 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. This 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. Also in Bookmap Discord there's an Options-Doug chat channel that's a great place to post questions, comments and content related to the topics of my presentation and the topics of the channel which I'll go through in just a moment. And I'm also on X, formerly known as Twitter. My name there is at Doug Plus. The focus of my presentation today and the focus of the Options-Doug chat channel is Options, Order Flow, the impact of options markets on stocks and futures and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned in the options market and how those positions change from day to day to develop a thesis regarding the expected trading range and volatility for the day as well as the directional bias. And the second step in our process is execution. I look at real-time order flow in Bookmap and real-time market maker hedging flow in SpotGamma Hero to confirm my thesis and for setups for entries and exits. And when I talk about setups today, I will be talking about an underlying asset, but setups can be taken any number of ways. For example, the S&B 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-jug chat channel and Discord as well as the chat and YouTube for your questions and comments. Please feel free to post and I'll do my best to answer your questions. All right, here's my agenda for today. Tuesday, November 28th. First of all, I want to go over news items, economic data and events for today as well as the rest of the week. Then I'll go through my positional analysis. Then I'll review some setups from earlier in the day and then I'll take a look at the live market. And when I get to the live market, if anyone has any stocks they want me to take a look at, please let me know and I'll be glad to do that. All right, so first of all, economic data for today. Consumer confidence came out at 10 a.m. and that came in a little bit greater than expected but lower than the previous number. And then the... not shown here, let's take a look at it. This was a comment from FOMC member Waller that came in right around 10.37. Indicating if inflation consistently declines, there's no reason to insist that rates remain really high. Very dovish comment and the markets rallied on those comments. Kind of strangely, there were kind of opposing comments from another Fed member, Bowman. But I guess the market chose to ignore Bowman's comments and focused on Waller's comments. And we'll...let's go ahead and take a look at the SAP 500. So this was the reaction from Fed Waller's comments. Fed member Waller's comments. And that was a launch off of the SPX 4545 volatility trigger. All right, hey Stephen, welcome. I'm just getting started now. All right, so again, comments from Fed member Waller launches the SAP 500 higher. There was also a seven-year node auction right at 1 p.m. Apparently it did not go very well, but there was a small reaction back down to the 4545 volatility trigger. Now SPX is trying to move higher again. All right, for the rest of the week, on Wednesday GDP report, economic data comes out at 8.30 a.m. eastern time. On Thursday, PCE data at 8.30 a.m. eastern time. That could be a market mover, important data. And then on Friday, PMI data comes out at 10 a.m. and then drone pile is speaking at 11 a.m. All right, note also that the jobs report that normally comes out on the first Friday of the month, for the previous month, apparently has been pushed back to next week. I guess that was possibly because of the holiday last week. But anyway, the jobs report will not be this Friday. My understanding is that it will be next Friday. All right, so again, you've seen there's a variety of Fed speakers throughout the week. All right, so let's take a look at positional analysis now. I'm going to start with the ESB 500. This is the ES Futures and Book Map. And before I take a closer look at this chart, I want to take a look at a larger time frame. I'm going to go to the SPX. This is a 30-day one-hour chart in thinkorswim. First of all, I want to point out the key turning points. This is the beginning of the current rally, Monday, October 30th. Traders on Friday were buying puts concerned about weekend risk. And then on Monday, those puts started to lose value, implied volatility drops. And those puts quickly lost value. Market makers that were short futures to hedge their delta exposure could buy back their short futures and implied volatility collapsed, leading to a huge put-vanna rally. The next event is this Friday, November 10th, for lack of a better term, a magnificent 7-rally. And then the rally continued higher with the lower-than-expected CPI report on the 14th. Note, during this time, initially on the 30th, market makers' position on the Gamma curve was quite negative, and it has shifted to positive now as price has moved up from around $4,100, almost up above around $4,550 now. And note, in the positive Gamma environment, more consolidation rather than strong trending markets. All right, so those are the key turning points. There are also some levels that I want to point out on this chart. First, the dash purple lines are showing the lower and upper weekly expected move. This is based on the options market. It's updated once a week. I update this over the weekend. And then the dash blue lines are showing the lower and upper daily expected move. This is updated once a day, also based on the options market. Very narrow range, plus or minus around 18 points for SBX. That's how the options market was pricing in movement for today. All right, the next levels are the Spot Gamma levels. These are proprietary Spot Gamma levels available to Spot Gamma subscribers shown on a variety of trading platforms. Again, this is thinkorswim. First of all, there's the put wall at $4,400. That is the strike with the largest net negative Gamma. It can be expected to act as support. The next level up is the volatility trigger at $45,45. I was showing that on the ES chart acting as support today. That is Spot Gamma's proprietary volatility flip level. Below that level, market makers position on the Gamma curve is negative. In a negative Gamma environment, market makers have to trade with price to hedge their delta exposure, and that tends to enhance or increase volatility. On the other hand, above that level, market makers position on the Gamma curve is positive. In a positive Gamma environment, market makers have to trade against price to hedge their delta exposure, and that tends to subdue or decrease volatility. And then above that is the $4,600 call wall. That's the strike with the largest net positive Gamma. That can be expected to act as resistance. And then I also forgot to point out the absolute Gamma strike at $4,500 just in the middle of that range. That's the strike with largest absolute positive and negative Gamma. So Gamma concentrated right in the middle of the $4,400 to $4,600 range. And it looks like the potential range, unless something changes, potential range going into the end of the year is potentially between $4,500 and $4,600 unless there's something that changes. Options expiration, the December FOMC meeting, something like that. All right, so those are the key daily levels from Spot Gamma, as well as the expected moves for the day and for the week. All right, let's take a look at a one-day chart just to get a closer look at the levels that are in play for today. This is a one-day one-minute chart. Here's that 45-45 volatility trigger acting as resistance earlier today and now as support. Note that level did move lower from yesterday. So volatility trigger now at 45-45. The next level up is this 45-50 level that was noted as support in the Spot Gamma Am Founder's Note. And now may be acting as support. We'll see if that holds. All right, let's take a look at book map now. So in book map, I have my own Cloud Notes and I do that so I can see a combination of levels. So there's that SPX 45-50 level that I just pointed out. There's the 45-45 volatility trigger acting as resistance then support again. I also have SPI levels on this chart. Here's the SPI 455 level that's a large Gamma 2 level and the Spot Gamma levels are shown with a white background, red text and a white line on the chart and then just the round numbers shown with yellow. All right, so I have SPX levels, SPI levels. Also I have the upper daily expected move for ES shown on this chart. Note there is a difference in price between ES and SPX and today that difference is somewhere between 8 and 9. I'm using 9. It's a little bit closer to 9. Excuse me, sorry. So I'm showing SPX 4550 at ES 4559. So ES minus SPX is 9 points and I post all of the index relationships that I'm using for the SP500 and NASDAQ. I post those in Discord every day in the options-dash-duck chat channel. Typically I wait about 30 minutes for that information to settle out before I post it in Discord. All right, so the levels in play, obviously the 4545 level, the most important level today, the volatility trigger. And note the session volume profile showing the highest amount of volume for the day, concentrated at that level and also the point of control there. That's the purple line, the solid purple line, point of control for today. All right, let's take a look at NASDAQ now. For SPI, the volatility trigger also shifted lower. The putwall shifted lower quite a bit from 454 yesterday which was an important level down to 405. So 405, of course, not in play. And then the absolute gamma strike shifted higher to 460. And we'll take a look at setup in a few minutes. Let's go to NASDAQ now. And I want to take a look at QQQ levels and NDX levels that are played for today. So I'm going to start with a chart of QQQ. So the QQQ volatility trigger, also an important level for today, acting as resistance, then support, and maybe support again. Note that level did move up from yesterday and also the 390 level acting as resistance earlier today. 390 is the absolute gamma strike and for QQQ, the callwall moved up from 390 to 400. So moving that potential ceiling for price for QQQ up to 400, that is bullish. All right, so for QQQ, the volatility trigger and callwall moved higher. Let's take a look at NDX. Here's the 16,000 level, large gamma one level for NDX that has been an important level. Acting as resistance earlier today. Let's go back to book map and just like the SB500ES, I have my own cloud notes here. So I'm showing QQQ levels. There's 380 non-volatility trigger acting as resistance, then support. Looks like support again. Here's that 16,000 NDX level and note there's also a difference between NDX price and NQ price. Today I'm using 40 and that NDX to NQ difference moves around quite a bit. It may vary somewhere between, let's say, plus or minus two or three, four points a day. So I'm using 40. All right, so I have QQQ levels, NDX levels, also the big round numbers for NQ, shown with red. All right, Wavy, you're welcome and thank you very much for your kind words. All right, so that's NQ Futures in book map. Again, for QQQ, the volatility trigger and callwall shifted higher and for NDX, the volatility trigger shifted slightly higher, not by a significant amount. And again, we'll take a look at setups in a few minutes. All right, so let's take a look now at Gamma Notional to see how Market Makers were positioned on the Gamma curve at the beginning of the day. This information comes from the Spot Gamma AM Founders note available to all Spot Gamma subscribers. I'm just going to show a portion of the information they make available. This is Gamma Notional for the SB500 NASDAQ and also 2000. This shows how Market Makers were positioned on the Gamma curve at the beginning of the day. Note all these numbers are positive. This indicates in this position of the Gamma curve for an NDX, traders are short calls, Market Makers are long calls. That's the assumption that Spot Gamma makes. And in this position, they have to trade against price to hedge their delta exposure. Now this is the beginning of the day. It's changing during the day. Again, all these numbers are positive, but less positive than yesterday. Let's take a look at the VANA model to get a graphical representation of what this means. I'm going to start with SPX. This is the VANA model. What this chart is showing is Market Makers' delta notion of their delta exposure on the vertical axis and the spot price for SPX on the horizontal axis. There are two curves on this chart. The first, the light gray curve, shows how Market Makers' delta notional may change with changes in price only, and the purple curve adds implied volatility to the equation. That shows how Market Makers' delta notional may change with changes in price and implied volatility. And that change in delta with a change in implied volatility is the VANA effect. VANA is a second order Greek. That's the curve that we want to take a look at. So this curve, this V-shaped curve, is very typical of a positive gamma environment. Let's take a look at price. Right now, SPX is trading right around $45.53. So that's somewhere between these two lines, right at the bottom of the curve. So at this current position, so VANA tailwind or headwind, if price continues to move higher, Market Makers' delta notional will start to increase. Remember, Market Makers want to always remain delta-neutral. So Market Makers will have to sell futures to hedge their delta exposures. Traders are taking options positions in the SPX. And on the other hand, if price starts to decrease, price will drop below the volatility trigger. Market Makers' position on the gamma curve may shift to negative or more negative, and Market Makers will have to start selling futures to hedge their delta exposure. And that would be as SPX approaches $4,500. Right, so so far near the bottom of the curve in a very neutral position. Let's take a look at SPI. SPI currently trading just below $455. Somewhere between these two lines. So this is showing a very slight VANA tailwind. If price moves up towards $460 toward the call wall, Market Makers may need to buy back short futures to hedge their delta exposure, applying that would give some VANA tailwind to price movement. All right, note SPI, the curve, is quite a bit different than SPX. And SPI gamma notional is just barely positive at $52.1. So this curve is typical of a more of a less positive gamma position. Let's take a look at QQQ. QQQ currently trading right around $389, right around that volatility trigger. So close to the bottom of the curve. All right, so based on this, my thesis for the day was looking for lower volatility range day. That's my typical thesis in a positive gamma environment. All right, let's take a look at some setups. I'm going to start with the SP500, and I'm going to start by looking at what options traders are doing today. So this is the hero signal. This is available from spot gamma to subscribers. Hero is hedging impact real-time options. So everything that we've looked at so far, other than book map, is static data based on gamma-weighted open interest that is updated once a day, sometime during the night. Spot gamma provides their own proprietary algorithms to this open interest data, and that's the basis for my planning process, my positional analysis. Now we're going to take a look at real-time data. So this is hedging impact real-time options. What this chart is showing is price for SPX with a white line, and then the hero signal, showing options trades and market maker hedging activity for a combined signal of SPX by XSP and ES futures. Spot gamma does have separate signals for all these instruments, but all these instruments have an influence on the SB500 futures, and that's what we're really interested in here. All right, let's zoom in on this chart. This is the cash open right here at 9.30 a.m. eastern time, and both the hero signal and price were really chopping around up until around 10.37 when those comments from FOMC member Waller came out. Not really any leading indication from the options market, but what we can do is separate outputs and calls to provide a little bit more clear signal about what was going on then. So what this is showing, the rising orange line, is showing that traders have been buying calls today. That's also shown by the positive notion of value. They've also been buying puts. That activity is, sorry about that, nothing I did. So that activity has been fairly continuous all day, shown by the continually falling blue line. But right at 10.37, call buyers jumped in confirming the move higher. When traders buy calls, market makers sell the calls and they have to buy futures, ES futures, to hedge their delta exposure. And note that activity continued up until about 11.45, 11.40, and as call buyers took their foot off the gas, traders continued to buy puts, price move lower. So good long set up in the morning, 10.37, if you were patient to wait through all that chop and then the reversal lower as the call buyers took their foot off the gas, right around 11.40, 11.45. So let's go take a look at book map at both of those setups. Let's go back to ES. I'm going to first zoom in on this long set up in the morning. So there were some clues in book map before that move higher. Zoom up just a little bit. So first of all, let's move up a little bit more. You can see on book map, price was making higher lows, falling a nice trend line up. Second clue, large traders were in buying with iceberg orders. That's shown by the rising light blue line. These are not large, but large traders were buying with iceberg orders. Again, they used to hide their size. And the next clue was all the liquidity in the order book. That's shown by the heat map and book map. That's a history of limit orders in the order book. There were a lot of buyers with limit orders down right around 448, 449. So those are the clues in book map to look for a long higher lows, iceberg orders, large traders buying, as well as the liquidity at the resting limit orders to buy at 448, 449. And then there's this quick launch higher when Waller made those comments. Notice the volume dots showing aggressive buyers. Volume dots are showing market buy minus sell. Magenta dots indicate there are more sellers than buyers. Green dots indicate more buyers than sellers. Quick move up to 455, and that is from SPI 454, shown by the yellow line there, the label you can't see, just above the 45, 45 level up to 455. Consolidation for about a half an hour. Then ES moves up to 456, draw a trend line here. Not exact, but price starts to make lower highs as, again, call buyers took their foot off the gas and they continue to buy puts. Large traders start selling with iceberg orders, shown by the falling light blue line, and the buy stop orders that had fueled them of higher, shown by the rising yellow line that levels off. CVD cumulative volume delta also levels off, and price moves lower. So good clues in both options, hedging activity, hero, as well as a book map for the long set up in the morning, as well as a short right around 1145. All right, so that's the SMB 500. Let's take a look at NASDAQ. Pretty similar chart pattern here. Let's go take a look first at what options traders are doing. Let's go to NASDAQ. Just like the SMB 500, this is a combined signal for NDX and QQQ. So in this case, traders were actually buying calls before the sharp move higher at 1037, that's shown by the rising orange line here, consolidates, then they start buying calls aggressively again. And note also, initially, traders were buying puts that's shown by the falling blue line, and starting just before 10 a.m. they started selling puts that's shown by the rising blue line. So from about just before 10 a.m., both the blue line and the orange line were rising. And according to Spot Gamma, that's a very powerful directional signal when traders are buying calls and selling puts, both positive delta positions, that's a very bullish signal. And note, just like the SMB 500, when the call buyers took their foot off the gas, price started to move lower. Let's go take a look at the book map. So just like the SMB 500, NASDAQ was making, let me zoom just a little bit here, NASDAQ was also making higher lows, not much support from large traders with iceberg orders, launching point right at VWAP, aggressive buyers come in. Remember, traders had already started buying calls and selling puts. Quick move up to the 16,000 level retest of the 389 volatility trigger and the price moves higher. And just like the SMB 500, right around 1145, the buyers are exhausted. Call buyers take their foot off the gas and price moves lower. And note now on this move lower, first of all, buy stop orders help to fuel the move higher shown by the rising yellow line. That activity levels off. Then as price starts to drop, sell stop orders help to fuel the move lower shown by the following yellow line, also a lot of aggressive sellers come in. And you can see the clear shift in order flow at the top there. Aggressive buyers shown by the green volume dots, aggressive sellers start to come in. Price makes a series of lower highs. Again, as traders took their foot off, call buyers took their foot off the gas. All right, so there's the NASDAQ long setup and a short setup. Let's go back to Hero. And another signal I always like to take a look at is this Magnificent 7. This is a combined signal for the stocks known as the Magnificent 7, Apple, Amazon, Google, Meta, Microsoft, NVIDIA, and Tesla. So far for the day, traders are net taking positive delta positions that's shown by the rising purple line as well as the positive notional value. All right, Hello Kite Attack asks, can you explain Hero parallel up and down of Hero and when the orange and blue line cross each other? All right, so as far as line crossing, I don't put any weight on that. I'm looking more at the direction, the overall trend. Now when both lines are moving together and the example that I showed earlier, I think it was for the S&P 500. Well, no, let's go back to NASDAQ. So I know it was for NASDAQ. Traders are buying calls. They're selling puts. Both of these are positive delta positions. So that means that traders are taking, again, positive delta positions and market makers have to buy futures to hedge their delta exposure. So this is just, according to Spot Gamma, they indicate this is a very strong directional signal, in this case bullish. So being able to separate output and call transactions adds some value here. And again, the crossing of lines, I'm just looking at the direction. There's no, I'm not aware of any crossover signal and just something to pay attention to. I hope that answers your question. You're welcome. All right, let's take a look at some stocks now. So first of all, and here, this is my watch list. These are the stocks that I follow. Another question, Hari. We're to learn more on how to use HERO and Magnificent 7. Go to the... Well, first of all, you can watch my webinars. They're free and available to everyone. And I stream every day at 1.30 p.m. eastern time. I talk about this information every day. If you need background information, you can go to their two sources. First of all, SpotGamma.com has free resources, free resources, a help center. You can look at information there. Also, the Spot Gamma YouTube channel used to have more content, and now most of their content is just available to subscribers. But there is some information on the Spot Gamma YouTube channel as well. But if you want to learn... So that would be for the background information. If you want to learn how to use it, I'd say continue to watch my streams. Again, free and available to everyone. Live daily at 1.30 p.m. eastern time. Also, archives are available, the recordings on the Bookmap YouTube channel. Alright, let's take a look at some stocks. First of all, I want to take a look at Amazon. Note the flow alert here. Timely alert for that reversal hire confirmation. Let's go take a look at Bookmap. Go to Amazon, and there's that V-reversal hire. As traders started taking positive delta positions, and that alert came in, not a lot of range on Amazon, but good for a long... Alright, the next is Microsoft. And if anybody has any stocks they want me to take a look at, please let me know, and I'll be glad to do that. Alright, the next is Microsoft. Note 380 is the call wall. Let's go take a look at Hero first. See what options traders were doing in Microsoft. And note this is a pretty typical pattern. Options traders taking positive delta positions, in the morning, they take their foot off the gas anywhere from maybe 11 to 1231. It could be as early as 10. But typically this is about the typical time, 1130 before lunchtime. Options traders take their foot off the gas and price consolidates. This case moves a little bit lower. So a couple of ways to approach this, you could, as price reaches this high, sell a call spread, buy a put spread. I would not necessarily buy a put. I'm just looking for consolidation. I'm looking for a price to stay below a certain level. So an at the money put spread or a call spread, selling a call spread would be a good strategy there. If you didn't take the long at the, when this alert came in. All right, the next is Microsoft. Note 380 again is also the key gamma strike. So that's the call wall, key gamma strike. Microsoft reached that level earlier today. Note the timely flow alert that came in just, it looks like just a, sorry, wrong tool. Came in just a minute or two after the cash opened. Let's see what traders were doing. So in the morning they were buying calls shown by the rising orange line. When traders buy calls, market makers sell the calls and they have to, they have to buy stock to hedge their dealt exposure. Again, the very typical pattern. Traders take their foot off the gas, price consolidates and moves lower. All right, let me check for questions. All right, again, hurry you're welcome. Alex asked, what does the word flow meet? What does the word flow mean in the hero line? That is a new, that's a fairly new signal flow alert. That just signals significant or high options activity. It's just something to get your attention. It can act as a confirmation or reversal signal. So you really have to, once you see that alert, watch, I watch hero here as well as book map to make a decision about what to do about it. But again, the typical pattern. Buy a put spread, sell a call spread around 11, 11, 30, 12. And that can be more effective in a positive gamma environment where expectation for large movements are not as high. Again, not looking to buy a put here. But again, a trade that says all I want price to do is stay below the certain level. All right, that's Microsoft. Let's go take a look at book map. Again, 380, the call wall, key gamma strike. Price breaches that level. Early in the morning does a retest of the 380 level as well as VWAP and continues to move higher to the high liquidity at 382 and 383. Note these levels of liquidity often come in the order book at the cash open. Limit sell orders above price. And these orders often will remain in the order book until they're filled and they can act as a magnet for price just like the indices. Microsoft breaks the uptrend. Does a retest of 382 as options traders take their foot off the gas. All right, let's go back to hero and note they really took their foot off the gas. Right at 11, 30, they started taking negative delta positions. Let's take a look at NVIDIA and Joel, I'll get to USO and GLD in just a minute. Shane asked what triggers the alert. That is something that is proprietary to Spot Gamma. So they have developed the algorithm for these signals. I think they continue to work on the signals but for Spot Gamma subscribers, Spot Gamma did a webinar several weeks ago about the alerts. So if you do subscribe to Spot Gamma, you can go back in the archives and take a look at that video. But my take away from it is just significant or high options activity. Something to get my attention. All right, let's take a look at NVIDIA. Kind of a weekday here at NVIDIA. So in the case of NVIDIA, traders are selling calls. That's mainly driving price. They're also buying puts. Shown by the falling blue line and the falling orange line showing their traders are selling calls. Notional value is negative for both. $482.50 is the hedge wall and that looks like that's around the upper end of the range for the day acting as resistance. Here's another flow alert. Again, just signaling significant options activity and good to get your attention. The alerts also are shown here. So it's kind of a constant stream of alerts. All right, let's go take a look at Bookman. Take a look at NVIDIA. There's that $482.50 hedge wall. Price moves up to $483.00. The moves lower as traders were selling calls. When traders sell calls, market makers buy the calls and they have to sell stock to hedge their dealt exposure. All right, one more. Let's take a look at Tesla. And then Joel, I'll get to USO and GLD. Just the opposite of Tesla, very NVIDIA. Very bullish day here in Tesla. Let's go take a look and see what options traders are doing. So traders are taking positive dealt positions and that activity really doesn't get going until price starts moving. So this is kind of unusual for Tesla with price really leading. But it looks like Tesla started moving up right around $10.37 with Waller's comments. And then the call buyers came in confirming the move sometime later. So kind of unusual for Tesla. Typically there's a very direct correlation between options trades, hedging activity and price action. This case a little bit delayed. But in the afternoon, starting right around $10.37 confirming the move higher. So that's a little bit more clear when you look at the total signal continuing to confirm the move higher. And note the call wall up at $250. That's also the key gamma strike. If price continues higher, that would be a target. Let's go back to book map. Note the high liquidity especially at the zeros and the fives. Also some liquidity, some sell orders in the order book before the cash open. All right, let's take a look at USO and GLD. Again, I don't have those in book map. We'll take a look in hero. I'll start with GLD, gold, bullish day in gold. Traders taking positive delta positions. They're buying calls. Several timely flow alerts. All right, that's gold. Traders buying calls. You're not going to make yourself a cause. They have to buy GLD shares to hedge their delta exposure. USO, not a lot of notional value here, but it is, has been positive. Very small. All right, Joel, there you go. All right, let's circle back and check on the SB500. Looks like price is consolidating. Let's go to book map. So kind of a round trip. Back down to 4545 in the morning price consolidating below that level. And then in the afternoon price consolidating above. Point of control still right at that level. It's just above 4545. And Joel, you're welcome. Let's take a look in NASDAQ. And in the morning the kind of the dividing line was the 389 volatility trigger. And now price is really spending a little bit more time below that level. So in this case, for NASDAQ, the point of control is down below the volatility trigger. Now it looks like NASDAQ is trying to move lower. Some aggressive sellers coming in. Let's check the hero signal for NASDAQ. All right, hero continues lower for the SB500. Same for NASDAQ. Check the bank deficit seven. Also now shifting lower since about two o'clock. All right, my time is up. I think I've answered all the questions. I want to thank everyone for watching. Thank you very much for your questions and comments. And remember tomorrow GDP data comes out at 830 a.m. Eastern time. May or may not be a market mover, but we'll talk about it tomorrow afternoon. All right, thanks again, everyone. Have a great afternoon and I will see you tomorrow. Bye.