 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 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. Here's my contact information. The best way to get in touch with me is through Discord. My name on Discord is Doug P. And also on Bookmap Discord there's an Options-Doug Chat channel that's a great place to post questions, comments and content related to the topics of my presentation and the topics of the channel that I'll go through in just a moment. And note that Bookmap Discord is free and available for everyone whether you have a Bookmap subscription or not. I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation and the focus of the Options-Doug Chat channel in Bookmap 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 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 a directional bias. And the second step of my process is execution. I look at real-time order flow in Bookmap 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 talking about setups in an underlying asset and setups can be taken any number of ways. For example, the S&P 500 setups can be taken with ES futures, SPY shares, SPY options, SPX options, or even ES options. Questions and comments are welcome and I will be watching both the options-Doug Chat channel in 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 respond. Alright, here's my agenda for today. What I want to talk about, first of all, news items, economic data, events and earnings for today and for the rest of the week. Excuse me, then I'll go through my positional analysis for today. Then I'll review some setups from this morning 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. Alright, let's start with news items, economic data. There was a report this morning, actually several, one high impact report that was retail sales that came out at 8.30 a.m. Eastern time. And this data came in greater than expected, both the core retail sales and the U.S. retail sales month over month, greater than expected. So that was the retail sales for the day. There was one other news item and this was an impacted semiconductor stocks, especially NVIDIA. U.S. restricts sale, restricts sale of NVIDIA made for China chips and new rules. So that at one time NVIDIA was, last time I checked, 30 points lower. Alright, so that was news for today, the rest of the week. Tomorrow, Wednesday, 8.30 a.m. Eastern time, building permits. And then after the market closes tomorrow, both Netflix and Tesla report earnings. And then on Thursday, Jerome Powell speaks. That could be a market mover. And that is the best I can tell at noon tomorrow. And there are also a number of Fed speakers every day this week. And then Friday is the October monthly options expiration. And we'll take a closer look at that in the next couple of days to see what kind of expiration it's going to be, whether it is call dominated, put dominated or an even distribution of Delta. Alright, so that's news. Let's take a look now at positional analysis. Start with positional analysis for the day. I'm going to start with ESB 500. This is ES futures and book map. And before I take a closer look at this chart, I'm going to take a look at a larger time frame. Let me just make a few little adjustments here. Alright, before I take a closer look at this chart, I'm going to take a look at a larger time frame. This is SPX in a 30 day one hour chart. There are a couple of key turning points on this chart. First of all, this is the September 15th options expiration call dominated. And as those calls expired, that stabilizing force of calls, those expired, those were gone and price moved lower. And then finally, on Friday, October 6th, the day of the jobs report on 4 September, first Friday of the month. And the S&P rallied sharply from that point. And then, so far as found resistance right around this level last week, that was the upper weekly expected move. And so far, SPX is having trouble getting above that level. Again, that was the upper weekly expected move last week. Alright, let me point out some levels on this chart. First of all, for this week, the lower and upper weekly expected move that's shown with the dash purple lines, that upper weekly expected move may be difficult to see that is just below the upper daily expected move. So that is the upper weekly expected move that's based on the options market that changes once a week. And that is indicating 68% of the time SPX should trade within that range. And then the dash blue lines are showing the lower and upper daily expected move. Again, based on the options market that changes once a day. And SPX is trading just about in the middle of that range. Alright, there's some other levels on this chart. These are spot gamma levels. These are proprietary spot gamma levels available to spot gamma subscribers. I'm going to point out the key daily levels. First of all, here's the put wall now at 4300. So the put wall shifted up from 4200 yesterday to 4300. That is bullish. The put wall is the strike with large net negative gamma that can be expected to act as support. And the next level up is the volatility trigger at 4355. That is spot gammas proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. In a negative gamma environment, market makers have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. On the other hand, above that level, like SPX is trading now, market makers position on the gamma curve is positive. In a positive gamma environment, market makers have to trade against price to hedge their delta exposure. And that tends to subdue or decrease volatility. And note that gamma notional for SPX was slightly positive this morning. So finally shifted to positive for SPX. That was at the beginning of the day. And the next level up is 4400. That's the absolute gamma strike. That's the strike with largest absolute positive and negative gamma. That is where most of the gamma weighted open interest is concentrated. And then finally, the call wall is at 4450 now. So that shifted up from 4400 yesterday to 4450. So that is also bullish. So the put wall, the potential floor shifted higher. And the call wall, the potential ceiling shifted higher as well. And then also the volatility trigger shifted higher. So all that is bullish for the SPX. Volatility trigger put wall and call wall all shifting higher. All right, let's take a look at another SPX chart. One day, one minute chart just to see the levels that are played for today. Here's SPX. So let's just zoom in today. Here's the lower daily expected move for SPX. SPX did trade below that level earlier today. Then blasted higher. And we'll see what was behind that sharp move higher when I talk about setups in a few minutes. Also above the volatility trigger at 4355. And then note this combo level around that level acted as resistance. All right, so those are the SPX levels in play for today. Now let's go to book map ES futures. And I have my own cloud notes here where I show a variety of levels. First of all, the SPX levels. There is that combo level. Here's the 4350 level. The volatility trigger at 4355. So those are the SPX levels. And also there's the upper weekly expected move. Also have SPI levels on this chart. There's the 43080 gamma level that did act as resistance. The SMB500 also often trades around round numbers and SPI. That's why I have them shown on my chart. Here's the 436 volatility trigger for SPI. So round number levels typically are for SPI definitely in play for today. Then finally I have the ES round number levels shown in red here, the zeros and the fifties. And note that ES did trade below its lower daily expected move as well. All right, so those are the levels in play for the SP500. I'll talk more about setups in a few minutes. So primarily around this 433 level, SPI 433 lower daily expected move. There were some other factors in this move higher that I'll talk about again when I get the setups. And the so far today the 438 level acting as resistance, SPI 43080 gamma level. All right, shifts in levels. I talked about SPX, bullish shifts higher for SPI, the volatility trigger shifted higher. And the absolute gamma strike also shifted higher for 430 to 440. So that would, that is bullish as well. Two shifts higher, volatility trigger and absolute gamma strike for SPI. So bullish shifts higher for the SMB500. All right, let's take a look at NASDAQ. So here are the NQ futures. NQ futures and book map. And before I take a closer look at this chart, I'm going to isolate the QQQ levels. So here's a one day, one minute chart for QQQ. Here's this 370 level. 370 has been in play this week. Yesterday that was the absolute gamma strike. And today the absolute gamma strike has moved up to 380. But that 370 level acting as resistance. Here's the volatility trigger at 369. That level also moved higher. So now QQQ trading below its volatility trigger. And then finally here's the 365 level. That's an L3 level. That's a gamma L3 level ranking from 1 to 5, 1 being the most important. Also a combo level that combines QQQ and NDX. Gamma weighted open interest into 1 level in terms of QQQ price here. Let's take a look at NDX. Isolate those levels. So here's NDX. One day, one minute chart. Combo level, volatility trigger, and the 15,100 level and large gamma 3 level. None of those levels really acting as support or resistance. All right, here's NQ futures. And again the key levels pretty much as usual were the QQQ round number levels and as well as the NQ round number level. So this 15,050 as well as the QQQ 364 acting as support and then the 300 level as well as the QQQ 370 level acting as resistance. All right, again I'll talk about setups in a few minutes. Shifts and levels for NDX. The put wall shifted higher and for QQQ as I mentioned, volatility trigger and the absolute gamma strike both shifted higher and the only shift lower in all the levels was the put wall for QQQ shifting lower to 345. All right, 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. Go to, let's go back to ES, then go to gamma notional. Take a look at it here. So this is market makers position on the gamma curve at the beginning of the day for SPX, SPY, NDX, and QQQ and note that the gamma notional for SPX has shifted to positive, slightly positive, that's really more neutral but again positive for the day. SPY still negative at 1.079 billion negative. NDX I normally don't take a look at that but it is positive and QQQ still negative as well at minus 382 million and that is gamma notional and these numbers all shifted higher or less negative than yesterday. So shift higher and gamma notional looking for smaller trading ranges as gamma notional shifts from negative to positive. All right, let's take a look at the VANA model now and this will give us a graphical view of what this information means and this VANA model makes a little bit more sense today than it did yesterday. So what this chart is showing is market makers delta notional or delta exposure on the vertical axis, price on the horizontal axis, there are two curves on this chart. The light gray curve shows how market makers delta notional changes with changes in price only and then the purple curve adds implied volatility to the equation. That shows 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 a second order Greek. All right, let's take a look at some levels now. So first of all, the low of the day for SPX was right around 4340. That's right here. That was the volatility trigger yesterday. Excuse me. So what this is showing is as price increases and implied volatility decreases, market makers delta notional will decrease. Remember, they always want to remain delta neutral. So as their delta changes, they have to buy and sell futures to hedge their delta exposure. So what this is showing as price for SPX increases and let's take a look at VIX. Take a look at a chart for VIX. Here's VIX for today. So we'll focus on the morning here so far. So right around, and this is part of a nice setup this morning, right around 10 a.m. VIX started dropping, price was increasing and market makers could buy back short futures. They no longer needed to hedge their delta exposure. So in this portion of the curve, the portion of the curve sloping up from right to left, that's a somewhat negative gamma portion of the curve indicating that traders are long puts, market makers are short puts. As price increases, implied volatility drops, those puts lose value and market makers can buy back short futures. And remember, traders were pretty aggressively buying puts. VIX increased pretty substantially on Friday, I think is traders were hedging themselves for any potential geopolitical risk related with war in the Middle East over the weekend. And as they decided that the events were not that bad, you know, don't take that the wrong way, they are awful, but this is how the market responded. Anyway, VIX dropped, earlier today, price increased, market makers could buy back their short futures. And note this, let's see where SPX is trading now. Right now I have SPX at 43.60, that was not the high of the day. So somewhere around here. So price has been increasing in the morning, implied volatility dropping, market makers could buy back short futures, and that tends to enhance or increase volatility, and that is a put-vanna rally. As those puts lose value, again, market makers can buy back short futures. All right, that is the SPX. Let's take a look at SPI. So remember SPI at the beginning of the day was still minus over minus one billion negative. Low of the day for SPI right around 432.5, somewhere around here. So plenty of room on this Vanna curve, Vanna model for a put-vanna rally. And then finally QQQ, lower the day, 364. So right around here, pretty far up on this, the Vanna model. All right, so my thesis for the day was first of all for volatility, looking for lower volatility based on the drops, in Gamma Notional we're becoming more positive. And really in a positive Gamma environment, look for smaller trading ranges, more mean reverting price action, and then finally first bullish based on the shifts in levels, all shift higher. And also a lot of this again depends on VIX and the 10-year yield of the 10-year note. All right, let's take a look at some setups now. I'm going to start with the SMB 500. This chart, and let me actually zoom back out, this chart is the hero chart. This is available to spot Gamma subscribers. There are two lines on this chart. The first, the white line is price for SPX. And actually, I need to zoom a little bit here. All right, so the white line price for SPX, the purple line is the hero signal. So price and the hero signal. The purple line, the hero signal, that is hedging impact, real-time options. That is showing options trades and market maker hedging activity for a combined signal for SPX by XSP and ES Futures. All into one combined signal. So if you trade any form of the SMB 500, this is a signal that you want to take a look at. All right, let's take a closer look at this chart. And I'm going to talk about a setup from this morning. And then we'll take a look at the live market in a few minutes. So I'm going to zoom in a bit. I'm going to have to do this quickly this chart. I've had some difficulty with this chart. So a rising hero line indicates traders are taking positive delta positions. So the rising hero line shows traders taking positive delta positions. Let's see exactly what they were doing. So the rising orange line shows their buying calls. And note the put line is, excuse me, put line pretty flat. So from the open, the cash open shown here at 9.30, traders aggressively buying calls. Take the foot off the gas for a moment. And then right around 10 a.m., they start again. And there goes, sorry about that. That's nothing I did. I have not been able to resolve this issue. So right around 10 a.m., traders start buying calls again. They also start selling puts. That's shown by the rising blue line. Spot gamma has noted when both of these lines are moving in the same direction, that's a very strong signal. So starting around 10 a.m., both lines are moving in the same direction. Traders buying calls and selling puts. All right, let's take a look at book maps. So that's one signal. And actually let's, so that's right around 10 a.m., traders start buying calls, selling puts. So that's one clue for a bullish setup. Also remember bullish thesis for today. Let's take a look. Go back to the VIX chart. So here's VIX for the day. VIX starts dropping around 10 a.m. There's another clue for a bullish setup. Let's take a look at the 10-year yield. So we're just going to focus on the morning here and note there's a, generally has been a very strong negative correlation. So right around 10, negative correlation between yield and price. Right around 10, 10-year starts dropping. It's gone back up again. So that would be another clue for a bearish setup there, around 12, 12.30. We'll take a look at that. So we're just focusing on the morning setup around 10 a.m. So we know that options traders started buying calls, selling puts. VIX was dropping, 10-year yield dropping. Let's go take a look at book map now. So here are the clues in book map. Notice, let me just dial these volume dots just a little bit. All right, that's better. And I'm focusing on this area right here. Let me actually let me zoom a little bit. So right around 10 a.m. you can see the shift in order flow. These magenta, the volume dots are showing market buy minus sell. And Truman, thanks for the note I have. I've sent spot gamma several notes. I think they're aware. Maybe I will send them a link for the video. So far, they have not been able to recreate that problem or offer any solution. So I'm not sure what the problem is. All right, so anyway, volume dots. I'm going to tone down the heat map so we can just see the volume dots. Those are buy minus sell, market buy minus sell. A magenta dot indicates more sellers than buyers. A green dot indicates more buyers than sellers. So you can see the shift in order flow right around 10 a.m. These are aggressive sellers. They're exhausted and aggressive buyers come in. You can see the quick rise and cumulative volume delta shown by the pink line there. There were some iceberg orders by iceberg orders. Not huge size. Here are a couple. That's 806 contracts, 575 contracts, 310 contracts, all buying at that low. That's pretty typical. Large traders will buy weakness. They use iceberg orders to hide their size and they'll sell strength. But anyway, they were buying and as price started to move higher, then buy stop orders helped to fuel the move higher. That's shown by the small green dot there. So there's a complete picture of a long setup. Order hedging flow. Again, traders buy and call, selling puts, fix dropping, 10-year yield dropping, and order flow shifts to bullish here in book map. And the very easy signal is this aggressive buyers coming in just after 10 a.m. with all these green volume dots. So there's the bullish setup for the morning in the S&P 500 and some consolidation around this spy 435 level. Then price continued higher to spy 438. Right around 1230 and now has a reverse lower. All right, let's take a look at NASDAQ and then we'll get back to this move lower at 1230 in just a minute. So let's take a look at NASDAQ. I'm going to tone down the volume dots just a little bit. Too much. It's a little better. All right, first let's take a look and see what options traders are doing in NASDAQ. So for NASDAQ, I'm going to take a look at another combined signal. This is for NDX and QQQ. Zoom in on the morning. So in the morning there was a nice divergence long setup. Notice from the open traders are taking positive delta positions that continued until about 1010 and starting about 955. Price reversed higher. This is in terms of NDX price. So that's a divergent setup. Options traders taking positive delta positions and price continues to move lower and then reverse is higher. So let's take a look at book map now and take a look at the clues for that reversal higher just a little bit. So you can see the very clear shift in order flow. All the pink volume dots moving down cumulative volume delta and also sell stop orders and then this v-shaped turn higher. So aggressive sellers all the way down. They're exhausted. Price reverses right around the 15,050 level. Aggressive buyers start to come in. You can see the sharp shift higher in cumulative volume delta. That is the pink line. Notice that large traders were buying on the way down with iceberg orders that shown by the light blue line. Also the on-chart indicator. Large traders buying weakness with iceberg orders and then finally price shifts right around 10 a.m. just to pour 10 a.m. at the 15,050 level as well as QQQ 364 and makes a straight shot up to QQQ 370 right around 1230. All right. So this move higher was initiated by my options traders with the hero signal. Let's go back and take a look at hero. This is what I call a hero kickoff. So it's like the kickoff team taking the field moving, starting the play. Options traders buying are taking positive delta positions. Then around 10, 15, they leave the field. Let's go back to book map and by that time other traders were taking had taken the field the aggressive buyers. Large traders with iceberg orders and then also buy-stop orders shown with the yellow line helping to move price higher again up to the 370 level. So that was a nice 250-point move higher in NASDAQ. A hero kickoff set up. All right. Let me check for questions. And hello, Pharoah Hunter asks, why do traders prefer E-Many? I assume you mean ES over Dow Jones. Don't know any Dow Jones traders and I don't know any either. So most futures traders that trade equities trade NASDAQ and ES. I don't know if there's, I don't know anything about liquidity or really anything about trading Dow Jones. Most of the information that I have from spot gamma is related to the SB 500 and NASDAQ. I have never even really considered trading Dow Jones. So sorry I can't, can't answer any more about that. All right. So that is the hero kickoff in NASDAQ this morning. All right. Let's take a quick look at some stocks and then we'll get back to the, get back to the live market. See what's going on now. All right. The first stock I want to take a look at is AMD. Let's actually, let's, before we take a look at this, let's take a look at NVIDIA. Remember that news related to NVIDIA. So I'm going to zoom all the way out to, looks like I need to shift my lines here in price lines. DX feed provides data to 4am. So this is showing the sharp move lower as that news came out about NVIDIA, the restriction of sales to China and then price reversed higher just before 10am. So NVIDIA is a pretty big driver of price action in NASDAQ. All right. Let's go back to AMD now. So you can expect AMD to trade in sympathy with NVIDIA with that news. I'm sure most semiconductor stocks did. So the dip buyers come in. We'll see what options traders were doing. Go back to hero. We'll go to AMD and note the very strong correlation between the hero signal and price action. Hero purple price action for AMD with the white line. Let's see what traders were doing. So here's that really V reversal just between 950 and 10am. So let's see what traders were doing. So mainly selling puts that's shown by the rising blue line. So when the put line is rising that means traders are selling puts. Put sellers taking advantage of the higher volatility and the low price to sell puts. Price moves higher when traders sell puts, market makers buy puts, and they have to buy stock to hedge their delta exposure. All right. Let's go back to book map. There's AMD and price stalls somewhere between 1130 and 12. I've talked about this setup before. This is one good approach to that is to sell a call spread by a put spread. And all you're saying there is I think price is going to stay below 106. And Truman will take a look at hero for NVIDIA in just a minute. All right. The next stock I want to take a look at is Meta. Nice long setup in Meta this morning. And note I'm not showing it on this chart, but 317.50 was the put wall. That's the support level, should be the support level for a stock 317.50. It's kind of odd to have the put wall at a not at a round number, especially for a stock the size of with the price of Meta. You would expect the put wall to be at a zero or a five a round number. So anyway, but the put wall is at 317.50. And it's amazing to me that that level almost exactly acted as support. And it's such an odd number as well. All right, so let's take a look at hero and see what options traders were doing. Back to hero go to Meta. So here's the put wall acting as support doing its job. And then just before 10 a.m. the hero line shifts and then around noon or so options traders take their foot off the gas and hero begins to consolidate. Very typical pattern. Strong move higher in the morning as options traders take positive delta positions. They take their foot off the gas and price levels off. Let's go back to book map price consolidates or move lower. Again, a good good approach. If you want to trade that that consolidation is to buy a put spread sell a call spread or certainly take profits if you are long in the morning. All right then next let's go ahead and take a look go back to Nvidia. We'll see what options traders were doing. And the last time I looked Truman the options traders were actually not not really supporting this move higher. All right, let's go take a look at heroes see if we could confirm that go to Nvidia. So the dip buyers as far as options traders go we're not not on board for this for this move higher. We'll go back to book map in just a minute and we can just take a look at the volume dots and see what was driving price so Nvidia sharp move lower as options traders were taking negative delta positions. Note the flow alert that came in just right after the cash open. And Nvidia opened just below the 4470 50 hedge wall and then the 450 key gamma strike. Let's see what options traders were doing. So at the open they were selling calls buying puts and then this reversal higher happened when traders stopped buying calls shown by the falling blue line and they started selling calls. All right Truman asked you got your 1080p working yes yes I did. So you can in your settings on YouTube click on the gear and select 1080p. So I am screaming on YouTube at 1080p. So if you're having any issue with the resolution you can make sure again with your settings on your on your YouTube to set it to 1080p. So this reversal higher happened as traders started selling puts and that was almost almost to the tick there. Very strong correlation between options trades and market maker hedging activity today. But notice after price started moving higher traders really net continued to take negative delta positions as heroes continued lower and then finally price responded reversing at the 447 50 hedge wall. Let's go back to book map and here in order flow it's pretty pretty apparent what was driving price higher. Notice all the green volume dots. So aggressive buyers in here on the move on the way down as traders were taking negative delta positions as soon as options traders started stop buying puts started selling puts. The aggressive buyers got their way again shown by the green volume dots and price moves higher. To that 447 50 hedge wall and then aggressive sellers start to come in as traders continue to take negative delta positions. We can just take a look at cumulative volume delta you so you can see from the cash open here a lot of aggressive buyers that levels off traders continue to take negative delta positions and price reverses lower at a level you expect to act as resistance that 447 50 hedge wall level. All right let's take a look at Tesla real quick. Tesla also reverses higher around the same time as most other stocks and instruments just before around 10 a.m. we'll see what options traders were doing. Go to Tesla so here's the V reversal higher in Tesla right around the same time and traders were buying calls initially selling puts and that put activity leveled off now it's moving lower price starting to consolidate sorry about that so notice that call buyers are really driving price higher and right around noon they take the foot off the gas price consolidates moves lower and then after launch they start buying calls again and now price starting to move higher and notice the put buyers have taken their foot off the gas so call buyers coming back in put buyers stop and now price is starting to move higher again all right let's take a look at book map again all right so options traders took their foot off the gas and now they've started buying again price may be trying to move higher looks like some aggressive sellers are starting to come in around the 255 level all right let's take a look at the S&P 500 see what's going on there price consolidating around the 435 level note that level has been important today a lot of consolidation there consolidating again kind of the middle of the range and note the session volume profile here showing this is the volume for the entire session of my session starts at 6 p.m. the prior day a lot of the volume for the day concentrated around that level and also note the point of control the purple line is now just above 435 and VWAP also around that level all right let's go see what options traders are doing in the S&P 500 back to the S&P 500 zoom in so they've started to take positive delta positions just right around 2 p.m. started to take positive delta positions hero trending up let's see if i'm oops not sure what i don't try that again zoom in separate outputs and calls so traders have started buying calls again right around 115 they're still buying puts but it appears that this activity put buying may be slowing down so far for today the total notional value pretty evenly matched so they've been buying calls today positive notional value 3.29 billion they've also been buying puts minus 3.07 billion pretty evenly matched for today so the net notional value very low 216 million positive for the S&P 500 let's just take a look and see what zero DTE traders are doing turn on next expiry and very interesting the next expiry shown with the green line very strongly correlated with purple line which shows all expirations so the zero DTE traders these are traders this next expiration for the S&P 500 is today the S&P 500 has options that expire every day so the green line again is showing zero DTE traders very strong correlation very large component of the trade today and having somewhat of a mean reverting price action so as price was moving a little bit lower this morning options traders started taking positive delta positions as price continued higher initially took negative delta then they joined the party for a few minutes and then right around 1230 definitely fading that move higher the high of the day now they may be maybe in more of a mean reverting mode again as prices move lower it appears they are taking positive delta positions let's go take a look at book map so price still consolidating around the 435 level there are some large traders coming in with iceberg orders buying around this level there are also some sellers and note these iceberg orders you can see them waiting here this is shown by these purple lines these were iceberg orders that were not completely filled so these orders are still in the order book sell orders iceberg sell orders waiting to be filled filled so there's some sellers up above with these hidden iceberg orders all right let's take a look at nasdaq real quick and then we'll call it a day let me check for questions all right max says he used to trade yem stop because the popularity of futures trading group grew so the tipping point effect e.g. spot gamma focuses on the smb 500 yeah they definitely do Brent focuses on the spx i i don't find any need to to move beyond the smb 500 and nasdaq i've got plenty of stocks to trade to all right so here's the nasdaq assume that on this just a little bit looks like some aggressive buyers coming in pink volume dots on the way down everybody on one side of the boat then at the 200 level aggressive buyers start to come in and it looks like here the the large traders are buying on the way down with iceberg orders not huge size but the light blue line is rising take one last look at hero see what options traders are doing turn that off go to nasdaq all right so options traders in nasdaq uh right around 115 have started taking positive delta positions all right so there's the potential for a long setup here in nasdaq options traders taking positive delta positions large traders starting to buy with iceberg orders and some aggressive buyers coming in shown by the green volume dots and also price at vwap shown by the light blue line all right my time is up for today i want to thank everyone for watching thank you very much for your questions and comments and remember tomorrow building permits 8 30 a.m eastern time typically not a big significantly significant event but could be so we'll keep an eye on that netflix and tesla earnings after the market closes tomorrow and then fed speakers throughout the day every day all right thanks everyone thanks for watching thanks for your questions and comments and i will see you tomorrow bye