 Hello everyone, welcome to Options with Doug, streaming live daily on BookMap Discord. Streaming live daily on BookMap Discord and the BookMap YouTube channel at 1.30 p.m. Eastern Time. Before I get started, I need to go through the disclosures. General disclosure, all BookMap limited materials, information, and presentations are for educational purposes only and should not be considered specific investment advice nor recommendations. Risk disclosure, trading futures, equities, and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. The focus of my presentation and the focus of the Options-Doug chat channel and Discord is options, order flow, the impact of options markets on stocks and futures, and the influence of market maker hedging flow on price action. I have a two-step process for trading and the first is planning and I use positional analysis. I look at how traders and market makers are positioned to 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. And I look at real-time order flow in BookMap and real-time market maker hedging flow in SpotGammaHero to confirm my thesis and for setups, for entries and exits. And just to be clear, when I talk about setups, I will be talking about setups in an underlying asset. And those setups can be taken with shares of stock, futures, or options unless I specifically state one way or another. So that's up to you how you want to take these setups. But my analysis, again, is based on the options market. And questions and comments are welcome. And I will be watching the options-jug chat channel and Discord and the chat and YouTube for your questions and comments. All right, my agenda for today. First of all, I'm going to go over news items for today and for the rest of the week. Then I'll talk about my positional analysis. I'll review a few setups from this morning and then we'll go to the live market. And just a quick note about today, the FOMC minutes do come out at 2 p.m. So I will stop whatever I'm doing then and we'll watch the live market. All right, so that's the primary news item for today. And then also later on today after the market closes, NVIDIA reports earnings. And tomorrow, the GDP report comes out at 8.30 a.m. Eastern time. And then on Friday, the PCE report and durable goods come out at 8.30 a.m. Eastern time. And then Michigan consumer sentiment at 10 a.m. All right, let's get started. So again, we'll stop whatever I'll stop whatever I'm doing at just before 2 p.m. and we'll watch the live market as the FOMC minutes are released. All right, so let's start with the positional analysis. And this is the S&P 500 and book map ES Futures. And before I go into this chart in detail, I'm going to take a look at a larger time frame. I'm going to start with SPX in a 30-day one-hour chart. This chart is showing price and key daily levels, weekly levels, and also spot gamma levels. So first of all, let's note the range of trade here. So for most of this past 30 days, SPX is traded in a very narrow range between 4100 and 4150. And it briefly jumped out of that range last week, starting on Wednesday, and the now is back in that range and the 4100 to 4150 range. All right, let's take a look at levels here. The dashed blue line is showing the lower and upper edge of the expected move for the day. And note that SPX is trading below that level. And SPX is also trading below the lower edge of the expected move for the week. That's shown with the dashed purple line. And there's the upper edge, the expected move for the week. Other levels, clean this up, are spot gamma levels. These are provided to spot gamma subscribers for a variety of platforms. Here we're looking at thinkorswim. And here, first of all, the level that I want to point out is the put wall. And that is at 3,900. That is down from last week or yesterday at 4,000. And that is the strike with the largest negative gamma that can be expected to act as support. And then the next strike is the 4,000 level. That's the absolute gamma strike. That's the strike with the largest absolute gamma. And the volatility trigger is at 4,160. That's the spot gamma's proprietary gamma flip level. Below that level, market makers position on the gamma curve is negative. At a negative gamma environment, they have to trade with price to hedge their delta exposure. And that tends to enhance or increase volatility. And note that SPX is trading below that level now. And then above that level, market makers position on the gamma curve is positive. In a positive gamma environment, they have to trade against price to hedge their delta exposure. And that tends to subdue volatility. And then finally, the call wall is still up at 4,300. And that's the strike with the largest net positive gamma that can be expected to act as resistance. So those are the key proprietary levels, spot gamma proprietary levels, the put wall, absolute gamma strike volatility trigger and the call wall. So that is a larger timeframe. Again, the kind of the primary takeaways here are that SPX is back in the 4,100 to 4,150 range. And right now today trading below the lower edge of the expected move for the day and the week. All right, let's take a look at one other thing or swim chart. Just to focus on levels. So this is price and levels, same levels, showing on a one day one minute chart. And one thing to point out here is the void and levels below 4,100. So the next proprietary or key level is 4,000. If price drops below the 4,100 level. All right, so that is the that's the price action for today. It looks like SPX may have found support at the this is the SPY 410 level. And that was also noted as close to the SPX 4105 level, both noted as support. So this level was noted as support in the spot gamma AM founders note. And Vanessa in YouTube says the volume is too low. Sorry, I have the gain on my mic turned all the way up. There's nothing more that I can do. Sorry about that. You might try and join us in discord. I haven't heard any complaints about volume and discord. All right, so I'm showing I have a couple columns of notes here. First spot gamma. These are the cloud notes provided to spot gamma subscribers. This is the 4,100 level. And I'm showing it on my cloud notes. And right now it looks like we're in agreement between the difference between ES and SPX at 11 points. So the key levels today. Again, primarily the SPY support level at 410. That's a large gamma four. Also support level again noted in the spot gamma AM founders note. And also other SPY levels that have been in play today, the 411 and the 412. So the 412 acted as resistance today. And then the 411 acted as resistance. So the SPY levels are definitely in play for the S&P 500 today. And we'll talk talk more about setups in a few minutes. All right, so that's the S&P 500. Let's take a look at NASDAQ. And NASDAQ will take a look at a first of all, this is the NASDAQ futures in Q futures and book map again. And I'm going to take a look at a QQQ chart. So this is showing a one day one minute chart for QQQ and the key levels. And note here the level in play is the put wall the 330 put wall for QQQ, which has acted as support. And I'm kind of zoomed out on this chart just again to show the void here between the next level down the 330 put wall. If that doesn't hold, there's a big gap down to the 320 level. All right, let's go back to book map. And here's the 330 level, the QQQ 330 put wall level shown in my cloud notes here in the C levels column. And then Q, the NASDAQ is a large instrument. It's not necessarily going to trade down the support to the tick. All right, so there's more discussion in YouTube about volume. I'm sorry. There's nothing that I can do. I've set my gain for my microphone up as high as I can. Floyd's garage says his is okay. So again, if you're having difficulty with volume in YouTube, come join us in Discord. It's free book map discord free, whether you have a book map subscription or not. And Floyd's garage says, did you check your computer volume? I'm wearing a headset. So I have a microphone on my headset. And I'm streaming to YouTube with OBS. And in OBS, my volume gain for my microphone is set to max. All right, so that is the NASDAQ note. Also the ETF levels of 331, 332 have also been in play with the 332 initially acting as resistance this morning. And then the 331 also the lower edge, the expected move for the day. Oh, Floyd's garage was talking to the other people in YouTube. Sorry about that. So again, I've set my I have a headset on with a microphone and screaming to YouTube with OBS volume gain set to max. Alright, so let's now take a look at the shifts and levels. And when I do that, I'm going to go ahead and take a look at the absolute gamma levels. We'll start with SPX. And this chart is showing absolute gamma for SPX market makers position. The orange bars are showing call gamma or positive gamma above the zero line. And the blue bars are showing negative gamma or put gamma below the zero line. So first of all, here's the 4000 absolute gamma strike. And that did shift lower from 41 50 yesterday to 4000 today. Next is the put wall. And that also shifted lower from 4000 yesterday to 3900 today. So that is the strike with largest net negative gamma that can be expected to act as support. And again, the absolute gamma strike, that's a strike with largest absolute gamma. And then the call wall remains at 4300. That's a strike with largest net positive gamma that can be expected to act as resistance. And the volatility trigger did move lower slightly from 41 70 yesterday to 41 60 today. So that's SPX shift lower and volatility trigger put wall and absolute gamma strike. And that's bearish. Next spy. Again, the same thing. Absolute gamma for spy. Orange bars, positive gamma or a call bulb call gamma and blue bars, negative gamma or put gamma. So for spy, volatility triggered did shift lower from 418 to 415. Also the pull wall remains at 400. And the call wall shifted lower from 422 to 420. So now 420 is the strike with the largest net positive gamma. And that's the resistance level. And then absolute gamma strike dropped from 420 yesterday to 415. So there's the strike with the largest absolute gamma. And that is also bearish. The volatility trigger call wall and absolute gamma strike all dropped lower. I'm going to do a refresh here. I normally have to do that. Let's take a look at NDX. And for NDX, there was only one shift. And that is the volatility trigger actually shifted higher to 13, 375. And then the center of the universe for NDX remains at 13,850. And that is the absolute gamma strike and the call wall. Let's take a look at QQQ. And for QQQ, there were some shifts and levels. First of all, the volatility trigger did shift lower from 338 to 340. And the pull wall actually shifted higher from 327 to 330. So here's the pull wall. That's the strike with the largest net negative gamma support level that we just looked at on the NQ and QQQ charts. And then the that's also the absolute gamma strike at 330. And that did drop lower from yesterday from 335 to 330. So given all the shifts and levels lower, I interpreted that as definitely as bearish. All right, so those are the key daily levels for NASDAQ and S&P 500. Now let's take a look at the VANA chart, the VANA model. And this chart is showing how market makers delta notional, shown on the vertical axis, changes with changes in price shown on the horizontal axis. There are two curves on this chart. The first, this light gray shows how market makers delta notional changes with changes in price only. And then the purple curve is showing how market makers delta notional changes with changes in price and implied volatility. And that's the one that we really wanted to look at. And that's the VANA effect. That's the VANA effect, the change in delta with the change in implied volatility. So what this is showing is, first of all, market makers delta notional, they'll have less delta notional to hedge as predicted by the delta only curve, as price increases and as price decreases and implied volatility increases, they will have more delta notional to hedge. And this is typical of a negative gamma environment, and that's actually in the environment we're in now. We saw in the S&P 500 charts that SPX was trading below its volatility trigger in a negative gamma environment. We'll take a look at the numbers in just a moment. Let's take a look at the current price of SPX. You find my watch list. It looks like there's been a little bit of a rally. SPX is trading right at 41.17. So let's see if we can find that. So what this is showing, this is about the current price of SPX. So if price continues to decrease, market makers will have to sell futures to hedge their delta exposure. Their delta exposure is increasing, and they want to remain delta neutral, so they have to sell futures. And then on the other hand, if price increases and implied volatility drops, they can buy back their short futures. So you can see in negative gamma environment here, they're trading with price. Price decreases, they're selling futures, price increases, and they're buying futures. All right, let's take a look at the numbers and note now that gamma notional has switched to negative for SPX, SPI, and QQQ. That's what this is showing now. So this is market makers position on the gamma curve, and these numbers all shifted to negative or less positive in the case of NDX. So yesterday, SPX gamma notional was positive 436. Today, it is minus 138 million. And for SPI, yesterday was minus 724, and today it is minus 1576. So 1.5676 billion. And then NDX, really the no change. And for QQQ, yesterday gamma notional was minus 23.4, and today it's minus 224 million. All right, so negative gamma environment for the SP500, and really the NASDAQ, too. It is the gamma notional for QQQ far outweighs the gamma notional for NDX. All right, let's take a look and see what options traders have been doing today. Let's go to the S&P 500. What this chart is showing is price with a white line and the spot gamma hero signal that is showing options trades and market maker hedging flow, hedging pressure for the S&P 500 combined signal. So this is combining SPX, SPI, and ES futures into one combined signal. And before I take a closer look at this chart, I'm going to take a look at the individual components. So first of all, SPX, and note that overall today it is positive, 485 million positive. All right, so there's a Slot-a-Razi, slow-to-Razi, I'm not sure how to pronounce that, seems like options traders buy lots of calls before FOMC minutes. There's no way of knowing really who that is or what they're doing. So market makers sell calls, not hedge funds. And we'll take a look at that in just a moment. So SPX, we know that's positive, SPI, negative, and that's been negative all day long, taking negative delta positions, and then futures, ES futures also negative. So SPI and ES options trades seem to be more aligned with the actual price action. So let's take a look, closer look at this chart, we'll zoom in. And let's just go to the, this is starting at about the cash open, starting about 9.30, right here. So this, initially traders were taking negative delta positions, and that definitely supported short setups down to about 10, 10.15. All right, we've got, let's go take a look at the live market now, the FOMC minutes are about to come out right now. Let's go to ES. So the FOMC minutes are out now, let's zoom in a little bit. So so far, not a lot of reaction. We'll watch for a few minutes. And if that's the case, then we'll go back to looking at our reviewing setups. And Ron also notes, will you please turn up the sound? Folks, I've done everything that I can. Let me show you what here. This is what I use for YouTube. Just string with OBS. And this is my microphone gain right here, set to max. Right. Yeah. Discord. So Tizari says YouTube was okay yesterday, quiet today. Sorry. I don't know, maybe there's an issue with YouTube. So I've never heard about a problem in Discord. So everyone who's listening, I invite you to join us on Bookmap Discord. It is free and open for everyone. All you have to do is join. And you can go to the Bookmap YouTube site. And again, join whether you subscribe to Bookmap or not. All right, so not a lot of reaction so far. Let's see what options traders are doing. We'll go back to hero. So right now, they are options traders have been taking negative delta positions, starting about 145. That continues lower. Let's take a look at a little bit more detail and see what they're doing. First of all, this shows that traders are buying calls and buying puts. The rising orange line here shows they're buying calls. And that is the gamma notional there 1.47 billion positive. And buying puts. And that is minus 2.36 billion. So so far. So far, the put buyers are more aggressive. Right. So now it looks like price may be responding. And let's take a look at a shorter time frame. Looked at a 30 minute look back period. Seems like there's a more consistent correlation confirmation with price. Again, showing options traders taking negative delta positions. And now price is starting to move lower. Let's go back and take a look at Bookmap. So what this is showing is the lower edge the expected move the LDA for the day did act as resistance at 145 and 2 2 p.m. And also there were some larger traders selling with iceberg orders that shown here 541 executed that show them also by that drop in the light blue line there. And the move up was fueled by aggressive buyers shown with this commutative volume delta line, the pink to dark blue and also by stop order shown by the rising yellow line. Alright, so we saw before that there was a very clear signal this morning with traders taking negative delta positions, making a great short set up to tone down the heat map in the morning from this spy 412 level. Let's take a look and see what VIX is doing right now. So if we get any clues from changes in implied volatility, zoom in today. So around 145 there was a spike up in VIX and now has steady just around 20. Let's take a look at the VIX one day. And Floyd's garage asked, are you overlaying spy levels on ES? Yes, I am. So I calculate that ratio every day, fill on the spy levels on my spreadsheet that I use for my cloud notes. And then those are displayed on the ES chart. And I check that every day. Let's take a look at VIX one day. And that's been increasing all day. Just check on that. So Floyd's garage wants the ratio today. Let's see if I have it on. I don't have it on this chart. Let me check another chart. I do have it on this chart. So I've posted a series of little think scripts. And I posted those in discord. So here is and this is just displayed in a badge. So this is the ES to spy ratio. Today is right now around 10.0 375. So it jumps around a little bit. I actually was watching this this morning. And it was set at I said it at 10.0 382. Alright, so it looks like the VIX one day is jumping up. And let's take a look at price. Not a lot of change really trading around that spy 411 level and note the volume for today concentrated between the spy 410 and 411 level. This is the session volume profile over on the far right. Let's take a look at NASDAQ now. And still the QQQ put wall 330 put wall still holding a support multiple tests today and larger traders traders are buying today shown by this wrong tool shown by this rising light blue line. They're buying with iceberg orders. They have been buying for most of the day. Alright, so today the setup in the morning was the short and this is very pretty obvious the short at QQQ 332 down to the 330. Let's just take a look at hero for NASDAQ. And the last time I looked it really didn't provide much help. Alright, so there's the hero signal for SAP 500 and dropping lower continues to drop lower traders taking negative delta positions or really the the put buyers becoming more aggressive. Let's take a look at NASDAQ and just like the S&P 500 this is a combined signal for NDX and QQQ and this is just about neutral today. So QQQ is right now showing the hero signal of 71.28 million positive and NDX where's NDX there minus 52.89 million giving us a net of 21.94 million for the combined signal. So still overall positive for today positive delta notional but not a lot of help for setups not a lot of confirmation. Take a look at the SAP 500 again. So now it looks like this may be maybe at least slowing down. Let's take a look and see what the zero DTE traders are doing. So that's a little bit less negative than the total signal showing all expirations. So we'll just turn that off. Let's go back to book map. So notice today net large traders have been buying with iceberg orders that is a positive number that's the cumulative number for the day. And it looks like sell stop orders have helped to fuel the move lower and now that seems to have leveled off. That's shown by the yellow line there. So let me know what you want to see now. I can review. We can take a look at a couple of stocks or we continue to look at the SAP 500 and NASDAQ. Any thoughts, preferences, anyone in YouTube or in Discord. All right. I'm going to jump to a couple of stocks. First of all, all right. So there's a request to look at Netflix. I don't have Netflix in in bookbap, but we can look at the hero signal. So let's go take a look at that. I'm going to go back to the one day signal. Take a look at Netflix. So Netflix today, traders have been buying calls and buying puts that shown by the rising orange line. Note that is 51.35 positive, 51.35 million. And they're buying puts also. That's minus 11.2 million. Call buyers are winning. Right. Let's take a look at NVIDIA and Danny Sloatsazari points out NVIDIA does have reports earnings today. So let's take a look at see how traders are positioning ahead of that. Let's take a look at the go back to the total signal and so far positive. Positive Delta and we'll separate out the puts and calls again. So they are selling puts and buying calls ahead of earnings. Both those numbers are positive. All right. Let's take a look at NVIDIA and bookmap. Let's just go back and take a look at hero. See if there are any gamma levels in play. So 300 is the key gamma strike. Also the key Delta strike. That's 300 level here. So that is a key strike, key gamma strike, key Delta strike. And price has treated down and up. All right. So there's a question about NQ net negative. We'll go back to NQ. This is the total signal. So it's net positive. It'll positive 11.2 million. So then the NDX signal is negative. The QQQ signal is positive. And it's just about flat really at positive 10.9 billion. So Danny Boy asked about the C levels. So let's go take a look at that. We'll go back to the, we'll just stay on NASDAQ here. So NASDAQ, the C levels, this is my column of cloud notes. And I use an add on called price lines. This is available in the book map marketplace that will draw the lines, these horizontal lines. So what I do is I just fill out the levels in our spreadsheet. So here's my, here's my spreadsheet for NASDAQ. So I'm showing QQQ levels here and then the NASDAQ levels here. And this is, this changes a little bit every day. I just get this information from spot gamma, fill out my spreadsheet and I've got the color codes all set that I want. And then just refresh the levels. So I go over here, price lines, start the server, refresh the levels and then everything is displayed on my chart. And again, that's an add on that's available in the book map marketplace. So I hope that helps. And let's see, there was somebody, Floyd's garage mentioned Apple. Not really the last time I looked not much going on with Apple today. Nothing to see there. NVIDIA usually moves around quite a bit and we looked at that before. Microsoft, we'll take a look at Hero for Microsoft. And this was, this is one thing that I like about stocks trading stocks with this hero signal. It is often a lot more clear than the S&P 500 and NASDAQ. For many stocks, there's often a very strong correlation between options, trades, hedging flow and price action. So let's go take a look at, we'll zoom in on this a little bit. And this was really a confirmation of a short that came in a little bit later. Price started moving lower and options traders responded. So confirming the short setup. Let's go take a look at book map. So there's the short setup. And if you missed that reversal at 316, there's the, excuse me, a pullback to 315. Let's go check the book hero chart again, see if there were any gamma levels in play for today. So yeah, the 315 is the key gamma strike. And that did act as resistance on that pullback. So a good level to get short there for a two point move in Microsoft. Let's see, I looked at Google earlier this morning. There was some movement in Google. Let's take a look at hero for Google. And a very clear, clear setup using hero here. Confirmation of a short. Traders are taking negative delta positions. Market makers selling stock and a price target at the 120 key gamma strike. So a nice setup in Google there. Let's go back and take a look at book map and note all of the, let's zoom in on this, a lot of aggressive sellers coming in here. Showing why the pink volume dots as Google made a series of lower highs. Let's go back and check the SAP 500 now. So now trading back down toward the 410, SPY 410 support level. All right, so Marco asked, can you explain the 332 level on QQQ? And that is just a round number level. And you would be surprised how traders respond at QQQ and SPY and often at stock. Round number levels. And that's why I show those on my chart. So there's a, let me just take a look. Let's go to... So these are the daily index levels for QQQ. And these change a little bit every day. And there's nothing special at 332. It's just a round number level. And I mark those on my chart and I look for price to react at those levels. And it very often does. So some of the round number levels and other levels for SPY and QQQ are gamma levels. 332, nothing special other than a round number level. All right, traders in the SAP 500 continue to take negative delta positions. Let's go back and take a look at book map. The SAP 500 working its way back down to the 410 level. So in this case for SPY, the SPY 410 level is a SPOT gamma level noted as support. Let's just go take a look at the absolute gamma levels. We looked at earlier. We'll go to SPY. So here's the SPY 410 level. Let's zoom in on this a little bit. So there's the SPY 410 level. Note all the put gamma there. That is actually the strike with the largest put gamma. And that was, again, noted as support in the SPOT gamma AM founders note. Then a stopping point below that at 405 and then at 400, which is the put wall. So again, price moving down to the 410 level. And I just don't think this is a coincidence. Price for the ES stops at that level. And again, this ratio changes a little bit every day as after the monthly, the quarterly futures expiration, that price difference increases. And then it slowly tensed toward 10 for the ES SPY ratio. Slowly tensed toward or reduces tensed toward 10 over the course until the next expiration when that ratio will change. And then it'll start to drop again towards 10. And I calculated every day. I just, you know, I showed that a think script badge that I have on my thinkorswim chart. And again, I posted all those in Discord, in the options-dog-chat-channel of Discord. Okay, my time is up. We've watched the SAP 500 and NASDAQ during, after the F1C minutes, we've taken a look at a couple of stocks. We'll watch for NVIDIA earnings after the close today. And then again, remember tomorrow economic data at 8.30 a.m. Eastern time. That would be the GDP report and also jobless claims. All right, that's all I have for today. Thanks for watching. Thanks for all your questions and comments. And I will see you tomorrow. Thanks again. Bye.