 Hello everyone. Welcome to Options with Doug. Streaming live daily on Bookmap Discord and the Bookmap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all bookmap limited materials, information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis. I look at how market makers and traders 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 of my process is execution and I look at real-time order flow and bookmap and real-time market maker hedging flow and spot gamma hero to confirm my thesis and for setups, entries and exits. And on topic questions and comments are welcome and I will be watching the Options-Doug chat channel and Discord and also the chat and YouTube for your questions and comments. So again, please post your questions and comments. All right, let's get started. So what I want to cover today, my agenda for today is to go over news, economic data, just a quick recap of yesterday and then talk about news, economic data coming out for the rest of this week and of course the big event was yesterday with the FOMC announcement and then a surprise comment that I'll talk about in just a minute or two. And the next thing that I want to go over is our positional analysis and then finally I'll talk about some setups. Okay, so yesterday the of course was the FOMC announcement, the FOMC announcement and also the press conference. So the announcement at 2 p.m. and then the press conference began at 2.30 p.m. And initially it seemed like the markets liked what Powell had to say and they in the press conference and markets rallied higher. This is a screenshot from yesterday and this is QQQ and I'm going to show spy and IWM as well. So here is 4.30 p.m. the press conference begins, markets drop then reverse higher and then apparently everything that I read the news, the news outlets CNBC attributed this large drop to a comment that Janet Yellen made, Secretary of Treasury regarding FDIC deposit insurance. So anyway, the interesting thing here is this is QQQ and we'll look at spy and IWM as well. Note the point, the high point of the day, the reversal at the 3.15 call wall and recall yesterday the QQQ call wall had shifted up from 3.10 to 3.15 so that was yesterday. So that is that's QQQ and then at the same time here spy and notice anything similar here. The reversal at the 4.02 level and this is the 4.02 call wall. So 2 for 2 reversals at the call wall and the call wall for those of you who may not be familiar is the strike with the largest net positive gamma and especially for an index it typically acts as resistance. So both QQQ and spy the call walls acted as resistance as expected and a spectacular trade would have been to buy a put in either instrument at these levels. So there's spy again the same time reversal at the call wall and then finally I don't have IWM up in book map in my main computer so this is from thinkorswim and the labels are not shown here but the call wall for IWM was 177 this level right here and there's the reversal at around 245 is Janet Yellen made her comment so that's 3 for 3 for the indices IWM spy and QQQ all reverse lower at the call walls again the strike with the largest net positive gamma and expected to act as resistance in especially in it in index products right so I thought that was interesting and I posted both QQQ and spy charts and discord yesterday evening. All right let's let's go through our positional analysis now and take a look at some charts so we'll start with the SAP 500 this is book map again showing the ES futures and before I dig into this chart I'm going to take a look at a larger time frame so this is SPX the underlying index and this is from thinkorswim showing a 20-day 1-hour chart these are the key level spot gamma level so this is just showing price and key levels and here is the put wall that's the strike with a large net negative gamma that can be expected to act as support and these levels are coming in the form of a think script that you have to update manually takes a couple of minutes and they're provided to spot gamma subscribers in a number of for a number of different platforms and I use thinkorswim and book map and their spot gamma provides these levels for both platforms so there's the put wall today the 3900 SPX 3900 expected to act as support and here is the 4000 level that is the volatility trigger that's spot gamma's proprietary gamma flip level and that can be that that means that below that level traders are long puts market makers are short puts so they're in a negative gamma position on the gamma curve and they have to hedge or trade against price to hedge their delta exposure that's typical of a negative gamma environment below the volatility trigger and above the volatility trigger their position on the gamma curve is positive and that means they have to trade against price to hedge their delta exposure and I'll talk a little bit more about that in a few minutes and then here is the call wall at 4065 that's the strike with the largest net positive gamma and that can be expected to act as resistance so those are the key levels and play and then now let's take a look at or in I guess reasonable range for a few days now let's take a look at that so that's a 20-day one-hour chart let's zoom in a little bit we'll take a look at another thinkorswim chart and this is a one-day one-minute chart again for SPX and showing the levels that are in play for today and this is showing here the that's the 4000 level the volatility trigger and then just up above that that is the upper edge the expected move for the week and that's based on the options market that's for the based on volatility and price and that is that is again for the entire week and notice that level did act as resistance as well as the 4000 volatility trigger and 4000 is also the key gamma strike or the absolute gamma strike with the large the strike with the largest absolute gamma and then down below is the 3961 level that is a combo L2 level L2 means it is a fairly significant amount of gamma the ranking is one two five one being the the highest or most significant most important alright so this is showing the levels that are in play for today and the S&P 500 trading in a fairly narrow range today of about somewhere between 40 and 50 points alright so here's a book map and I'm showing the same levels on this chart I have two columns this is from spot gamma these are the same levels there's spot gamma cloud notes provided again to spot gamma subscribers and this is showing the primary SPX levels there's the volatility trigger the key gamma strike at 4000 this is that combo level at 3961 then the 3950 down level down below and I have my own column of levels here spot gamma is using a 40 point difference between ES and SPX and that's a little bit high so today I calculated that difference at 31 points so I'm drawing my own levels here and this is again my cloud notes so there's the 4000 level that's closer to the actual level here's the ES 4000 level and then there's that 3961 level again seven points below where spot gamma is showing it and again these levels are a little bit more accurate alright so those are the levels are in play for today and we'll take a look at setups in a few minutes alright let's talk about shifts and levels so there were just a few for SPX the volatility trigger did increase from 3980 yesterday to 4000 today so it moved higher and then for spy the key gamma strike dropped from 400 to 390 and I interpret that as bearish traders are looking for and expecting lower lower prices and then for QQQ the volatility trigger shifted higher one point from 304 yesterday to 305 and the call wall actually shifted higher which is somewhat puzzling given that sharp drop in the afternoon but that I interpret that as bullish the and I will look at some other bullish signals in QQQ as well so QQQ the call wall shifted up from 315 to 320 while I'm talking about that let's take a look at what I'm talking about this is a pop-up provided for I look at SPX spy and QQQ showing the levels the key gamma levels and I look at this when I when I work on I'm going to move this over a little bit I look at this when I'm working on my spreadsheet for my C levels column and this is for all the instruments that I trade let's scroll up to QQQ so I have when I'm first looking at this in the morning I have the levels for QQQ from the prior day and I can compare them with what is shown on this level this pop-up for today so initially when I look at this the first thing in the morning this is from yesterday and now it's updated to today but when I again when I look at it in the morning I have the levels from yesterday and I can compare with what I see on this pop-up and the thing that I noticed to this morning was the build in levels up above the 310 level especially and recall the the call wall did shift shift higher but a closer look shows the build in gamma levels above the 310 310 level and QQQ all right so that is that's what I was looking at in QQQ and I interpret that as as bullish all right let's take a look at let's take a look at the gamma levels now and this will provide a better understanding of the levels that I've been talking about so let's start with the SMB 500 these are the absolute gamma levels all right so RJ asked just to be clear the volatility trigger 4000 you readjusted to 4031 based on your ES SPX spread calc so what I'm doing the let's go back to bookmap the level the 4000 level is at 4000 that's the volatility trigger let me show something else I just let me go back here let's take a look at the SPX levels notice here that it's pretty easy to see that this is comparing SPX with SPY that spot gamma is using a 40 point difference so the 40 which take a look at the volatility trigger so spot gamma is using a 40 point difference so they're marking this volatility trigger on the ES chart at 4040 and that is actually still the 4000 volatility trigger I calculated this difference at 31 points today so on my bookmap chart I'm showing that difference there's the 4000 level at 40 4031 so I'm doing is calculating the difference in the ES and SPX but this is still the volatility trigger for SPX remains at 4000 until data comes out overnight and and it may be adjusted maybe maybe adjusted maybe not yeah you have to wait until tomorrow morning to see that so that's all I'm doing all right so let's go back to the gamma levels now so these are the absolute gamma levels this will show where that where these levels come from where the data comes from this is SPX showing absolute gamma levels this is the zero line and showing positive gamma or call gamma above that line shown by the black bars and below the line that's negative gamma or put gamma shown with the teal bars so this is obvious the 4000 level is the absolute gamma strike the strike with the largest absolute gamma and then the put wall at 3800 the strike with the largest net negative gamma can be expected to act as support and then here's the 4065 level that's the call wall the strike with the largest net positive gamma and just to note that is the short strike short call strike of the JP Morgan collar that expires at the end of this month March 31st all right so that is SPX here spy and recall the spy key gamma strike dropped from 400 yesterday to 390 today and that is also the put wall so that is the strike with the largest absolute gamma as well as the strike with the largest net negative gamma and then the call wall remains at 402 and note the dominance of put gamma below the 400 level and again put gamma or negative gamma shown with the teal bars below the zero line all right let's take a look at the NASDAQ now so for the NASDAQ we'll just look at QQQ we in DX is not significant in the options market so for QQQ 300 is the key gamma strike and 285 is still the put wall and then the call wall moved up to 320 so this is what I noted in that little pop up and it you can see it here too there was appears to be a build in call gamma above the 300 level and still there's a dominance of put gamma or negative gamma below that level all right let's take a look at take a look some data now we'll take a look at the data that's provided in the AM founders note and I focus on gamma notional this is market makers position on the gamma curve and notice it is negative for the SPX shown in the far left column spy in the middle column and QQQ on the far right column so this means for all these indices that market makers that traders are short puts market I'm sorry traders are long puts market makers are short puts and they have to hedge their delta exposure by selling futures as price drops and as price increases they can buy back their their short futures so they're hedging with the price they're hedging with price in a negative gamma environment and it's just the opposite in a positive gamma environment again they would be trading against price so these levels did become more negative or shifted negative yesterday just slightly for SPX gamma notional yesterday was minus 75 today it's minus 79 so just a an insignificant shift but for spy the shift was much more significant yesterday's gamma notional for spy was minus 1033 and today it's minus 1997 and then for QQQ gamma notional was actually positive yesterday and it shifted to minus 230 today so back to a negative gamma environment for the S&P 500 and the NASDAQ let's take a look at the Vanna charts and this is a graphical illustration of what I'm what I was just talking about and what this is showing has how market makers delta notional or delta exposure shown in the vertical axis changes with price shown in the horizontal axis and also with implied volatility shown with this green curve here that's the current expiration and what this is showing is that market makers delta notional will increase as price decreases and again they will have to sell futures to hedge their delta exposure as price drops and then they can buy back their short futures as price increases and the green curve is showing how that delta notional changes with implied volatility changes and implied volatility and that is the Vanna effect and then the black line is showing how their delta notional changes as time passes that's for the next expiration and that is the charm effect the change in delta with the change as time passes change in time all right let's that's SP SPX again pretty neutral here spy much more negative again recall gamma notional for spy at the beginning of the day today was minus 1997 so this is showing that as price drops market makers will need to be will need to sell futures much more aggressively and then finally here's QQQ somewhere in between but still negative let's just take a look at spy and this shows that the change from yesterday to today and notice this line becomes much more steep as gamma notional became much more negative today compared to yesterday all right so RJ asked when price increases on spy they wouldn't have to buy as much to hedge so for spy the the it's steeper so as price drops they're gonna have to sell futures much more aggressively and as price increases they can buy back their their short futures so just you'll focus on this vertical axis the delta notional so I you know I again I'm just looking at the slope of the line and that's compared comparing SPX to spy and QQQ spy is the steepest line so again all this is showing is that as price decreases market makers have to sell futures and as price increases they can buy back their short futures they're adjusting based on their delta exposure all right so the last thing that I want to look at here in my actually not the last thing but let's go next let's look at some stocks now so that was the indices and let's look at some stocks this is my key gamma strike list and I track the key gamma strike for all the stocks in my watch list mostly large cap tech stocks in the far right column the E column is showing the previous key gamma strike that's the key gamma strike from yesterday and then I compare that with the key gamma strike for today and I color code it red if that number decrease from the previous day and again I interpret that as bearish traders are looking for lower prices and they're positioning themselves in the options market and then also I color code green and notice this is VIX green if the key gamma strike increased so all of this given the rise in interest and calls further out further up the options chain interpret that as bearish one thing that I do and I mentioned my spreadsheet before as I'm filling that out in the morning I go through every stock in my watch list and I'm again filling out my spreadsheet in the morning this is part of my planning and preparation so I look at each stock and I'm looking at history here the history and I'm filling out the spreadsheet while I do that so the key gamma strike list is just a starting point but again I go through all of these key daily levels and there are five key daily levels and primarily it's the key gamma strike the put wall the call wall and the hedge wall that I'm looking at so let's take a look at look at AMD and I noticed a couple things here first of all the increase in the hedge wall and the increase in the call wall so the key gamma strike remain the same but these two levels increased I interpreted that as bullish especially the increase in the call wall and notice that it has gradually increased over the last few days from 90 up to 110 and again I interpreted that as bullish so I I made a note of that in my journal this morning and then the next one that I noticed as I went through my list was meta and the key gamma strike remain the same but there was a minor shift higher in the hedge wall and also an increase in the call wall so again interpreted that as bullish made a note of it in my journal all right let's go on to the next next stock that I noticed Nvidia key gamma strike remains the same but there was an increase in the hedge wall the call wall and a pretty significant jump up from 260 to 275 and notice the gradual increase over time from 250 to 260 to 275 and also an increase in the put wall from 240 to 252 and over the last four days the put wall has increased from 220 to 240 to 252 so I interpreted that as bullish as well so AMD meta and Nvidia and then I've already talked about QQQ the build of call positions all right so in YouTube Bartos asked what is hedge wall and let's just go take a look at that so I'm going to go back to let's go to the hedge wall is similar to the volatility trigger but it is different because there's a different assumption for other for stocks versus indices so for indices spot gamma assumes that traders are long puts and short calls and market makers have the other side of that position so there uh spot gamma is assuming again for an index that market makers are short puts and long calls so the volatility trigger is that shift from negative gamma to positive gamma but for single stocks spot gamma assumes that traders are long puts and or long calls so market makers position is always negative gamma but this and we can go to these definitions and terms here and this is free to everyone so that you know and just a simple definition detects a large inflection point and dealer hedging activity and it can often act as a large area of support and resistance all right so that's the you know that's a quick and simple definition all right Ahmed I don't know what your what your issue is I don't think anybody else here's music you're listening to something else I don't know all right Roomba I'm not sure I understand your question to show the split bid ass levels for hero and explain what the numbers are on the right so I don't know what you mean by bid ask I will take a look at hero in a minute so I need to need to move on here so let's take a look at some setups now so I've I've laid out my bullish thesis for for AMD meta Nvidia and QQQ so let's start with those so let's go to hero now and here's AMD so Roomba the all right putting calls split so first of all the white line is price let's just zoom in on this white line is price and the purple line is the hero signal hedging impact of real-time options and the purple line is showing combined puts and calls and this is shown in terms of delta so if traders are buying calls and selling puts that's positive delta and that was what is shown in the morning here with this rising hero line traders are buying calls and or selling puts and then they're taking the opposite position as price increases they start selling calls and buying puts that's negative delta and so that is the combined signal and we can also separate out and get a a closer look at what traders are doing so in the morning they were buying calls shown by the rising orange line and initially not doing much with puts then they started buying puts but still the in the morning and let's zoom in on this so we're just looking at the morning session and these are notional values over on the right if this is what you're talking about and this number is orange line positive caught the edge let me just point to it it's about positive 26 million that's notional value in dollar terms versus minus 18.84 net positive so let's go back to the total line so net positive but again in the morning this is what I was looking at rising hero line all right let's go take a look at book map now go to amd and here's the setup in the morning let's just zoom in on this remember heroes rising and I look at I have you know I'm showing and presenting on one screen here but I have multiple screens that I'm looking at I always have hero or book map of them one screen spot gamma hero on another screen so I can look at both simultaneously and see that hero is rising and their entry points here a couple of tests of vwap and also the 100 key gamma strike sorry wrong tool try that again there's the 100 key gamma strike with a target at liquidity levels at the 102 level and 103 all right so there was amd let's zoom out and look at the entire day so bullish setup in the morning and it looks like price started to reverse with many other things after hitting the 102 liquidity level target all right there's a question sim see do I just the hero rolling window to a shorter time frame such as five ten minutes five or ten minutes before entry on an entry day trade and no I don't I trade primarily in the morning and I just leave it on the default which is typically the total signal in a one-day look back period and Roomba the right number is delta notional and it's in a dollar terms so it's not gamma notional it's delta notional and again my understanding is that it is in dollar terms so the thing to do is just compare the number positive negative positive would be positive delta negative would be negative delta all right so that is that's amd let's take a look at meta so bullish setup in the morning in meta let's take a look at hero so that's amd so amd meta there's a very strong correlation between price action and hedging flow let's separate outputs and calls and we see that traders are buying calls shown by the rising orange line up until about uh up until about 12 10 all right let's take a look at book map again and one one interesting thing to point out is the breach of the call wall here at it looks like just after 10 10 10 something like that so first of all there were entry points at vwap a couple of entry points at vwap and then the breach of the call wall at oh around 10 10 and whoever deleted the hat and discord thank you okay so the breach of the call wall and remember I talked about um uh as I began talked about the call walls and the indices yesterday acting as resistance and a couple things to note first of all those are indices and in my experience the call walls and the put walls tend to act more closely as expected resistance for a call wall support for a put wall and not necessarily uh with the same um I guess high probability with a with a single stock like meta so here's meta breach of the call wall and that can act as an accelerant and um Brent Cachube with the founder of swat gamma has talked about this uh this again can act as an accelerant as all of the calls at that level um go in the money and let's go back to hero now we can see that at that time traders were buying calls they continue to buy calls here let's draw continue to buy calls rising orange line and the calls that were at the call wall level went into money so they're gaining in delta gaining at value market makers have to continue to hedge so let's take a look at equity hub now we'll take a look at back to meta take a look at the put and call impact chart let me just zoom in on this so here the breach of the call wall so all these calls at the 200 level and at the 205 level are going into money they're gaining in delta and again remember market makers traders are long calls for single stock market makers are short calls and they have to buy stock to hedge their delta exposure and also note the call dominance here above the 200 level all right so that is that's meta a breach of the call wall and again the differences are first of all single stock versus index and also time of day the typically the first couple of hours up till 12 o'clock is is typically the the largest range of the day whether the stocks are going to go up and down they rally if it's you know bullish in the morning and then lunchtime chop and then a reversal so this is a this is a pretty typical trend day chart pattern strong in the morning traders buying calls that levels off lunchtime chop and then a little bit of a reversal lower again from what I know a pretty typical trend day pattern all right so that is another way of thinking of call walls and the walls in general for single stocks versus indices and also time of day all right let's take a look now at Nvidia that was the next stock on the list and I actually thought Nvidia would be more bullish than it was let me zoom in on this morning session all right so this is what I was looking at at the morning let's go take a look at hero we'll go back to hero here take a look at Nvidia and Nvidia was more more choppy um then some of the other stocks like meta that we just looked at but overall in the morning hero was bullish it also had in the morning a fairly strong hero hero signal and I post my hero watch list every morning and hero was if you rank them from strongest to weakest hero Nvidia was near the top so I was looking for for more from Nvidia this morning but anyway it still offered a couple of long opportunities let's go take a look at book map again and I'm showing bounces off feewap here just before 945 and again just before 10 and then the best one here was right at 11 with the um 275 call wall being the target for today and price didn't quite make it there it was absorbed after this long last long entry just below 275 all right so RJ asked can we see the put call split for Nvidia yeah we'll take a look at that so let's take a look so pretty much the same in the morning no additional clarity from breaking this out and notice that as hero starts to level off here price is starting to fall and then starts to fall a little bit more sharply as traders start selling calls so that's a good good short opportunity at the call wall that did act as uh resistance as expected so um you know the thing to do is anytime you see one of these levels uh call wall put wall uh any of the key daily levels always confirm what you expect to happen with hedging flow and order flow so in this case let's go back and take a look at the total signal here so this is definitely confirming hero rising then hero falling confirming that reversal and the resistance at the call wall level all right let's go back and take a look at book map and notice the uh increasing amount of pink dots coming in you can see the the green dots mostly up until about 1030 and that's shown with the cvd here cumulative volume delta in the sub chart increasing leveling off then starting to decrease and then price finally reverses lower uh at the call wall notice the absorption there and then price moves lower so Nvidia today was actually a better i don't know why this is showing this chart shifted up like this let's get rid of this see if that helps so Nvidia was a better short today all right then finally qqq so again my thesis was bullish this morning based on the build and call positions up above current price and there were some several good entry points first at the 310 lg1 level large gamma one also vwap and then pullback entries and target at the 314 c3 level let's go take a look at hero all right c3 is a uh rjs what c3 again that's a combo level combining qqq and ndx here for qqq and three is in the middle of the range of importance or significance of gamma one being the highest so a c1 would be more important uh or an lg1 would be more important than a c5 so here is the here's a c5 level lowest in the um ranking of significance combo five lg1 that so that is indicating qqq large gamma level and one being the highest most significant and then there's the c3 the combo level c3 somewhere in the middle all right and just a quick note i did an experiment this morning you know i've talked about i prefer to trade shares but i'm kind of looking at trading options date zero dte options just as a way to get in multiple trades and not have to worry about uh entries so much just taking a defined risk trade so uh looking at just a single call option the 310 which was uh at the money at the time so at the at this first entry point at 310 just buying a 310 call so that was that was a dollar 40 so with a risk of 140 dollars and then the best option i i examined or tried looked at several options here so the first at the 314 level that was my target i just take it off and the profit and loss $272 and then i looked at a couple of other options one was to sell a um sell a call expiring tomorrow so this made a diagonal and a risk-free trade so that what that did and remember uh qqq was up at 314 so that up here at this level and you can look at this is a price slice up at uh 314 and this is showing in this case that takes away the negative theta so that makes a positive theta position and also a profit of 280 if price it can can you go a higher that still gives you some positive delta but also a risk free trade so there's no you know if if that was the the route uh that i chose so here that $272 if i just held on to that call for the remainder of the day that $272 profit would have been now a $90 loss and would this trade uh at least it would still be profitable and so that was one option and then this that was a sell the 315 call at 174 so again you uh bought the put bought the call for 140 uh sell this call that expires the next day at 174 and now this is meant to be a day trade even though i'm selling the call that expires the next day uh you want to get out of this at the end of the day if this was the and again i'm just trying different options here and this is another selling a further out of the money call and then last option buy a put and either hold on to the call giving you a uh a risk-free long strangle or take off that call and buy the put and then for a total of for a total profit of right now 553 and again a um a risk-free position with a max loss of a profit $165 so rj yeah there that's why i'm trying all this and showing this is there are with options you have uh you know many many things that you can do so this obviously was the the best best way to uh trade this today take profits at the level that you expected and let's go take a look at hero again and let's let's go take a look at qqq so hero definitely provided the signal and again remember the 314 wants the target take your call off buy a put and let's see what the what the cost of that put was so 107 so even um even if you lot your lot you would still be positive for the day all right so that you can see hero reversing here and price reversing very strong correlation between price action and and hero options trades right so rj wants to see the calls and puts and this is pretty typical of the uh indices that traders are buying calls and buying puts and all you have to do is see who's winning so notice the delta notional value here minus 606 versus minus uh versus minus 335 put buyers are winning right i'm going to go back to the total line now and then rj asked to see the next expiry so the all expirations are shown in the purple line zero dte shown with the uh this kind of greenish line and i don't think it provides much uh i think the total expiration all trades all expirations provides a much stronger signal and now let's go let's wrap it up let's look at bookmap so definitely confirmed with order flow as well strong uptrend break of the trend lower highs so your call buy a put and you've got uh got a great trade for the day and notice now qqq has dropped down below the opening print all right my time is up that's all i had there were some other setups those are the things uh the ones that i was focused on and uh actually let's just take a quick look at at hero for the s and p 500 and then we'll wrap it up so this is the total signal for the s and p 500 combining spx spy and xsp xsp is insignificant so this is just spx plus spy and this is showing traders are uh first of all in the morning they kind of uh were fading this move options traders and then they decided to join the party about halfway through the the move higher and then they started taking negative delta positions price started to decrease so setting up this nice short and then as price continues to fall they start fading that move and taking positive delta positions so let's just go we'll take a look at spy and then call it a day so there's qqq finally spy and note the reversal at the this is the four thousand level this white line here and then at the spy 399 level note the shift in order flow all the pink dots market sell orders coming in at that level and then price reverses higher lower right that's all i have for today i want to thank you for your questions and comments thanks for watching and i will see you tomorrow thanks again bye