 So I'm back streaming live on there. Please let me know if the sound quality is okay. Okay, sorry about that. Yeah, my effects processor somehow jumped in the middle and decided that it was a good time to start tearing up my sound. So for the folks out there, yeah, I'm just going to recap it for the folks out there in YouTube land because I know that, you know, it kind of got choppy. I apologize about that for folks out there that have been patient enough to listen through this. The audio issue has been fixed now. So I'm just going to let folks know. So let's take it from the top here, shall we? So basically this presentation is really about using coalescence as a compass for your training. Okay. And so last week, one of the core themes that I discussed was how I use multiple different parts of indicators, sentiment positioning flows to get a better idea of what's happening in the market and what may be more likely to happen, right? Based on probabilities based on models I built, but we're going to keep this very digestible and kind of top level as we go into today's trading. The opening bell is just 23 minutes away. So bear with me as we cover a lot of different topics in rather rapid succession. So I am thrilled to be back here on Bookmap. I'm really honored to be a part of this community. I love the product that these guys have created. I think it's phenomenal. I've actually created some things that have added into Bookmap over time that have helped me to visualize everything on one screen that's been very helpful as well. And so I want to talk a little bit more about my trading strategy. This is a follow on presentation to last week's pro trader webinar. So if you haven't seen that, you can check it out on the Bookmap YouTube. I'd recommend it just so you get a little bit more flavor for what all I'm talking about today. I'll break it down in summary form, but there's a much longer sort of dissertation version of it in the next video or the prior video that I recorded. And I will be back weekly Tuesdays at 9am to do this stream. I'm coming to you all from Traderade and Macrovisor. These are two companies that I helped to co-found over the last year, year and a half. Traderade is all about helping traders sharpen their edge. I actually started my own trading journey in 2005 learning to trade after doing a little bit of experimenting during the dot-com bubble. So during the dot-com bubble, I borrowed some funds from my dad, $1,000 for Amazon, $1,000 for Yahoo. I bought shares of each one, and when I bought shares of them the next day, they practically doubled each of them. And I said that doesn't make a lot of sense, so I don't really want to be involved with something that doesn't make a lot of sense because if stocks always traded that way, then no one would have to work. There would be no reason to have a job. And so I got out and I assessed and I took some time to learn and also build up capital such that I could put my own capital at risk because I didn't want to put my family's capital at risk. And I started trading in 2005 and really cut my teeth over the next several years leading up to the great financial crisis. Now as all this trading was going on, I was also kind of paying attention to what was going on around me and I did see a lot of these ninja loans, right? No income, no job verification, just basically come into the lender with a pulse and they'll give you a mortgage. And I just, I felt like there was something a little goofy about all of that that was going on. It was getting more and more intense, house prices were skyrocketing, and it felt just a little bit bubbly. So for my part, I just took that down the back of my head, right? I didn't see a lot in the markets that were telling me that it was very technically driven and momentum continued all the way till 2007 in November when the market looked like it was putting in what could have been a double top. And again, the macro note was in the back of my head, but it wasn't driving the trade. It was, we couldn't break above the all time high of the last bull cycle, right? It was around 1600 on the S&P, made in 2000 or so. And so as a technical trader, I just said, look, unless it can break above here, I'm comfortable taking profits, realizing long-term gains in my investments and flattening out these trades. And I had no idea what was to come next. I didn't know the financial crisis was going to be what it was as bad as it was. All I knew is that I could not justify holding those lungs unless we could break above that key level decisively. And since we couldn't, I got out and I started to learn about more and more of the plumbing of the financial system as things started to unravel before us. And I started to learn more about macro. And I know folks don't necessarily consider macro to be very valuable for short-term trading. And sometimes it really isn't, but there are components of that discipline that can be helpful. We'll talk a little bit more about that in intramarket analysis here, but just a little bit of a background about me. And so here's my contact information. If you're interested in the work that I'm up to, you can reach me at traderaid.com, macrovisor.com. You can find me on YouTube. The nickname there is at mayhem for markets. It's the same for Twitter. And if you'd like to get up to 40% off book map, and those listening probably already have it, but if you don't visit traderaid.com slash book map, it's that simple. You plug in the link. It gets you to our landing page where you get a pretty decent discount. And that's enough plugging. Let's talk about disclaimers and disclosures. Basically, with any type of situation like this, there is risk. The general disclosure here is all book map limited materials information and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Trading futures, equities and digital currencies involve substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future return. So just something we all keep in the back of our head here as we're listening. Now let's talk a little bit about some of the macro and intermarket dynamics that I was mentioning because this is one of the drivers of my process for a variety of timeframes. The first is we see retail sentiment has been reset. I'm using this as a proxy for a number of different sentiment measures because I do look at several different measures of sentiment, some that are from the major banks, some that are from organizations that collect it like AAII or Investors Intelligence but all of them are showing a similar trend. Sentiment has come down rather meaningfully. And in the process of doing so, we've actually seen the market selling down. You could say price drove it. You could say sentiment drove it. You could say it's a bit of a feedback loop. But whatever the case may be, the first thing that I always like to see when we get to an extreme is that beginning sign of a reset, right? Because sentiment got way out of hand. This was the highest sentiment level in AAII since 2021. So obviously, people were very, very bulled up. Retail tends to be more long only, right? Most of the world is long only. So when I look at AAII, one of the things that I like to add is there's some nuance to this. You don't just look at this and say, oh, gee, everyone's bearish. They must be super short. Well, most retail aren't shorting, right? Maybe put buying is becoming a thing that people are considering more, but most people aren't shorting. So what I really look for in this survey is a blowout of sentiment to the upside, euphoria. We, fair to say, saw that. Now we've cut below half. The ratio of bulls to bearers is half that, less than half that, what it was. So there's been a sentiment reset. That's exactly what we want to see if we're going to try to play a bounce. So that was going in from last week into this week. Sentiment had been reset. That's a good thing. That's exactly what we wanted to see. Another view here is that over the last month or so, really since the peak in July, there has been an exodus similar to what we saw post Silicon Valley bank in equities from retail. That's what we want to see. We don't want everyone long at the same time or what upside is there left? Like, this was an opportunity to fade the market when we saw those extremes in AAII and inflows and we'll get to it in a minute, but in positioning and otherwise. But this is now on the other side of the coin where it's not yet an extreme. We haven't seen panic or capitulation, but we've seen enough de-risking that some things are becoming a little bit more attractive in the very short term. And equity options are confirming that fear, right? You can see it here. This is the CPC or the CBOE equity options put call ratio and it blew out over one. To me, inequities, which equity options are typically much more driven by calls. There's much more upside than downside speculation or hedging. When you see that ratio get to where they're even where there's just as many calls and puts being transacted, obviously we're looking at this with a little bit of naivety. We don't know if people are buying to open or basically selling to open those positions, but we can reasonably assume that most of this is buying to open. And so when the put call ratio goes that high, it typically does mean fear is something that's hitting the market. Now, if you go back a little further, you see at the end of 2022, it just absolutely surged. That was panic. We don't see panic now. We just see fear. And now that fear is resetting. So when that level was hit, that was Thursday of last week. And Friday, we kind of stabilized a little bit. We defended a pretty key level. And then yesterday, we started to see a sizable bounce, right? So we're resetting some of that sentiment and flow. Next chart here we have is NAIM and we're looking at positioning, lightning up at the institutional level, right? So we were over 100, which means leveraged long, managed money. And we're segueing a little bit from retail to managed. I'm just using these as proxies for different views, because if I had to give you the whole presentation of everything I look at, you'd probably fall asleep. So I just want to keep it simple and light. So we are obviously looking at sentiment. Then we looked at how that sentiment was affecting flows. And obviously there's an interplay between the two. And now we're looking at how those flows have affected positioning. All this stuff connects together. And so with positioning having reset, you have less folks that are along the market, leaving us a little bit of an opportunity for a bounce. I'm not sure what that is, but yeah, PMAG your mic is open. The market is also oversold. So this is something that I've been talking about on social media and on Traderade and elsewhere, that all these things are pointing to, we have room for some short-term buoyancy here. And the market being oversold as it is just adds to that view, right? You get the sense that, OK, we got a little bit pushed down, a little bit of an extreme on the Nicema clone oscillator. That typically portends to a bounce as well. So it's another thing I like to have just in my back pocket to confirm some of the other measures that I'm seeing. Now again, we haven't seen capitulation. There hasn't been a wipeout of the bulls. There's just been a reset enough that we can have this sort of reflexive bounce. And certainly that's what we saw yesterday. And it looks like we may have a continuation of that going into today. Yesterday, we also had a bounce from a key level and that was something that had me a little bit more confident about the prospects in the market, right? Because we saw that we had tested, and we'll go into this a little bit more, we had tested a pretty key level of options exposure around 4350 SPX that with the delta between SPX and ES is about 14 points between the two. So that 4364 level on ES was pretty important as well. So I'm just visualizing this that we can see that on the bottom here, we got very oversold on RSI, and that's exactly where that bounce happened, and it took us above a key level in the volume profile. So that's all constructive. Now let's talk about the options, because options are the biggest dynamic driving the market. Most of that positioning is expressed in zero to three-day explorations, but there's still plenty of longer positioning that also has a influence. So when we're looking at the key levels right now, it's pretty simple stuff. 4350, the level I just mentioned, that's a key level. It's not quite the put wall. The put wall is going to be 4300, but it is an area of key gamma exposure to keep an eye on. It is a volatility trigger if we push meaningfully below it, that selling could get a little more exaggerated, but we've built above it, and we're actually building volume above it too, which is again in the short-term constructive. And we can see on the chart on the left, which shows net gamma exposure where those key levels are right now, 4400 ES, which we are likely set to open just a little bit above this morning, a couple handles above, maybe four or five. That's going to be a pretty key area. That's going to be the most important level today, in my opinion, is how we treat 4400. If we can open above it and really continue to push, I think we've got some pretty big momentum to the upside in the very short-term. Now let's look at the chart on the right to see why, because it's the biggest level of gross exposure on the entire S&P options chain. So pushing above that is going to change some of these dynamics a bit. It doesn't get us into positive gamma territory. It gets us a little bit closer. That positive gamma level is above 4500 at this point based on this naive model. But at the very least, opening above 4400, which it seems like we may, could be pretty constructive. So let's map out those options levels on ES. This is using Trading View, I've just drawn those blue lines there to show you in a broader construct, how these have been kind of important levels for the market, even before those options levels had solidified, that there's some technical relevance to them as well. So let's zoom in just a little bit. And we can see that that might be a reasonable upside target for where we may go today, right? If we actually get a decent push higher here in ES, which was quite a bit higher when I made this chart, by the way. 18 handles, 17 handles higher. So it's looking a little more bullish than it is right now, but maybe we're just consolidating. Nevertheless, that could bring us a little bit of an options-derived upside target if we get that push to about 4464. So that would be what I'd be looking for if we get a nice trend day. And there is, is that a coincidence? Does the market look at the same thing as we're looking at? Who knows? But there's a really large level of resting liquidity at 4467, which is just around that same level of key options positioning. When you hit one of those levels, like a key area of gross gamma exposure, it does typically get a little volatile. So this large player that's sitting up here looking for price to come higher to that level is probably looking at that and thinking something similar, right? It could also be options market makers as a part of that resting bid. But nevertheless, it is a level to watch today. So let's talk about first the key bullish talking points going into today. Above SPX4400 puts buyers in control short-term. Long-run rates are moderating, which is helpful for risk appetite. Sentiment flows and positioning have reset from euphoric extremes. And yesterday's bounce at a key level from very oversold conditions was constructive. That same reflex of strength is likely to continue into today based on my analysis, what we've just reviewed, and like any other trade, however, prices are compassed. So we need to watch the first 15 and 30-minute opening ranges and institutional flows in the form of icebergs to really get a sense as to whether or not we're going to get a trend day out of this. And we will. We'll be watching all of that. And the key bearish points going into today. The market couldn't close above SPX4400 yesterday. So this is an overnight bounce. The rally stalled out into the close due to positive gecks unraveling. A lot of those calls had to be taken off. And low volatility stocks have been outperforming high beta until yesterday, which does show a de-risking rotation underneath the surface. And market breadth has been very poor for the past month. And finally, Treasury yields recently, as recently as yesterday, hit the highest level in about 16 years. So those are all the detractors, right? We have to be balanced in our analysis. We can't just look at one or the other and say we're fully satisfied. So I want to thank you for watching this part of the presentation. If you have any questions, share them in the appropriate chat room on the Bookmap Discord. That's going to be Futures Mayhem or share them in the Bookmap YouTube chat room. And I will try to address them. So I'll give you guys just a moment or two if you have any questions you'd like to ask. And then I will start moving forward before the opening bell to the live screen on Bookmap itself. All right. So it doesn't look like we have any questions, which either means that I've done a good job presenting or there's no one out there, but there are people out there. So hopefully that means that I've done a good job presenting. So bear with me a second here as I close out of the presentation and we go into Bookmap. And on Discord, I'm going to have to share my screen again. So bear with me. All right. That looks like it's live in all the places that it needs to be live. Very good. So now you can see Bookmap on screen on the stream, right? And we're zoomed in just a little bit. Let's zoom out so we can see. Okay. So our friend up there is still around. There's a large level of resting liquidity up there at 44.67. Liquidity is also continuing to build. You can see it here. There's more liquidity that's starting to build above us. There's not as much below us. Icebergs are a little bit more constructive. There's a little bit of institutional buying, but we're really not going to get a flavor for this market until it's been open for a little while. So that's what we have going in, right? We have a constructive setup. The market's retreated a bit off of its pre-market highs, but it still looks pretty good. And I think for everyone out there, you know, the most important event of our lifetimes is coming up this week with Nvidia earnings, right? It's the most important event until Jackson Hole, until the next Fed meeting, until next earnings season with the big companies that report. There's always the most important event of our lifetimes multiple times every week. It feels like something that I like to joke about. Yeah, you're welcome. Thank you so much for tuning in. Nikki, I really appreciate the positive feedback there. So another thing that I like to look at to quantify risk going into the trading day is if there's any major data releases. There's nothing today. It's a very quiet day. The only thing we really have is the BRIC summit, and I haven't heard too many interesting headlines out of that, you know, leading into it. So this is the first day of the BRIC summit. We'll see if we get any market moving headlines out of it, but I don't think it's going to be too much. I'm just going to look around and see if there's anything else that is important to be watching here as we get close to the open. First, we'll zoom out a little more, see if there's any other major resting liquidity. You've got a big order down here at $4,300, but that's quite a ways away. We also have a pretty big order up here just above $4,575. Most of the resting liquidity is above us. You can see that here too. There's about 2.2 thousand contracts more. I guess actually if we zoom out enough, there's more below us, but in the immediate proximity of price, more is above us. And let's do just a quick walkthrough of some of the things you see on my screen that are probably unfamiliar if you used book map before. These options areas are levels that are mapped out based on positioning in the CBOE, right? That's where the SPX index options are traded. It's the most active options contract in the world. And there's about 600 billion of notional that trades hands every day for expires of that same day, right? Six and a half hours or less. There's above a trillion dollars of notional that trades every day in SPX. And so it is really the most important options market to watch. And as a result of that, there's so much interplay between the price dynamics in the S&P 500 and what we see in the options market that I felt having something in book map that will allow us to visualize that was pretty important. So I built in a tool that models that data from CBOE and visualizes the levels inside book map, right? So yesterday's most active call is here. We'll have a refresh of that after we get the data post open. We have key gamma level right down here as well. And a flip level where if we go above that, that's sort of the gamma flip, right? That's where we go positive gamma in the market based on our metrics, based on analyzing CBOE. Now we are using a naive model because CBOE doesn't tell us who's buying to open or selling to open, but we reasonably assume that most of those options are being bought to open and that largely is the case. And so that's how the model is built. And over time, we might become a little more sophisticated with how that analysis is done. But for now, it's actually worked pretty well. And you can see that, you know, the further you zoom out, some of those additional levels become visible, right? So this is dynamically updated every two minutes. There's a small delay in the data, but I think it's actually quite useful. And what I like to do, you know, during the day as I zoom in a little bit more, I'll zoom out periodically, but I like to zoom in a little bit more just to kind of get a sense as to the price action on the chart as we're trading. So because we haven't opened yet, and this is very kind of slow trading before the open, I'll just zoom in a little bit more. And we're just about to open. I'm going to put my audio from Bookmap in here. I don't have all the alerts enabled because I don't want it to be annoying for you all. But at least you can hear the alerts that are being generated by market pulse. And those market pulse alerts are kind of interesting. I have them set up at extreme levels, so they only really end up being relevant when they matter. Let me turn that alarm off, sorry about that. That's my opening bell alarm. And we have some selling products. You can hear that with the sonar like pings, right? That's when sellers are kind of taking over the tape. But this is pretty normal. The opening is almost always going to be a pretty volatile event. You've got a lot of positioning that is going to be squared by institutions within that first hour of trading. And that's what we like to take a look at very closely to see if we can quantify whether there's going to be a trend day out of this. Again, going into today, somewhat constructive as we've been above that 4400 SPX level, we have lost a little bit before the market opened, but let's see how we trade today. Remembering full well, because we're talking about options here, we are past options expiration. So we do not have the support of delta and theta to K flows bidding up the market the same way. Also skew is a little bit subdued. So even if they were there, they wouldn't be quite as pronounced. We did get a little bit of retail red book data, which actually came in pretty good year over year retail sales up 2.9%. It's much better than the prior reading that we saw of 0.7%. Market is not particularly happy so far this open. We do see stops getting blown out here. You can see on the sub chart that bright red line going further and further down. Those are stops increasing. You can also see in the graph that tabulates the total stops that were at about negative 210 at this point. On the other side of the trade, however, you can see there's a divergence. The light blue line is icebergs. Those tend to represent institutional flows and they're buying the stops are being blown out. Now, this is a very slight divergence. It's not quite as much as I would like to see is to get some degree of confidence, but it's the beginning of that type of divergence that I'd like to see. It's helpful if you see a difference in opinion of the people that are much more price sensitive, smaller trader. It's getting stopped out and institutions buying into that weakness. We also see cumulative volume delta is beginning to go positive. So there is at a net level, there is buying going into this. This is a pretty slow week in terms of event catalyst. You've got a variety of Fed speakers sprinkled throughout the week. We obviously have Jackson Hole later this week. I think Nvidia and Jackson Hole are going to be the main stage events with this being much more of a... The days leading up to it are going to be much more of just people squaring up positions, I think, and maybe some speculative trading flows here and there. So I don't expect it to be a very wild week until those catalysts are right in front of us. We can see some liquidity is building below us and lightning up above us just a bit. We still have our big player up there waiting patiently. But these new resting bids have appeared since the market opened, which is pretty typical. Once the market opens, you have more and more players becoming active in the futures market and they may show their hands with those resting limit orders. So for me, my pivot today is 4400. I don't want to be long this market below SPX 4400, which is going to be ES about 4414. Below that, I think shorts actually start to become more attractive. And if you were here for the earlier part of the presentation, you can kind of see why with the options driven dynamics. If you weren't, you can rewatch that once we conclude the recording will be available for all. And I will be back every Tuesday at 9am Eastern. So this is part of an ongoing series. I hope you all are enjoying it. Really appreciate you tuning in. We can see icebergs continuing to build, but again, not a lot, right? Plus 149 on icebergs minus 144 on stops. I'd like to see these numbers in the four digits before I get confident about that type of divergence. And we can see that book map is calculating that point of control just a little bit above us. An area that the market is struggling with right now based on all this transaction. We are building volume here, which is good. The question is whether or not we can build from that and gain some momentum higher. So far buyers are really struggling with this tape. But icebergs are buying more. Someone at an institutional level just threw in more. You could see that E on the main chart, E101. Someone just bought another 101 contracts of ES into that weakness. That's one of the kind of neat things about the icebergs is just getting a sense as to the order flow, the dynamic driving price underneath the surface. So again, I like to see the iceberg levels a lot higher and with a greater difference between stops to get confident that it's a sort of flow divergence play. Like, you know, if you want to be cynical, you could say you basically blow out all the small traders and then you take the market higher. But in essence, that's what I would be looking at as a setup. We don't have enough volume there on either end to say that that's happening of yet. And we are just testing that point of control, which is step down a little bit with volume. And you can see on the chart, one of the things I do is I label resting bids and offers where there are 250 lots or larger. And the reason I do that is those tend to be the levels that are more important, the amount of offer or bid that acts more like a magnet. So that's a setting in Bookmap. It's a free plugin you can add in that assists with that. And again, these types of flows, it's really like you're just seeing institutions squaring up positions here is the big driver of these early morning flows, these post open flows. And we do see a bit more of a bid in high beta factor stocks and low vol, which is generally constructive for risk appetite. That's something that I talked about a little bit as one of the bearish talking points is that there was more of a bid in low vol than high beta, which is risk off. Today we're seeing a little bit of a continuation from yesterday, at least so far. Also NASDAQ is outperforming SPX, but it's modest outperformance, very small, but it's there and the small caps are relatively strong as well. Those are all things that just indicate there's a little bit of a risk appetite in the market, which is something you want to see. You see Russell outperforming the S&P by about 100%. That's telling you there's a little bit of risk appetite in the small caps as well, which is generally constructive. And to say what you will about the Russell, I do think it's not the best index. It's 40% of the companies in there don't make any money. But when people are willing to buy an index that has 40% of its companies not making any money, it shows you there's a little bit of risk appetite there, whether it's well guided or not. Now icebergs fell from their highs, stops are continuing to get blown out. Institutional players are not showing a lot of confidence absorbing the selling so far. Bore liquidity is appearing below us here too. This order has upsized at 44.20. We can see that because the label just appeared there at 252 contracts. It's a little smaller now, but this is telling us that people want to buy this market lower. And as long as they're stacking bids lower and lower, it's sort of like a set of stairs lower, the market tends to follow that liquidity. So this is something that we need to watch here as we approach that key level of about 44.14 on ES and 44.00 on SPX. If we do get to that level, that would be an area where if we bounce, I'd be interested in actually looking at a buy. And we can see that was actually yesterday's close, that was the hot call level, which is where there was just an enormous amount of volume yesterday that switched from the puts to the calls and then got more and more and more aggressive. That was one of the reasons we sold into the close yesterday as well is that the intraday call exposure was so high that you had that accelerated delta and theta decay into the close, a lot of people squaring positions and that added to selling pressure, pulling liquidity out of the market. The plug-in name, someone asked me on YouTube what the plug-in name is. My honest response is it doesn't have a name yet. I just built it. I'm going to put it out on the book map marketplace. As soon as I can, I'm in talks with their development team about some of the finer details of how best to get it out there because I want to make sure, A, it's an awesome product for everyone and B, that it works no matter where you are in the world. And so there's a little bit more testing. There's a couple more features I plan to add. As I'm saying this, we can see that resting liquidity is building up below us even more major bid came in, over 600 contracts and it is acting like a magnet pulling this market down a little more here. And we can see that stair step pattern. Look at that. You see more resting bids building in below us, 44, 17, 50, 44, 15, 44, 10. These are all new and this is telling you that someone wants to bid this market lower as it is selling into these bids. So just about nine points away from 4,400 on SPX here. There is a battle going on inside the markets. Some of those resting bids below us are now lightening up just a bit. There are a number of stocks that are not having the best open. Tesla is getting beat down a bit. It's still positive, but it's making a number of new lows. Dick Sporting Goods as well, not having a great day. Neither is AMD. Just looking at their day low series alerts here. And again, you're not really seeing much of that institutional confidence that I would have liked to see to say, you know, maybe we're going to have a trend day here. Now obviously things can change, but most of that active trading by institutions is happening within the first, you know, one and a half, two hours of the trading day and sometimes within the last hour, hour and a half. So we're still in the discovery zone in terms of trend and really where we're going to be carving out some key levels in today. There's a lot of liquidity on either side, though, even though it's August, the market has been, you know, relatively liquid for summer, which is good. If you look at CME QuickStrike, there's a great tool for visualizing liquidity there. It is free and you can look at it for a number of different instruments, including ES. Bookmap also gives you a pretty good idea of that liquidity and you can see below we've got 23,000 above spot. You've got 24,000, so that's a total of 47,000 contracts. That's decent liquidity. So what that tells you is that it's unlikely that there's going to be a huge amount of volatility as long as that liquidity is actively participating in the market. And you can see it in the heat map. Look at all the red and orange and yellow right around price. Now sellers got a little bit aggressive here. They threw 446 sell delta in just below us. It's just enough that if we can push price higher, some of those guys might get a little bit motivated to want to cover their shorts. But it's not big enough that it in of itself is a potential driver. Like I like to see those deltas much higher to say sellers are getting caught off-sides and that's room to move higher in and of itself if we can move above that level. We're not quite there, but this is a nice little bid and you do see positioning changing just a little bit here. Remember that resting liquidity that was building below us, it's lightened up. Now we see more resting liquidity above us. So that is constructive. That's one of the great things about book map that I really enjoy as well is you can really see what's going on in real time. Now obviously there's some orders that get spoofed and you can see some silliness here and there, but at the end of the day it's a really wonderful tool. Now we're getting back up to that point of control. That's going to be another key level that one could take a potential trade off of. If we're able to break above that point of control and we're able to get above the opening pricing, that would tell us that we're seeing an opening range breakout because the opening was really the highest price of the day and that would get me interested in a potential intraday long trade as well. So there's a couple of different levels that we're looking at here. One would be a bounce from 4414 on ES. Another would be a break above that point of control followed by the view app is right up above that too. The order book column, the order book column is just COB. So if you're asking about what the order book column is, if you're in book map you're just going to see that listed as COB or what is standing for cumulative order book. So I just labeled my columns to be just a little bit more straightforward since I do live streaming. That isn't always to people that are familiar with book maps. I just wanted to make it clear from the label what that meant. We can see we're not able to get to that point of control, not even tickle it yet. Let's see where we go from here. Not the most exciting opening though. Sorry to disappoint you guys that there's not a lot of fireworks here. It's just sort of chop chop. Pretty narrow breadth here so far. A lot of the more defensive parts of the market are either flatter down, consumer defenses, healthcare. Tech's got a good bid and so do some of the cyclicals. Tesla's off its highs as I was mentioning earlier, but it's still up about what two and a half percent or so. Nvidia's up, Microsoft's up, Adobe's up, Intel's up. Decent bid in tech overall. That's one of the reasons high beta is outperforming. That's one of the reasons the NASDAQ is outperforming and that's one of the reasons that we can qualify. There's some risk appetite here, right? On the other side of it, the NASDAQ 100 index, the cash index is pushing above 15,000, which is a pretty important level psychologically. So we got to take a look at that. We can see small caps got sold down a bit. Vol is also getting drawn down a bit. We are a little bit elevated in this new volatility regime. That is to say that with zero DTE compressing volatility as much as it has, 20 is actually kind of high vol. Coming off of that, we still have a little bit of elevated vol in this oversold market. I still think that we are more likely to get a bounce and a sell down today, but this opening trading isn't giving me a great boost of confidence yet. And just continuing to kind of get close to that point of control and not really make a decisive move above. This is a market that is sort of consolidating, trying to figure out the direction for today. There's no clear direction from this opening so far. We've got about 11 minutes left on my stream here. So I just want to make sure that folks out there are up to date. So far, we've got a couple plays we're looking at. None of them have played out yet. I'd either be looking for a break above the point of control or a bounce from that 4414 on ES or 4400 on SPX, that key options level, as two potential areas for basically an intraday scalp trade. Other than that though, I'm not seeing a lot in ES that I want to trade today. I'm looking at other asset classes. I will say I do trade a lot of other markets and there are some opportunities elsewhere that are a little more interesting to me than the S&P so far today. I'm still interested, for example, in Silver. And I know that sounds odd, but if you look at the chart, there may be some upside here, but that's just a thought, just a thought. And folks that are watching, if you have any questions about anything that I've talked about or you'd like for me to review, please feel free to share in the YouTube chat or on the Discord. We do see institutions buying just a little bit. Retail has been getting stopped out or smaller traders have been getting stopped out a lot more than institutions have been buying though. The delta between icebergs and stops is just about 1,000 and we see more downward pressure coming into this market as we make a new post open low here. So if you're trading the 15 minute opening range or so, you're looking at basically this market to tell you that it's not going to be an uptrend day here. Let's see if we can get a bounce right here and right now. We do see liquidity building below us, that 274 and 284 bid below us, and we don't see a lot of liquidity really building above us to that same size. So that can sometimes act a little bit like a magnet pulling price in the auction towards those resting levels that are larger. So, Yash, I believe that it's going to be under your overall settings. Once I get off the stream, if you wanted to shoot me a DM on Twitter, I'd be happy to give you a hand with that. Mayhem, four markets, Mayhem number four markets, and I can show you where you add POC. But like while I'm live streaming, I just don't want to pull away from the screen, specifically only got eight minutes left as well. But folks out there watching this, you can see now we're starting to see a little bit of a variance of opinion here. You see that there's resting bids and offers building here. We've got that 318 resting offer at 4435, and we've got that 291 resting bid at 4410. They do like to say the market is a voting mechanism, and so we are seeing participants vote with their limit orders as to where they'd like price to go. And we're starting to get some options data here from CBOE, and what it's showing us here is the most active call on SPX is 4450. The most active put is 4390. So remember, there's a 14-point delta there, right? And we do see this poll here. This is actually a new low for the day. So it is not looking particularly promising of yet. Again, I would be looking to see how this market handles around 4414 on ES. I think if we can get a nice bounce there, that's a long opportunity. We're getting closer to that. But so far, this open has not been a great one if you're trying to trend trade. This has just been like the sort of anti-climactic opening. The most important gamma exposure level in today, once again, is 4400. So that's another reason why I think we might hold that level. If you look at intraday gross gamma positioning, that's the key level as well. Now we have a vol trigger just below us. That is actually right at our 4400 SPX or 4414 ES level here. You can see that as the vol label and the options column on the right-hand side. So that's pretty much the level we need to see a bounce from there or just under. Like if we hit that 4410 contract and fill and then start to move higher from there, as long as we don't stay below 4414 for long, I will still feel okay. We need to basically break back above that vol trigger within a couple minutes of trading. Now SPI, the volume in SPI options is pretty bearish today. SPX, a little less so, put call there intraday is 1.28 and SPI, the put call ratio is 1.42. So you do see buyers of puts, numbering buyers of calls significantly enough to pull liquidity out of this market and they are targeting that 4400 level. And in SPX, they actually are getting a little bit more aggressive now at 4380. And we see more and more stops getting blown out here. It's actually getting a little bit more interesting. We've had about 1496 contracts stop sold and that's a reasonable amount of forced de-grossing. It's not yet an extreme, but it's something to at least kind of keep an eye on. I would really like to see the icebergs on the other side of that by 1000 or 2000 contracts. We're just not seeing institutions interested in accumulating that way yet. I've got about four minutes left on the stream. I will be back next week. I'm also, as you know, around on Twitter. You can find me there. I'm also my work you can find on traderaid.com. If you're interested in traderaid.com, you can actually get 20% off using my name mayhem20 at checkout and you'll get access to this book map tool with the visualization of options as a part of our Discord stream if you're interested. The market continues to draw down a bit here. Sellers are certainly in control in the very short term and that's something that we're keeping an eye on. Again, we're looking at that vol level and the resting bid just below it to see whether or not we can get a quick pull down sort of like a head fake and then a move back above. That would be a good opportunity for a scalp lung on the other side of it. If we push below and continue, then I think it's time to put on a short fade scalp trade. So that's going to be our kind of key pivot, is the reaction around 4414 to 4410 on ES. Now probably as luck would have it based on how this market is moving like molasses, I'll probably be out of time as we're running against the clock right now before we can really see how this plays out. But I will say I've really enjoyed streaming with you guys. This has been a lot of fun. I appreciate Bruce bringing me into the fold of the book map trading community and I look forward to being back next week, Tuesday at 9 a.m. Eastern to continue the conversation. So we just got about a minute and a half left here. And that resting liquidity below at that 4410 level has grown. We also have a reasonably chunky amount of resting liquidity around 441250. Cumulative volume delta has gone negative. So that just means there's been more selling than buying so far, which makes sense given the tape that we're seeing. And we're just about three points above 4400. All right, folks, well, you have my information if you'd like to reach out, if you have any questions, if you're interested in checking out what I contribute on Twitter, YouTube, at Trader8 or Macravisor elsewhere. Truly appreciate everyone listening into the stream. This has been a whole lot of fun. I look forward very much to joining you all next week and hope to just keep this conversation going, looking at the markets and using coalescence as a compass. So I will catch you all next time. Thank you so much for the opportunity to hang out.