There are two curves on this chart. The light gray curve is showing how market makers delta notional changes with changes in price only and then the purple curve 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. Vana is the second order of Greek. So remember market makers always want to remain delta neutral so as price in this case looking at this chart as price decreases implied volatility increases market makers have to sell futures to hedge their delta exposure. On the other hand if price increases shown here market makers can buy back their short futures that's a put van rally and that can fuel a powerful rally if price gets going implied volatility starts dropping these puts. Market makers are short puts those puts quickly lose value and they can buy back their short futures. Alright let's take a look at prices now so for the lower the day for SPX lower the day was 42.26 so that's somewhere between these two lines. So what this showing as price was dropping market makers had to sell futures. Then when price started to increase from that level market makers can buy back short futures and that can fuel again fuel a powerful rally as market makers are trading in the direction of price buying back short futures. Alright so again the low of the day for SPX right around here. Alright let's take a look at spy so for spy the low of the day was right around 421 so that's right around here again on the very steep portion of this curve indicating market makers will need to aggressively hedge in both directions and then finally QQQ QQQ low of the day again 355 we looked at that right around there so again on the very steep portion of the Vanna curve here indicating market makers will aggressively have to hedge in both directions and all these curves are very the very steep skew to the left is typical of a very negative gamma environment. Alright let me check for questions DNT matter says hey Doug hello your ES upper and lower daily expected move is different from SPX ES and I give precedent to the SPX levels always so for SPX I use the options chain and for ES I use the options chain so no I do not convert the SPX daily expected move to ES that maybe I could this is just the way I started doing this so you know it is going to be a little bit different because of the trading hours and and things like that so again I always give precedent to the SPX ES is just a derivative of SPX. Alright let's take a look at some setups down I'm going to start with the SP500 what this chart is showing this is the hero signal this is available to spot gamma subscribers this chart is showing the price with the white line for SPX and the hero signal HIRO hedging impact real-time options for a combined signal for SPX by XSP and ES futures so if you trade any form of the SP500 this is the signal that you want to take a look at alright let's zoom in on this chart so the hero signal again is showing options trades and market maker hedging activity for that combined signal a rising line indicates traders are taking positive delta positions market makers are taking the opposite side so they have to buy futures to hedge their delta exposure then a falling line is negative delta indicating trade traders are taking negative delta positions again market makers taking the opposite side of that trade and they have to sell futures to hedge their delta exposure and they are market makers are hedging options trades and all these instruments with ES futures that's the most efficient way for them to hedge all right let's take a look at a closer signal a closer look at this chart I want to focus on first of all a short setup in the morning here right around 10 30 traders started taking negative delta positions that was right at that cluster of levels the 42 50 and 51 here's the 42 50 right here so 42 50 42 51 options traders started taking negative delta positions and that was a great setup for short so let's go take a look at book map now and we'll take a look at the information that the order flow that confirmed that setup let's go back to the SB 500 and you're welcome D&T matter all right so let's zoom in all right so right around 10 30 just a little bit before we know that options traders were taking negative delta positions market makers were selling futures and I look at any of these spot gamma levels as potential resistance if tested from below or potential support if tested from above in this case this these two levels 42 50 and 51 did act as resistance and every time price reaches that level aggressive sellers start to come in that shown by the magenta volume dots there the volume dots those are delta showing market buy minus sell a green dot indicates there are more buyers than sellers a magenta dot indicates more sellers than buyers so every time prices reaches up to that level aggressive sellers come in and after the third test the buyers are exhausted and price moves sharply lower down to the lower weekly expected move toward the lower daily expected move and a good entry point there would have been this last lower high or the break of this little trend line right at 423 spy 423 and you can just see all of the aggressive sellers in there so we know that and once this got going it was fueled by sell stop orders shown by the small red dots also shown by the falling yellow line this pink line is showing cumulative volume delta dropping sharply and then the light blue line is showing large traders selling with iceberg orders this is a pretty small number 122 contracts and this actually indicates it might have been canceled but the this line is showing that there were sell iceberg orders there all right so we know that traders were taking negative delta positions price broke below this level aggressive sellers came in so good for a short setup in the sb 500 all right so looking at it the big picture there this was the this was the setup down to the lower weekly expected move price consolidated for quite a bit started moving higher and in this case both the iceberg line is rising as well as the cvd line showing more aggressive buyers coming in price does a retest of 422 and is now moving higher let's see what options traders are doing right now let's go back to hero all right 1110 let's just take a quick look so 1110 there's that low then price smart starts to make a series of higher lows does retest of 420 422 and then really makes the sharp move higher let's go back to hero all right you can see that this the shift in in hero here that one move then a retest traders start taking negative delta positions then right around 110 started aggressively taking positive delta positions again let's just slice and dice this a little bit let's take a look first of all puts and calls and see what traders are doing so traders are buying calls and buying puts that's pretty typical for the sb 500 calls shown by the rising orange line also the positive notional value here three billion all right i um i did report this problem to uh to spot gamma so far they have not been able to recreate it i'm not sure what is causing it all right so we know traders are buying calls they're also buying puts shown by the following blue line the negative notional value here but the call buyers are more aggressive than the put buyers today let's go back and take a look the total signal then let's just check and see what zero dte traders are doing so there's a very strong correlation between the zero dte traders shown with the green line these are trade these are options that expire today for the sb 500 next expiry which for the sb 500 would be today and then the purple line is showing all expirations so it looks like a large component of the options trades today are zero dte options trades that expire today let's just go back to the total signal so overall today hero has been a very good confirmation of of trades of price action in the sb 500 oops let's take a look at nasdaq now so this is a combined signal for ndx and qqq so first of all i want to highlight this divergent short in the morning notice trades start taking negative delta positions from the open then it takes price a few minutes to respond lower so let's go take a look remember that reversal at the qqq 360 level so we'll go to book map now go to nq so this is the let me tone down the volume dots just a bit right so this was a pretty easy read in nasdaq if you were quick there's the reversal lower at 360 a level that you expect to act as resistance aggressive sellers come in note the almost all magenta volume dots falling as traders taking negative delta positions market makers are selling in q in q to hedge their delta exposure falling cumulative volume delta sell stop orders fueling the move lower those are shown by the falling yellow line as well as the these dots here and then also just gradually large traders are selling with iceberg orders it looks like they have been doing that all day large traders use iceberg orders to hide their size and the falling light blue line indicates they are selling with iceberg orders all right so nice short setup in nasdaq from the open all right let's take a look now so right around 11 11 30 is when price started reverse higher aggressive buyers coming in shown by the rising cumulative volume delta and the magenta to dark blue indicates that cumulative volume delta has turned positive for the day let's go back to hero now so we looked at the short setup from the open and then right around 10 o'clock 10 10 traders started taking positive delta positions and overall hero is trended higher with some ups and downs but it looks like when hero made this higher low here was the time for a long entry all right so that's nasdaq short and long all right let's take a look at some stocks going to start with amd so again a short and a long from the open traders taking negative delta positions and when traders take negative delta positions when they when they buy puts for example market maker sell the puts and they have to sell stock to hedge their delta exposure and note the flow alert here right at 940 as amd crosses the or actually approaches and then crosses the 102 hedge wall let's go take a look at book map amd all right so there's the short first thing in the morning pretty similar to the the sharp drop lower in nasdaq and that flow alert came in right around here let's go tip back and take a look now instead around around 10 or so traders started taking positive delta positions and prices reversed higher all right the next is meta pretty similar price action traders taking negative delta positions from the open shown by the following purple line also note the flow alert here at 940 let's go take a look to book map note 300 is the key gamma strike very important level for meta that was the price target for the move lower as well as the support level clean up this chart just a little bit zoom in all right 300 the key gamma strike target for the quick move lower i think that alert was at 940 also so right around here sharp drop lowers traders were taking negative delta positions and a quick drop down to the 300 level consolidation for around an hour or so and let's go back and go back and see what options traders were doing so here's the consolidation then finally traders start taking positive delta positions around 1130 and price moves higher let's just see what they were doing so net for the day they have still been selling calls this notional value for or call line is negative but they they shift well i'm going to make a note of this so they shift from selling calls taking their foot off the gas then they start buying calls 1130 1140 price moves higher so the same time they they were selling puts here they start selling puts again and price responds higher with support at the 300 key gamma strike let's go back to book map it looks like there is somewhat of a shift in order flow here with more green volume dots coming in more aggressive buyers at that 300 level all right the next is netflix let's go to hero take a look at netflix and note i do not have netflix on on book map so we'll just take a look at it here and um and hero and this may be difficult to see but there's a flow alert right there right at the right at the open looks like it at most a minute after the open a flow alert and that's at the 377 50 hedgewall level options traders take negative delta positions netflix moves lower and notice options traders take their foot off the gas netflix price has consolidated leveled off not doing anything since about 1030 or so 1040 let's just see what they were doing so they're buying puts and selling calls all right the next is invidia it was definitely a choppy morning in invidia but overall the trend for hero today is rising call wall at 450 potential target maybe not for today actually maybe so so it looks like invidia is trading at 448 now so that 450 call wall key gamma strike is definitely in reach for invidia as traders continue to take positive delta positions note another flow alert so there was some chop today but right around 1040 um price finally got going up at a nice uptrend and traders were buying calls and selling puts so you have the alert that to get your attention and then watching hero you can see that traders are taking positive delta positions market makers taking the opposite side they have to buy invidia stock to hedge their delta exposure let's go take a look at book map make a note of that go to book map invidia so here's the choppy session support 439 resistance 445 then finally the uptrend begins so pretty difficult to trade today at least in this morning session truman says i've really have not seen that much chop around 1045 and invidia uh this is chop that long i don't think i have uh seen or i you know that may be uh atypical but some chop maybe for 30 minutes for the first 30 minutes for invidia is is somewhat typical but going on for that long uh not necessarily so but in anyway the nice uptrend begins around 1035 1040 as traders continue to take positive delta positions let's take a look at tesla let's see what options traders are doing and it looks like order flow has pretty much made a pretty drastic shift here from a gent of volume dots to green volume dots so aggressive sellers gave up right around noon and aggressive buyers came in very stark contrast there between the aggressive sellers and aggressive buyers let's see what options traders are doing in tesla let's go to tesla here we go all right a couple of flow alerts here in tesla today looks like both were good looks like if you're quick in the morning there was a long setup from the open then a divergent short so after that quick move higher just about 10 minutes after the open traders started taking negative delta positions it took a few minutes but tesla responded lower so that was around 945 then 30 minutes later or so options traders started taking positive delta positions and tesla finally finally responded higher about 1110 so here's a divergence long set up right around 1050 trades traders start taking positive delta positions and tesla responds higher about 20 minutes later note this flow alert comes in right around 1140 let's go back and take a look at the that book map right so that alert came in somewhere right in here all right so just looking at this and book map so we know that options traders just from looking at hero options traders are really driving price up and down in tesla looking here at book map this trend break nice steady uptrend as traders start taking positive delta positions start shift from aggressive sellers to aggressive buyers and then a retest of the 258 level and now tesla continues higher as traders are taking positive delta positions and aggressive buyers are buying tesla stock all right any have any anyone has have any questions any stocks you want me to take a look at now would be a good time all right so overall hero continuing to trend higher from right around 1040 overall trend higher as traders are taking positive delta positions so for the day they are buying calls and selling puts both both notional value for the blue line and the orange line are positive all right so Caleb wants to take a look at apple let's do that all right so options traders not really driving apple today it looks like at least in the morning they were let's zoom in on this so there was a short setup from the open as traders were taking negative delta positions and then they have continued to do that and his price is now moving higher so hero trending lower apple moving higher so options traders not really in control today let's go take a look at book map all right so there's apple let's just take a quick look at nasdaq here all right so it looks like apple may maybe just being dragged higher by by nasdaq well that's the sb 500 sorry all right and musconi wants to look at google let's go see what options traders are doing so typically apple and google are not uh not very large movers not like uh meta and nvidia and tesla apple and google are much slower moving during the day all right so let's go take a look and see what options traders are doing at google some of the morning traders were not options traders not doing much not really supporting that move lower and then a flow alert comes in so price reverses at the 135 that's the key gamma strike and the key delta strike right there price reverses lower around that level options traders not really supporting the move lower and then right around 1040 this flow alert comes in second alert at 1140 and google responds higher back up to the 135 key gamma strike as traders were taking positive delta positions let's go back to book map so there's google the reversal higher as traders started taking positive delta positions google breaks that trend line starts moving higher all right let's check the sb 500 and the nasdaq so after this sharp move higher with aggressive buyers this uptrend it looks like it has slowed down a bit but maybe maybe finding support at 424 let's take a look at hero and see what options traders are doing let's go to nasdaq b500 zoom in on this so overall the the trend for hero is moving higher consolidating somewhat right now and price is consolidating let's change let's take a look at a 30 minute look back period so we can just see the last 30 minutes of data instead of the entire day so this shows that traders are right now hero is trending lower making potentially a series of lower highs and prices consolidating let's go back to book map all right so some aggressive buyers coming in at the spy 424 level large traders buying with iceberg orders also selling almost at the same time let's check on nasdaq and musconi you're welcome thanks for the request all right so nasdaq may be finding support at the 14850 level that's nq 14850 let's see what options traders are doing in nasdaq so it looks like they're consolidating as well options traders after this big push higher taking the foot off the gas oh i meant to show there were a couple of example trades that we can take a look at here in in qqq so if you do trade options here are a couple of examples comparing a vertical so the idea of a vertical is it increases your probability of success and the only hurdle that qqq had to reach was staying above this 356 level so this is a 355 very uh small vertical that expires today 355 356 so whenever you limit your upside you're generally increasing your probability of success by again limiting your upside and here's the buying an option and it turns out this was the better choice today so a 90 cent option is now trading the profit the open profit from the open 180 dollars so if you double your money so you're have a 2x 2 to 1 risk to reward ratio from buying that call at the one at the 55 support level and i'm showing there the call just above that was slightly out of the money so for you options traders there are a couple of options again looking at a spread trade high probability of success or higher probability of success you don't have to worry about that that theta burn not nearly as much as you do when you buy a single option all right joel says qqq not sure what you want here so here are a couple of trades that i mentioned and qqq again now this as qqq continues to rise jumping up to 220 dollars so more than double your money we can take a look at that and go back to hero and then book map and then we'll wrap it up so there's i'm looking at the combined signal here for ndx and qqq we can take a look at the qqq signal which is the largest component of that by far and one advantage of looking at the qqq signal is that the the alerts will be available so here's the latest slow alert right here this one turned out to be timely also one right at the open and the others not so much so there's qqq traders are taking positive delta positions let's see exactly what they're doing so they are buying calls and buying puts show mother rising orange line for calls the falling blue line for puts call buyers more aggressive so overall net for the day the hero signal is positive positive positive notional value and we can look at the qqq chart in book map i normally just look at um i look at the nq chart for any form of nasdaq it just provides a lot more information and i go to the um you know i do the work to translate the levels from qqq to nq right so there's qqq looks like qqq found support just above the 355 level there's the resistance at 360 and now qqq heading back up uh potentially toward the 360 level right hunter says uh hi doug hello hunter if you see largest traders of the day on futures market get trapped by selling at the bottom or buying at the top will help heavy volume and trading an option anyway affect the futures uh yeah so i'm i'm not really thinking about traders being trapped um long or short i'm looking at the options market as a key driver or price again traders are buying and selling calls and puts market makers are taking the opposite side of that and hedging with in the case of nasdaq here with nq futures or the sb500 with the s futures all right jolt so i showed you qqq and nq um hope that answered your question you're welcome so again when i'm if i'm trading qqq like i showed this uh showed the options trades today um taking a long call at right around the 356 long call right as nasdaq was at this level that i expected to act as uh support but i'm looking at the nq chart so the levels aren't perfect that nq to qqq ratio uh does change a little bit during the day it looks like i may have had a little bit too high but the qqq chart just shows me so much more i get the the stops and icebergs and an order flow that's easy to read so again i go to the trouble of putting my qqq levels on my nq chart all right everyone i want to thank you for watching thanks for your questions and comments and remember tomorrow at 8 30 a.m eastern time the jobs report comes out uh should be a big market mover remember the uh indices are a negative gamma position and this could potentially fuel uh a move up or down um in this negative gamma situation a price starts moving higher imply volatility drops then the jobs number is not bad or not as bad as expected then that could potentially fuel a put banner rally so we'll take a look at that tomorrow and we'll talk about it tomorrow afternoon and joe you're very welcome all right again everyone thank you for watching thanks for your questions and comments and i will see you tomorrow bye