 Hello everyone, welcome to Options with Doug, streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30pm Eastern Time. Before I get started, I need to go through the Disclosures. General Disclosure, all Bookmap Limited materials, information and presentations are for educational purposes only and should not be considered specific, investment advice, nor recommendations. Risk Disclosure, trading futures, equities and options involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. Also in Bookmap Discord, there's an options-doug-chat channel. That's a great place to post questions, comments and content related to the topics in my presentation and the topics of the channel that I'll go through in just a moment. Note that Bookmap Discord is free and available to everyone. There are a wide variety of topics there. Multiple asset classes, options, stocks, futures, crypto and a variety of languages. A lot of very active traders all trying to help each other become better traders. It's a great community and again it's free and available to everyone. I'm also on X, formerly known as Twitter. My name there is at Doug P. The focus of my presentation today and the focus of the options-doug-chat channel is options, order flow, the impact of options markets on stocks and futures and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step in my process is execution. I look at real-time order flow and book map and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be focusing on an underlying asset. And setups in that asset can be taken any number of ways. For example, the SB500 setups can be taken with ES futures, spy shares, spy options, SPX options, or even ES options. Also, generally my focus is on intraday trading, but the setups that I could talk about today could be applied to swing trading as well, depending on your timeframe. Questions and comments are welcome and I will be watching both the options-dug chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. All right, here's my agenda for today, Tuesday, January 30th. First of all, I want to cover news items, economic data, events, and earnings for today as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier today and then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, let's get started with news items. So there were a couple of data releases this morning. So let's take a look at that first. So at 10 a.m., consumer competence came out and that was better than expected, slightly, and also better than the previous number. And then the jolts, job openings data came out and that was also greater than expected, greater than previous. And let's take a look at the market to see the reaction to the data. So that was at 10 a.m. This is the ES Futures and Bookmap, SMB 500 Futures. And here's the reaction at 10 a.m. Pretty sharply bearish. All right, so that was the data releases this morning. Then after the market closes today, AMD, Google and Microsoft all report earnings. So it could definitely be a big afternoon of earnings. All right, that's today. Then tomorrow the big event of the day, the FOMC announcement and press conference. So the announcement is at 2 p.m. So that will be in the middle of my session tomorrow and we'll switch to the live market and watch the live market at 2 p.m. And let's just take a look at, let's see if I brought it over. Take a quick look at the FedWatch tool. All right, so no change from yesterday. So what this is showing, the current FedFund rate, 525 to 550 basis points. It looks like there's about a 98% chance of no change and then only about a 2% chance of a quarter point basis hike cut. I'm sorry. So looking for no change, 98%. And that's the January meeting. So we'll just focus on the January meeting. All right, so that's the FOMC tomorrow. And then on Thursday there's PMI data out at 10 a.m. And then after the market closes, Apple, Amazon and Meta report earnings. And then Friday the next big data release for the week, Jobs Report at 8.30 a.m. Eastern time, then Michigan Consumer Center Meta at 10 a.m. And that will wrap up the week. So a big week for events, data releases and earnings. All right, let's move on to positional analysis. I'm going to start with the SB500. This is the ES Futures and Bookmap. And before I take a closer look at this chart, I do want to step back and take a look at a larger time frame. And I'm going to look at the underlying index for the SB500, which is SPX. I'm going to start with a one-day chart. This is Thinkorswim showing a one-day chart for SPX. Current rally began last year, October 30th. Toward the end of the year ran into resistance at 4,800. And then a kind of a choppy start to the month until the January 19th options expiration. SPX broke firmly above the 4,800 level and now has tested the 4,900 level and now trading higher. All right, so that is the SPX one-day chart. Uptrend still intact. Let's take a look now at a little bit shorter time frame. This is a 30-day one-hour chart. Here's the 4,800 level resistance. The break above that level on January 19th expiration and resistance at the 4,900 level. And then yesterday the break above it in the afternoon. There was a news release about the Treasury change their barring plans. All right, so headline news. Treasury changing their barring plans, less debt. Treasury yields drop. And now SPX continues to trade above the 4,900 level. All right, let me point out the levels on this chart. I'm going to start with the expected moves. The dash purple line showing the lower and upper weekly expected move. That dash purple line may be difficult to see. It is right at the upper daily expected move. So that is the lower and upper weekly expected move. SPX so far trading within that range. Then the dash blue lines are showing the lower and upper daily expected move. Both of these are based on the options market, the weekly expected move. I update that once a week over the weekend. That's based on the closing price on Friday. And then the lower and upper daily expected move. That I update that every day. That's based on the closing price of the previous day. All right, so SPX is trading within both of those ranges. All right, the dark red lines are showing spot gamma levels. These are proprietary spot gamma levels. They're provided to spot gamma subscribers, showing on a variety of trading platforms. They're basically showing where the gamma weighted open interest is concentrated. I'm going to point out the key daily levels. First of all, here's the put wall. That's at 4500. That's a strike with the largest net negative gamma that can be expected to act as support. That level has remained at 4500 for a while. Then the next level up is the volatility trigger. That's at 4865. That is spot gammas proprietary gamma volatility 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 hitch their delta exposure. And 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 hitch their delta exposure. And that tends to subdue or decrease volatility. Note, SBX is trading above that level in a positive gamma environment. In a negative gamma environment, I'm looking for wider training ranges, more trending days, and above that level, I'm looking for a more narrow trading range, range days, mean reverting price action, and a more narrow range, more range days, mean reverting price action. All right, let me get to the next level, which is 5000. And hello, Steven. Welcome. Glad you're here. NC40G, I'll get to your question in just a moment. All right, so the next level up, the key daily levels, is the 5000 level. That is the call wall. That's a strike with the largest net positive gamma that can be expected to act as resistance. Note that level did shift up from yesterday. Yesterday the call wall was at 4950, and the day before it was at 4900. So on Friday at 4900, yesterday, Monday at 4950, and then today at 5000. So that call wall has been moving up. That indicates to me that traders are looking for, expecting, and positioning themselves in the options market for higher prices. And that is bullish with that call wall moving up. That's also the absolute gamma strike. That's the strike with the largest net. That's the strike with the largest absolute positive and negative gamma. So the absolute gamma strike and the call wall, both at 5000. And NC40G, why wasn't that news known before it happened at 2 p.m. central yesterday? I can't answer that. So it was just an announcement that came from Treasury. If you go back and look at a chart, it looks like somebody might have known about it because the market started moving higher right around 2 p.m. eastern time. So 1 p.m. central. So about an hour before the market started to move higher and then just accelerated after that announcement at 3 p.m. eastern time. All right, so those are the levels, the key daily levels. The only shift higher was the call wall up to 5000 now. All right, so that's a one-hour chart. And let's just take a look at one other chart for SPX. So NC40G, this may help to answer your question. This was 2 p.m. eastern time and that I believe this is when the announcement came out at 3 p.m. So the market was already moving higher. This initial move higher up to the, well, that was a different level yesterday. So up above 4900 yesterday. So that's when the breakout occurred starting at 2 p.m. All right, so somebody might have known about that already. All right, so this is the, this is SPX for today in a one-minute chart. The dark portion on the right is showing today. So a bit of consolidation after that big move higher yesterday. Up and down around this 4923 level, that's a combo four level that combines SPX and SPI, gamma weighted open interest into one level here in terms of an SPX price. So very narrow choppy range today for the SP500. All right, let's go to book map now. So in book map I have my own cloud notes. So I can show SPX levels. There's that 4923 level that I just mentioned. I'm also showing SPI levels on this chart. Here's the SPI 490 absolute gamma strike and the SPI 491 large gamma three level that has acted as resistance. And then this is the ES 4950 level. So I have one column of notes. So I can show SPI levels, SPX levels, and also any levels of interest like the expected moves and the big round numbers for ES. All right, note for ES, there's a difference in price between ES and SPX. And today it's ranging somewhere between 25 and 26. And earlier today it was closer to 25. So that's what I'm using now. So for example, this 4920 level, that's SPX 4920. I'm showing at ES 4925. So ES minus SPX is somewhere between 25 and 26. And I'm using 25. Note that I do post those index relationships that I'm using in Discord. For the last couple of days I posted the preliminary numbers and the final numbers. I was a little bit late with the final numbers today, busy trading in the morning. All right, so again very narrow range. And those are the levels in play for today. For SPI, the volatility trigger shifted higher. Put wall shifted lower down to 480. So not significant, not really in play. And then the call wall and absolute gamma strike both shifted higher. So here's the absolute gamma strike for SPI, shifted higher. And then the call wall, just like SPX, also shifted higher up to 495. So according to that, according to spot gamma, there's still room to run. SPX, the SP500 is not overbought until it reaches those call walls. All right, let me check for questions. All right, Cesar says, hello Cesar. Welcome, glad you're here. Was yesterday's squeeze gamma based on book map? There were so many orders added to the ask that showed no reaction and just kept getting bought all afternoon. I'll take a look at that in a few minutes. So let's, we'll focus on today and then if we have time at the end, we can focus on yesterday what happened. I'll have to bring up a couple of older charts. So if I don't have time to do that, during my session today, I will take a grab some charts and post them in Discord. All right, let's take a look at NASDAQ now. All right, here's NASDAQ in QFutures, training in a fairly narrow range in the morning up until about a noon and then made a sharp drop lower. We'll take a closer look at that in a few minutes. So this is in QFutures and book map before I take a closer look at this chart. I do want to take a look at the underlying index products for NASDAQ. First of all, here's QQQ. This is a one-day chart, levels on play. This is the, this combo level. Price was chopping around that level until the 10 p.m., 10 a.m. data release, sharp drop lower. Price could not quite make it back up to that level. This is the 427 level that was in play earlier today. That's the zero gamma level. Also the 426 level acting as support twice. Then some consolidation around that level and then price broke lower and price now trading down to the 425 level. That's a large gamma-3 level and the range of importance of gamma-1 being the most important, 5 being the least important. Those are the QQQ levels in play for today. Let's take a quick look at NDX, the underlying index. The reason I look at QQQ for NASDAQ, it's more important. It's much more liquid, much more options activity in QQQ than NDX, but we'll take a look at NDX just for completeness. No levels in play for today. Just a steady downtrend in NDX. Let's go back to book map here. Just like the ES, I have my own cloud notes. I can show QQQ levels. There's the 427 level. Here's the 425 level that I just mentioned. Note that NQ is trading below its lower daily expected move. That's right around 590. We'll take a look at setups in a few minutes. Before I do that, let me just mention shifts in levels for NASDAQ. For NDX, slight shift lower in the volatility trigger and a pretty significant shift higher in the put wall to 17625. Then for QQQ, the put wall actually shifted lower to 400. A significant shift lower in the put wall to 400 for QQQ. The absolute gamma strike shifted higher for QQQ. Kind of a mixed picture for the NASDAQ. Let's take a look at gamma notional to see how market makers were positioned on the gamma curve at the beginning of the day. The reason I do this, is because of how market makers may react to changes of price, also a sense of the volatility and trading range for the day. So in a positive gamma environment, again I'm looking for more of a range day, trading day, mean reverting price action instead of a trending market. So I'm looking at gamma notional. This is how market makers were positioned on the gamma curve at the beginning of the day for the S&P 500, NASDAQ, and also 2000. Note all these numbers are positive now. They all shifted higher. So gamma notional for SPX and SPY, both positive. So again in a positive gamma environment, market makers are trading against price to hedge to their delta exposure. And also QQQ shifted from negative yesterday to slightly positive today. So much less positive gamma notional for QQQ than also for the Russell 2000, both the RUT and IWM shifted from negative to positive today. All right, so gamma notional for the SP500, more positive, definitely looking for more of a range day in the SP500 and not quite as clear. For the NASDAQ. All right, let's take a look at some setups now. I'm going to skip over the Vana model and a positive gamma environment. There's really nothing to see. All right, so everything that we've talked about so far, other than book map, is based on static data. Updated once a day. Smart gamma takes open interest data. They apply their algorithms to that data. They come up with the levels that we looked at. Gamma notional. And that's what I use for my planning process. Now we're going to move to execution, looking at real-time data. So the first thing I want to take a look at is what options traders are doing today. I'm going to start with the SP500. This chart is the hero chart. Hedging impact real-time options. This is part of Spot Gamma. It's available to Spot Gamma subscribers. What this chart is showing is price for SPX with a white line and the hero signal. Hedging impact real-time options that is showing in the purple line, that's the hero signal. That's showing options trades and market maker hedging activity for a combined signal for the SPX, SPY, XSP, and ES futures. So when traders buy and sell, puts and calls in the SPX and SPY, for example, traders buy and sell, puts and calls, market makers take the opposite side of those trades, and they have to buy and sell futures, ES futures, to hedge their delta exposure. That's the most efficient way for them to hedge options trades in the SP500. Let's zoom in on this chart. So for example, when traders are taking negative delta positions, they're buying puts and or selling calls, that's shown by the following hero line. Market makers are taking the opposite side of that. They have to sell futures to hedge their delta exposure. And then when the hero line is rising, this indicates traders are taking positive delta positions. They're buying calls and or selling puts. And market makers take the opposite side of that and they have to buy futures to hedge their delta exposure. All right, let's take a look at some setups. All right, I'm going to zoom in on this chart. Excuse me. What I'm going to focus on is from 10 to 11. So this, and I was waiting until the data release at 10 a.m. before I did anything. And the way this resolved was definitely bearish from 10 to 11. Hero signal falling. And during that time, I was looking for shorts. So kind of a choppy warning waiting for the data release. And then at the data release, ES dropped sharply lower, pulled back. Good short entry right around 10.10. All right, let's go take a look at book map. Let's go back to ES. Let's zoom in here. All right, so from the open, ES was bullish. The volume dots of book map show market buy minus sell. Magenta dots indicate more sellers than buyers. Green volume dots indicate more buyers than sellers. Buyers come in right at this 49-20 level. Then at the data release, aggressive sellers come in and there was sell stop orders fueling the move lower. Let me zoom out just a little bit here. Data release, start move lower, aggressive sellers, sell stop orders fuel the move lower. That's shown by the falling yellow line, sell stop orders, and price find support at the 49-20 level. And that was the pullback for the long at the open. Note that in the sub-chart here, all these lines falling, cumulative volume delta shown with the pink line and the falling blue line is showing light blue line showing sell iceberg orders. Also shown by the on-chart indicator, large traders using iceberg orders to sell the move higher and then sell stop orders fueling the move lower. All right, so not a lot of range there from right around, let's say 49, 50, 51 down to 45. So not a lot of range. Typical again of a positive gamut environment. Not a lot of movement in the SB 500, but both the hedging flow shown with hero and the order flow shown in book map are pretty clearly bearish during that time. Sorry. If you on YouTube who are sticking with me, thank you very much. I could see the number watching now dropped pretty quickly. Sorry about that. All right, so we're still looking at ES here. Note that the sub-chart to me, this is still looking pretty bearish. CVD moving lower, sell stop orders, and sell iceberg orders, all negative for the day and pretty substantially negative. All right, let's move on to NASDAQ. All right, NASDAQ also looking bearish for the day. CVD moving lower all day. Looks like some large traders have come in with iceberg orders right around 1230, maybe slowing down the move lower. All right, let's zoom in. I'm going to focus on that same 10 to 11 time period. So I thought there were some long opportunities that eventually resolve lower. Let's take a look at HERO. Let's see what options traders are doing. And in the case of NASDAQ, I've been looking at this MAG-7 signal. Let me zoom back out. What this chart is showing is a combined signal for options trades, market maker hedging activity for the stocks known as the MAG-7, Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla. So when traders buy calls in a stock, for example, market makers sell the calls and they have to buy stock to hedge their delta exposure. And just the opposite with puts, when traders buy puts, market makers sell the puts and they have to sell stock to hedge their delta exposure. So this is a combined signal. These stocks make a very large component of the NASDAQ and the SB500. I'm going to zoom in on this morning. So this is in the... Of course, we know what happens later, but just looking at this in the morning, the HERO signal was trending higher, starting about 9.45, dipped down briefly after the data and then started moving higher. And to me, this was an indication to look for long entries and that lasted for maybe 30, 45 minutes, 30, 40 minutes. All right, let's go to BookMap. All right, so during that 40 minutes from 10 to... Oh, 10 to 10.45, looking for longs. All right, let's zoom out now and we'll take a look at the shorts set up. So, note the... Looking at the sub-chart here. CVD rising and large trader selling with iceberg waters. This is not huge size, but the light blue line does fall. And let's go to... Back to HERO. And the HERO signal shifts sharply lower right around 10.40, setting up a short. Back to BookMap. Whoops, setting up a short. Good entry point, right at 427. Trend break there, right at 427. So, really, up and down. A little bit more range than the S&B500. A little bit more... I thought a little bit more tradable, easier to trade. But overall, trending lower. So, if you waited patiently, watch this most of the day or most of the morning. Just wait a patiently good short entries at these trend breaks as NASDAQ was making lower highs. All right, let's go back and take a look at HERO. Zoom out on the day. So, here's that first trend break. 10.40, living in just afternoon as the HERO signal for the MAG-7 reached that, looks like around 400 million positive, and then sharp reversal lower. Let's take a quick look and see what traders have been doing, separate outputs and calls, and that is really driven by calls. That's shown by the orange line, traders buying calls, then they start selling calls. Sorry about that. I hesitate to separate outputs and calls, but you can see the call buyers, the swings in the calls, really driving price. Both these big swings driven by call buyers and call sellers. All right, let's take a look at some stocks and then we'll get to the live market. So, the first stock I want to take a look at is Apple. Zoom in on this just a little bit. Note this floor alert here. Indicating significant options activity just a couple of minutes before the sharp drop lower. So, if you notice that alert got into Apple pretty quickly, here's where that alert came in and price dropped sharply lower just a couple of minutes after that. All right, that's Apple. All right, so again, remember, AMD Google Microsoft report earnings, so let's take a look at those stocks. Here's AMD for the day. Let's take a look at Hero. See what options traders have been doing. Zoom in. Couple floor alerts. Traders take negative delta positions. That starts right around 940. Let's go back to book map. 940. Then the next move lower starts around 1035. Let's go back to Hero. Now, in that case, we're driven by options traders so much. All right, so the initial setup was more short. Zooming out. AMD retest that level. Chops around. And then with the rest of NASDAQ starts moving lower just afternoon after 12 p.m. All right, the next. Google. Now trending lower. Traders taking negative delta positions. Couple of short entries noted by these floor alerts. So overall, again for the day, traders taking negative delta positions. And Google. Let's go take a look at book map. So AMD definitely moving lower for the day. Google also moving lower as traders take negative delta positions. The next is Microsoft. Also bearish on the day. Let's see what options traders are doing. So the notional value for Microsoft. Also negative for the day. But more of a choppy signal for Hero here. Up and down until the sharp drop lower right around 12. All right, IcoJet asked, how do you update or save the new levels every morning on TOS? Spot gamma provides a think script that you have to update manually. So let me show you. Let's go to think or swim. So what I do I take I copy the text of the new think script that's updated every day. Take that in the morning. I'll go to my studies. Search for spot gamma. I open that I edit that and delete everything that's in there and then paste the new script. It takes about a minute. But that is that provides the spot gamma think script every day for all the instruments that I look at. So we've looked at SPX, QQQ, NDX and all of those instruments are included in that one script. And that is available to spot gamma subscribers. And you really don't have to save it. You just here let me show you. Click on edit. So I have copied the new script. So I just select all this I delete it and I paste in the new script. Click apply and that will update the script. So that's all I have to do. So again that takes about a minute. Let's take a look at one other stock see if the dip buyers are still in there in Tesla. They were earlier today. Now Tesla chopping around. Let's go to book map. Take a look at Tesla. And so far Tesla negative for the day. So the S&P 500 still chopping in a range. Let's see what options traders are doing in the S&P 500. So gamma notional I'm sorry this notional value of options trades still mildly positive for the day. So net for the day traders are taking positive delta positions. This is choppy up and down quite a bit mean reverting price action at its best in a positive gamma pre FOMC day. Let's just see what we can take a look at. Next expiry that's shown by the green line there or the teal line. So that's showing options trades that for options that expire today. Note the very strong correlation between the green line and the purple line. The purple line is showing all trades all expirations. That's today tomorrow Friday next week next month all options trades and this the teal line showing options that just expire today. So this is showing that options that expire today are making up the bulk of options that expire making up the bulk of the options trades today. So zero DTE options that expire today making up the bulk of trade today. All right, so that is just add some additional clarity but overall mean reverting options trades leading to mean reverting price action in the SB500. Caesar asked can you get more info from the flow alert to see if it's bullish or bearish. I I started using hero well before the flow alerts came out the flow alerts just add some additional confirmation typically get your to get get your attention they can be confirmation for a move or they can be indicate a mean reverting move so you just have to watch watch hero watch order flow all it really does is signal significant options activity to get your attention. So in this case get your attention for a move floor attention for a move higher attention for a move lower so somewhat mean reverting there that was a little bit early let's see I did not make any notes of alerts in my in my notes here let's just scan through real quick oh yeah I did I forgot about Apple so in this case flow alert very timely flow alert for Apple so when you see that look at hero look at book map decide how you want to trade from that so in this case that was definitely bearish nothing there were a couple of flow alerts there no no significance in AMD better flow alerts here in Google at the highs nothing of significance good flow alerts here in Netflix so it all depends you know definitely not a red light or green light you just have to use your judgment of what you see and see in hero and see in book map see what the mag 7 are doing still making lower highs let's go to book map yes currently moving up go back to hero so pretty much in line with the trend of the hero signal options traders taking positive delta positions buying calls and or selling puts yes moving higher so heroes been a pretty reliable confirmation for trades today for the SB 500 we haven't looked at this yet and the signal for the nasdaq the combined signal ndx and qqq working pretty well today let's take a look mag 7 I like nasdaq let's go back to book map mean reverting price action for the SB 500 and definitely more bearish for nasdaq Caesar let me see if I can answer your question let's go back to hero first go to the SB 500 and let's take a look at yesterday so what I can do is go back go back to yesterday so hero was was quite bullish all day this number 7.5 billion that's high I've seen it as high as the highest day is right around 12 billion positive so this delta notional 7.5 for yesterday very high turning higher from about 10 a.m. on on up there's that move higher initial move higher at 2 p.m. and then the follow through actually begins before 3 p.m. separate outputs and calls so traders yesterday were buying calls that show by the rising orange line and they were selling puts no show value positive for both so when the orange line of the blue line are moving in the same direction this is a very powerful directional signal according to spot gamma so again traders buying calls and or and selling puts so in this case that's a very strong bullish directional indicator and it's hard for the when both lines moving in the same direction it's hard for the instrument to move in the opposite direction alright so that's hero free yesterday let me take a look at one other thing so I want to go back to a screenshot from yesterday here we go zoom in on this a little bit alright so this is yesterday I've talked about this 487 level that was the absolute gamma strike for spy yesterday acting as support and note during the day CVD constantly rising that's the dark blue line also my stop orders fueling the move higher and note the jump in the yellow line my stop orders fuel that move higher after the treasury announcement so we know that traders are buying calls and selling puts market makers take the opposite side of that buying futures to hedge their delta exposure aggressive buyers shown by cumulative volume delta and also buy stop orders fueling the move higher buy stop orders shown by the small green dots fueling that final push higher alright so Caesar I hope that answers your question Caesar says doesn't get clear than that yeah so yesterday then consolidation today after that huge move yesterday alright let's go back to go back to today change this one first back today so huge move yesterday then consolidation today and then in the afternoon now again traders taking positive delta positions delta notional moving up to delta notional moving up to 1.87 billion positive 1.87 billion positive take a quick look at puts and calls so starting starting right around just after 2pm traders are buying calls and selling puts so I knew that was going to happen trying to do that fast let's go back to total so we know right now that traders are buying calls and are selling puts and selling puts blue line orange line moving in the same direction and price moving higher go back one more time go to ES so options trades big driver price action today and ES alright my time is up I want to thank everyone for watching thank you very much for your questions and comments sorry about those dings not sure quite sure what caused that hopefully that won't happen again I want to thank you for your questions and comments and remember tomorrow FOMC oh ISM data at 10am and then no that's on Thursday so tomorrow is just FOMC 2pm we'll talk about it before and then at 2pm we'll shift over and watch the live market and watch the reaction to the announcement alright thanks again everyone have a great afternoon and I will see you tomorrow thanks bye